Financing Your Participation

When it comes to studying or working abroad it is imperative that you properly plan financially for the experience. The four main aspects to financial planning for these experiences are:

  1. Funding Opportunities
  2. Know Your Costs
  3. Create a Budget
  4. Start Saving

You will want to start preparing for your international experience as soon as possible to ensure you are better prepared to finance your participation.

Funding Opportunities

There are numerous scholarships available for current students. The University of Windsor provides in excess of $11,000,000 to undergraduate students in the form of scholarships, bursaries and awards.  Scholarships take into consideration a student’s faculty, status – full-time, part-time, graduate, international, entering student, transfer student, etcetera, and may be geared to members of a certain group – indigenous, female, or persons with disabilities.  Please review the information found on the Student Awards and Financial Aid website along with that found on the Faculty of Graduate Studies website.  Students can search for specific scholarships using the tools on these websites. To apply for most scholarships or bursaries you must complete the UWinAward profile on UWinsite Student. Instructions on how to do so are in this Knowledge Base Article. Please take note of the deadlines for submission of the profiles.

The Mitacs Globalink Research Award supports research collaborations between Canada and select partner organizations and eligible countries and regions. Under the joint supervision of a home and host professor, successful senior undergraduate students, graduate students, as well as postdoctoral fellows will receive a $6,000 research award to conduct a 12- to 24-week research project in the other country. Awards are offered in partnership with Mitacs’s Canadian academic partners (and, in some cases, with Mitacs’s international partners) and are subject to available funding. See the Mitacs website for more information on program details, eligibility, and how to apply.

TBD

 

Know Your Costs

The cost of each international experience varies, and there are opportunities to suit every budget. Your first step will be to figure out the costs of the programs you are considering. Then you will want to keep the following elements in mind as you compare opportunities.

You will want to determine what your total costs are at the University of Windsor. This is particularly important if you are considering a long-term study or work opportunity. By knowing how much you spend during a semester in Windsor, you will have a good baseline of what your spending and living habits are like. This can then inform your decision about how you are willing to spend to go abroad.

Depending on where you are going, longer programs can be comparable in cost to shorter programs. There will be several one-time expenses, such as airfare, which could mean you get more value for your money the longer you stay in one location. However, short-term programs may give you more flexibility in returning to work in Windsor and saving up money. Programs in the spring/summer may also be more expensive than programs in the fall or winter, depending on the location.

Certain destinations can be more expensive relative to other destinations, especially when you take the currency exchange rate into consideration, and if you are going to be living there for an extended period. You will want to make sure you understand the cost of living for your destination. Using a resource like Numbeo can be useful in comparing the cost of living for different cities around the world.

If you are participating in a program that has a program fee, it is important to understand what is and isn’t included. Often flight costs will not be included, so you do not want to forget to work this into your budget. However, housing, meals, and activities may be included, and when traveling in a group will probably be at cheaper rates than if you paid individually. Remember to include all of this when comparing program costs.

It is important to note that you can still apply for student loans and grants when participating in international courses or going on exchange. You will want to check with Student Awards and Financial Aid before applying for more details.

Before you go abroad you will want to take into consideration your income. Not just what your income is before you leave, but if you will have income during your program, and what your income will be when you return. Here are some questions you’ll want to consider about income and funding for your experience:

  • How will your participation affect your job? Will you be able to work at the same place when you return?
  • What are the rules around working as a student or visitor in your destination?
  • Does your program come with funding attached?
  • Are there discounts on tuition or fees because of partnership agreements?
  • What scholarships can you apply for?
  • Do you have savings you can use while you are abroad? Are you able to get funding from your family while you are abroad?

 

Create a Budget

Once you’ve selected a program that is a good fit for you financially, the next step is to create a budget. While your budget will look different depending on the opportunity you have chosen, here is a Budget Worksheet for you to use.

 

Start Saving

Now that you have a budget, it is time to start saving for your study or work abroad experience. The sooner you start, the better! If you are gone for an extended period of time, try to save enough money to cover your costs while you are away, as well as the living expenses for a month or two when you return to Windsor. This way you are not struggling to make ends meet when you get back.

 

OSAP Information

For more OSAP information please see the attached document:

SAFA OSAP Information Card