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Nursing can be a rewarding career in a couple of important ways. It involves caring for the health of others and helping them through what can be a challenging moment in their lives, which can be satisfying. A nursing degree can mean job stability as well. According to the Bureau of Labor Statistics, demand for nurses will increase at 6% per year, faster than the average career growth. And here’s one other important fact: The average registered nurse salary is at a median of $81,220 per year. Compare that with the median US salary for the same period of $54,132, and you can see that nursing can be a lucrative career, too.

The average nursing salary will vary depending on the type of nursing you do. For instance, there’s the average nurse salary vs. the average registered nurse salary vs. the average nurse practitioner salary. Qualifications and other factors will determine how much you make as a nurse.

Read on to learn more about this important topic. The information that follows can help you decide if nursing is the right career path for you, and, if so, which type of nursing you want to pursue.

Average Salaries for Different Types of Nurses

Wondering, “How much do nurses make?” First, understand that when considering nursing as a career, it’s vital to know about the different types of nurses. Each has its own education and certification requirements.

•   A licensed vocational nurse (LVN) or licensed practical nurse (LPN) is one of the lowest-paid jobs within the nursing field. Job responsibilities are typically similar for LVN and LPNs. California and Texas use the term LVN, while the rest of the country uses the designation LPN. These positions also have the lowest educational requirements.

While LVN/LPN roles don’t always require a college education, there are usually state-approved training certification programs. Most of these courses take aspiring LVN/LPNs one year to complete, and then they must pass the NCLEX-PN examination for state licensing. How much does a nurse make a year with this kind of credential? The average salary for LVN/LPNs as of 2023 was about $50,580 annually.

•   Aspiring registered nurses (RN) typically need a bachelor’s or associate’s degree from an accredited program. There are also some accelerated programs available and some second degree programs for students who already have a bachelor’s degree in another field.

After successfully completing their chosen coursework, nursing students must then pass the NCLEX-RN exam in order to become a certified RN. In addition, RNs usually must obtain a state license after passing the NCLEX-RN exam.

To drill down on the details here, know that each state has its own licensing board. You may want to research the specific requirements in the state where you plan to practice. How much do RNs make? The average RN salary as of 2023, as noted above, was approximately $88,220 per year. (Below you will find state-by-stage nursing salaries, though not specifically for RNs.)

Next, consider the career of a Clinical Nurse Specialists (CNS). This type of nurse has gone a step beyond RN and pursued additional education. At a minimum, you must have a master of science in nursing (MSN) to become a CNS.

A CNS typically trains extensively in a specialty area, such as emergency medicine, oncology, or women’s health. At the end of 2023, the average salary for a CNS was $99,148 annually, which is higher than the RN salary, reflecting the additional education and skills.

•   A Nurse Practitioner (NP) holds an advanced degree, but their responsibilities vary slightly when compared with a CNS. For example, in most states, a nurse practitioner is able to prescribe medication, while a CNS is not. The average nurse practitioner salary at the end of 2023 was $124,680 annually.


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Average Salaries and Location

Here’s another factor that can impact the average nurse’s salary: location. After all, wages and overall cost of living can vary dramatically depending on whether you live in, say, a small town or close to a pricey urban center.

Check this chart to see how average nurse salaries compare state by state. Note that these figures reflect LPN salaries, which are at the lower end of the spectrum, but they can give you an idea of how much nurses make by location. This could be good information to consider when deciding where to practice.

State	Mean Annual Nurse Salary
Alabama	$45,260
Alaska	$66,710
Arizona	$61,920
Arkansas	$45,990
California	$69,930
Colorado	$60,310
Connecticut	$62,620
Delaware	$57,360
District of Columbia	$62,010
Florida	$53,780
Georgia	$50,830
Hawaii	$55,730
Idaho	$54,710
Illinois	$58,840
Indiana	$55,850
Iowa	$51,400
Kansas	$51,700
Kentucky	$49,570
Louisiana	$47,430
Maine	$55,830
Maryland	$60,180
Massachusetts	$68,170
Michigan	$57,180
Minnesota	$54,870
Mississippi	$45,020
Missouri	$49,500
Montana	$52,420
Nebraska	$52,080
Nevada	$63,910
New Hampshire	$63,550
New Jersey	$61,990
New Mexico	$59,400
New York	$57,560
North Carolina	$53,010
North Dakota	$53,080
Ohio	$52,330
Oklahoma	$48,090
Oregon	$66,190
Pennsylvania	$54,520
Rhode Island	$66,770
South Carolina	$51,060
South Dakota	$46,000
Tennessee	$46,540
Texas	$52,850
Utah	$55,790
Vermont	$57,150
Virginia	$52,790
Washington	$69,950
West Virginia	$45,530
Wisconsin	$52,610
Wyoming	$54,880

How Much Does it Cost to Get a Nursing Degree?

