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Wondering if studying abroad is worth the investment? Well, what if studying abroad could actually help your finances, rather than hurt them? Instead of just looking at the price tag on a semester abroad, consider all the financial benefits this experience can bring.
Learning a New Language
Spending a couple months in a non-English speaking country can force you to quickly learn that country’s language. It can be somewhat stressful yet exciting at the same time. After all, it’s just one of those things that makes studying abroad an all-around terrific learning experience.
By the end of your studies, you might find that you’re fluent in a second language. Learning a new language is truly valuable and something that can help you throughout your college career, professional career, and even your personal life. Adding that extra language on your resume can mean the difference of landing that coveted job interview – or even the job itself. In fact, the Bureau of Labor Statistics predicts employment growth of nearly 30% (which they consider much faster than average) for interpreters and translators by 2024.
Becoming bilingual can possibly help you cut down on college expenses too. Many schools and programs require that students take one or two classes in a foreign language, but bilingual students may have the opportunity to test out of those classes. This can save both a great deal of money and time.
Higher Starting Salaries
Not only do you have a better chance at getting a job after graduating if you studied overseas but you also might end up with a higher starting salary than your peers who didn’t study abroad. The Institute for the International Education of Students conducted a recent survey, which revealed that with international study experience, the average individual received a starting salary of $7,000 more than those who did not study internationally.
Potentially Graduating Faster
The majority of study abroad programs take place during the summer semester – after all, it’s the time of year when students typically have the most time off. Instead of taking that semester off, though, studying abroad can give you the opportunity to earn credits that can be applied toward your degree. If you would have otherwise skipped that semester entirely, think of the financial benefits of finishing your course load faster and graduating earlier. Not only does this allow you to start your career quicker but also by graduating faster, you are less likely to see tuition increases. Just be sure that the program you select will offer transferable credits that will apply towards your degree, and always ask a school advisor if you’re uncertain.
Find even more ways that studying abroad can help improve your finances on the College Ave Student Loans blog! See the full list here.