The cost of getting a nursing degree varies based on the type of nursing program you choose. Each of the nursing positions listed above requires different degrees and certification.

•   The process to become an LVN/LPN generally costs between $1,000 and $5,000.

•   Taking an RN two-year associate’s program can cost $3,500 per year at public institutions; $15,470 per year at private schools.

•   An alternative is to become an RN through a four-year bachelor’s program. This process works similarly to most other bachelor’s degree programs and typically costs the same as a four-year college or university.

•   In addition to having already been an RN, both CNS and NP careers require advanced degrees. Typically, a masters of science in nursing (MSN) is required for both positions, which can cost between $18,000 to $57,000 in total.

•   Some choose to further their education, becoming a Doctor of Nursing Practice (DNP). These degrees can be expensive but also have the potential to increase a nurse’s salary. After a master’s degree, expect to pay an additional $20,000 to $40,000, but your nursing salary is likely to rise, too.

There are usually costs beyond nursing school tuition. You’ll likely have to buy textbooks and supplies like a lab coat, scrubs, and a stethoscope. Many programs also charge additional lab fees each semester. Many schools will require nursing students to take out liability insurance and get some mandatory immunizations.

After graduating from your chosen program(s), you’ll also likely want to factor in the cost of licensing and exam fees as you enter the job market.


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Paying for Your Nursing Degree

Becoming a nurse can be a pricey process, depending on the path you choose. But there are options available to help students pay for their nursing degree. The American Association of Colleges of Nursing has a database of scholarships for nursing schools. As you may know, scholarships don’t need to be repaid. This can make them an especially valuable resource in making ends meet as a nursing student.

In addition, federal aid, including grants, scholarships, work-study, and federal student loans could provide some relief. To apply, students must fill out the Free Application for Federal Student Aid (FAFSA) each year.

Student Loan Forgiveness Options for Nurses

There are a number of student loan forgiveness programs available to nurses. Keep in mind that each typically has its own program requirements, so it’s helpful to review them closely to determine whether you qualify.

•   Public Service Loan Forgiveness (PSLF) forgives certain federal Direct loans after 10 years of qualifying, on-time payments. This program is open to borrowers who work for a qualifying organization. You can find details online about qualifying for the PSLF program to see if you could benefit from it.

•   The NURSE Corps Loan Repayment Program will repay a portion of a nurse’s eligible student loans when they work full time at a Critical Shortage Facility or as a faculty member at a qualifying nursing school. Those accepted by the program are eligible to have 85% of their outstanding loan balances forgiven over a two-year commitment.

•   The National Health Service Corps Loan Repayment Program provides loan forgiveness to qualifying nurses who commit to working for two years in clinical practice at a National Health Service Corps site.

Repaying Student Loans after Nursing School

If you borrowed federal or private student loans to help you pay for nursing school, developing a repayment strategy can be valuable. Not only will it set you on a path to repaying your debt, it can teach you valuable budgeting skills as well.

If you don’t qualify for any of the available loan forgiveness options, federal student loans come with a few different student loan repayment plans so you can find the option that works best for your budget.

If you relied on private student loans to help you pay for your tuition at nursing school, you may want to review your repayment terms. Each lender will determine their own terms and conditions for the loans they lend.

As you develop a game plan to help you repay your student loans, one option to consider is student loan refinancing.

When you refinance a loan, you take out a new loan with new terms. This loan can then be used to repay your existing loans. If you borrowed multiple loans, that means you could have the option to consolidate them into one single monthly payment — potentially with a lower interest rate.

However, it’s important to keep in mind a couple of factors:

•   You may pay more interest over the life of the loan if you refinance with a longer term.

•   If you are considering refinancing federal student loans, know that they come with an array of benefits and protections that are forfeited if you refinance.

To see how refinancing could impact your student loan, you can take a look at this student loan refinancing calculator.

The Takeaway

Nursing can be a challenging but rewarding profession, and the average nurse salary could provide a well-paying career. How much do RNs make? The typical salary currently tops $88,000. There are different kinds of nursing degrees and positions, so it’s wise to do your research to understand what each one requires and which might best suit your needs. Also, financing your education as a nurse can also need research to understand the obligation and how you might fund it.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

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SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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If you’re applying to business school and want to earn an MBA, you likely understand the importance of doing well on the Graduate Management Admission Test, or GMAT™. Strong scores may help you get into your dream program.

The three digit number that qualifies as a good score can depend on how competitive the program you’re applying to is. In general, a 660 or higher is considered a good GMAT score, but in some cases, over 700 may be needed.

In addition, schools take a look at your unique background when evaluating your application to help them build a well-rounded student body. As a result, what qualifies as a strong score varies by school and by applicant. Take a closer look here: Learn more about the GMAT, scores, and applying to business school.

How Is The GMAT Scored?

So if you’re deciding whether getting an MBA is worth it, you’re probably curious what score you’d need to be accepted.

Before considering what is a good GMAT score, know that the possible range is from 200 to 800. On average, test takers score 582, and half of all GMAT takers score between 400 and 660, according to the Graduate Management Admission Council™ (GMAC), which administers the exam.

Generally speaking, a good GMAT score is in the 660 to 800 range. For more competitive programs, you may want to aim for a score over 700. What is the highest GMAT score — a perfect 800 — is difficult to achieve, but can potentially counteract other weak points in a student’s application.

After taking the GMAT, students will receive a score report, which will feature five different numbers:

•   Total score

•   Quantitative score

•   Verbal score

•   Integrated reasoning score

•   Analytical writing assessment.

Of those five the three that are most important are usually the total, quantitative, and verbal scores.

Here’s a breakdown of how each is calculated, according to The Princeton Review®:

Section	Score Range	How the Score Is Calculated
Total	200 to 800	This score is reported in increments of 10 and is calculated based on performance in the verbal and quantitative reasoning sections.
Quantitative	0 to 60	Based on the number of questions you answered, how many you answered correctly, and how difficult the questions you got right are. Reported in increments of one.
Verbal	0 to 60	Based on the number of questions you answered, how many you answered correctly, and how difficult the questions you got right are. Reported in increments of one.
Integrated Reasoning	1 to 8	Based on the number of questions you answered correctly, and reported in increments of one.
Analytical Writing Assessment	0 to 6	Based on an average of two scores assigned by two readers, and reported in increments of 0.5 points.

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How to Figure Out Your GMAT Range

As mentioned above, the full GMAT range goes from 200 to 800. Though a score of 700 or more puts you in more competitive standing, what functions as a good score is relative. In other words, a good score for you is the one that helps you get into the program of your choice and advance your career goals.

•   Students interested in attending a top B-school will generally need a high score. For example, 2025 incoming full-time MBA students at Stanford University had average GMAT scores of 738.

•   However, if you’re interested in a less competitive program, you may be just fine with a score in the 500 to 600 range.

Here’s another way to look at it: What is a high GMAT score for someone applying to a less competitive B-school may be seen as low to someone applying to a top-tier program.

Before taking the GMAT, think about your career goals. What type of program do you want to attend to achieve your business objectives? Does the MBA program’s affordability factor into your decision-making process? Do you have the potential time and money required to train up to earn a truly lofty GMAT score?

•   For example, someone aiming to be CEO of a Fortune 500 company, may want to attend a top-rated school.

•   Those planning to lead a smaller business or even start their own enterprise might pursue a less competitive program.

To figure out just how competitive your scores need to be, research the programs you’re interested in. Some schools will post the average GMAT score of their students, which can help you see what you likely need.

It may also help to reach out to school admissions, alumni, and current students to find out what factors have a big impact on admissions.

Recommended: How Soon Can You Refinance Student Loans?

Researching Average Scores

When thinking about test scores, it’s possible to get too narrowly focused on that one number. Schools are looking at a student’s complete application to determine whether they’ll be a good fit.

However, you can certainly get a better idea of the types of students your target schools are admitting by researching average GMAT scores.

The easiest way to do this is to log on to the school’s MBA class profile web page, which may give you all sorts of information. You’ll likely find everything from the average GMAT test score to the number of applicants versus the number of enrolled students to demographic information.

Keep this in mind: The total score isn’t the only thing that schools look at, and the weight given to each of the five scoring sections on the test may vary from school to school.

For example, an MBA program with a focus in data science might zero in on your quantitative score more than other programs. Reach out to school admissions offices to find out if they give special weight to a particular score section.

Knowing the average scores of your target program can help you understand how competitive your score needs to be.


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How to Prepare for the GMAT

As you prepare for the GMAT — and to achieve your target score — it can be a smart move to give yourself a good amount of time to study. You may want to begin the process as much as six months in advance of taking the test. Common test prep advice suggests that it may take 100 to 120 hours or more of studying and taking practice tests to adequately prepare.

Keep in mind, you may be in school or working at the same time, researching graduate school scholarships, and living daily life. You don’t want to be stuck cramming for this test.

Set up a study schedule. Start by setting up a calendar on which you schedule study dates and times to take practice tests. Resist the urge to procrastinate.

Review the material for each section of the test at a time. You can access free practice tests online that give you an insight into the format and the types of questions you’ll be asked. Don’t get overwhelmed by trying to digest all sections at once.

Practice tests can help you identify areas that may require extra studying. They can also help you practice pacing. The GMAT is a timed exam, and time management is critical to finishing.

Recommended: Tips to Lower Your Student Loan Payments

Unofficial Scores: To Accept or Cancel?

When you complete your test, you’ll typically be shown your unofficial score right away and given a chance to accept it or cancel. You’ll only have two minutes to make the decision once you’re finished. You may, for example, cancel your score if you don’t meet a preset target.

It can also help to familiarize yourself with the application policy at your target(s) school. Some schools prefer to see every GMAT score, while others only request the top score.

Even if you accept your score (you’ll get your official score in about 20 days), you still have 72 hours to cancel it online if you change your mind. What’s more, if you cancel your score, you can study areas where you were weak and retake the test after 16 days.

If you feel as if you could use guidance as you navigate the test-taking and application process, some aspiring business students choose to hire an MBA application consultant.

What Business Schools Look At In Addition to the GMAT

A GMAT score that is on par with a program’s enrolled students can help demonstrate you are prepared for the academic rigors of the program. What’s a good GMAT score will, as noted above, vary depending on the school you want to attend.

That said, business schools look at other factors as well, including:

•   Gender

•   Demographics

•   Your resume.

In particular, they may be looking for signals that students have what it takes to become good managers and business leaders. They may examine previous accomplishments, quantifiable achievements, and progression in a chosen career path.

But what about paying for grad school? That can impact which schools you may decide to apply to and which offer you accept. There are a variety of programs, from in-person to online, as well as courses of study designed for people who are already out in the work world and holding down a job.

As you consider all this, you will likely want to pay attention to the price tag. Especially if you will be in school full-time and not earning any money, it’s wise to consider the true cost of an MBA degree.

As you think about how to pay for an MBA, you may want to investigate any scholarships and grants you might qualify for.

The Takeaway

When applying to a business school, it’s critical to understand average GMAT scores, so you have a target to help you focus your studies and prepare for the test. The average score is currently 582, but what’s a good GMAT score may be 660 or even 700 or above, depending on the program to which you are applying.

If you are accepted to a business school program, you may need to take out student loans to pay for your education. After graduating, some students may refinance their student loans, which can help them secure lower payments, but if you refinance for an extended term, you may pay more interest over the life of the loan. Also, refinancing federal loans means they’ll no longer qualify for federal benefits or protections, so it may not always make sense to refinance.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

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SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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The chance to study abroad offers unique opportunities and experiences you simply can’t get at home. Taking some time to attend a college or university in another country can be personally and professionally enriching, and even life-changing. These factors can make studying abroad absolutely worth it.

But going to school in a foreign country isn’t for everyone. Being away from home and loved ones can lead to homesickness and the feeling you’re missing out (FOMO) on important family or college events back on your home turf. Depending on where you study, there could be a language barrier that can be frustrating and the cost could be higher than staying at your home university.

If you’re thinking of attending school in another country, there are numerous factors to consider. Read on to learn about how studying abroad works, its benefits and costs, and how to decide whether or not it’s worth it.

What Does It Mean to Study Abroad?

College study abroad programs allow a student to pursue undergraduate or graduate study in another country. Each year, more than 300,000 American students study, engage in internships, or volunteer abroad for academic credits, according to the U.S. Department of State. Study abroad college programs typically last one semester or a full year, but can be as short as a couple of weeks.

You may be able to study abroad through your home university’s study abroad program. This is often the most straightforward route, since it will be easy to earn credits that will directly apply to your degree requirements.

However, there are other ways you can spend a semester or year attending college in a foreign country. One is by directly enrolling at a foreign university where you may be able to use those course credits towards your degree at your home college or university. Another option is to go through a third-party study abroad provider such as Academic Programs International (API), the Council on International Education Exchange (CIEE), or the American Institute for Foreign Study.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Why Study Abroad Is Worth It

Going to school in another part of the world can be an incredible opportunity. Here’s a look at some of the benefits of studying abroad.

It Can Change the Way You See the World

Studying in another country allows you to become a more well-rounded and worldly individual. Immersing yourself in a different culture, set of customs, and traditions can broaden your horizons and expand your worldview. Meeting and interacting with an international mix of people can help you gain other perspectives and a deeper understanding of global issues. It also helps foster tolerance, empathy, and more open-mindedness.

Learn a Foreign Language

There’s only so much of a second language you can learn in a classroom. A great way to gain fluency in a foreign language is by living in that country and conversing with the locals. Even if your abroad program offers classes in English, living in a foreign country can help you become proficient or fluent in another language. This, in turn, can expand your employment possibilities and attractiveness to employers, and might allow you to work abroad after college.

Broaden Your Social Network

Even if you participate in a study abroad program run by your home university, you’ll have an opportunity to meet new people — both from the U.S. and abroad. The connections you make can turn into life-long friendships and provide social contacts who may be helpful for networking after graduation.

Increase Your Self-Confidence

Living on your own in a foreign country, where you don’t have a built-in safety net, can foster more independence and self-reliance. Navigating everyday life somewhere unfamiliar gets you out of your comfort zone and you’ll most likely have to learn to problem-solve and make decisions on your own. Choosing to study abroad can result in more self-confidence than if you had stayed at your home school all four years.

Recommended: Using Student Loans for Living Expenses and Housing

Costs Could Be The Same Or Lower

Depending on the type of program and location you choose, the cost of study abroad could be comparable to your home university. If you choose your school’s study abroad program, the tuition may be the same as if you stayed stateside. If the cost of living is lower (or the exchange rate is favorable to the U.S.dollar) where you travel to, you could potentially end up spending less.

Generally, directly enrolling in a foreign institution is cheaper than study abroad programs run by American universities or third-party providers. In many cases, you can also use your financial aid package to study abroad.

When Study Abroad Isn’t Worth It

While studying abroad offers numerous perks, there are also some drawbacks. When mulling over whether or not you should study abroad, here’s some potential cons to keep in mind.

Risk of Homesickness

Living and studying in another part of the world can result in feeling intensely homesick. Even though you might have new friends and be surrounded by others, being far from your loved ones and long-time friends may cause you to feel lonely and depressed. If you’re especially close to your family, you may experience FOMO because you’re not able to get home for events, like birthdays, weddings, or family gatherings that occur while you’re abroad.

Recommended: A Guide to Making Friends in College

Language and Culture Barriers

In a foreign country, everything will likely be different — the food, the language, the architecture. Even the local customs and social norms may be different. While this can be a positive (and a reason to go), you might find it hard to acclimate and constantly feel like a stranger in a strange land.

Costs May Be High

While studying abroad may seem like a priceless opportunity, it can come with a hefty price tag. Semester abroad programs through a third-party provider can run between $15,000 and $22,000 depending on location. These programs usually include housing and sometimes meals.

Aside from tuition, you will need to budget for other expenses like housing (if it’s not included), meals, airfare, transportation, entertainment, and books and supplies.

If your financial aid package, including federal student loans, isn’t enough to cover the tab, some private student loans can help fill in funding gaps. However, private loans don’t offer the same borrower protections (like income-driven repayment plans) as their federal counterparts.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too.

International Credits May Not Transfer

If you go on a study abroad program run by your college or a major third-party provider, you likely won’t have any issues transferring credits, but this could be a problem if you enroll directly in a foreign university. Non-transferring credits could make it harder to graduate on time.

What to Know About Academics When Studying Abroad

Academically, studying alongside international students can offer a more diverse educational experience by exposing you to new insights, viewpoints, and ideas.

Studying abroad also gives you the opportunity to learn from professors who may use different teaching methods than American professors, such as greater use of group discussions or project-based learning. Plus, you may have the chance to take field trips to historical sights and museums as part of the curriculum.

Studying abroad also comes with some academic limitations. All majors may not be available as part of a study abroad program, even if your home school has an affiliation with a foreign university. For some students (particularly those with STEM majors), studying abroad could make it harder to complete all of their degree requirements within four years, leading to higher education costs.

The Takeaway

There’s a lot to take into consideration when thinking about whether or not you should study abroad, including cost, whether or not course credits are transferable, and how it will feel to be far from home for an extended period of time.

For many students, studying abroad is definitely worth it. Plus, there are scholarships, grants, and other financial aid options available to help offset the expenses. Ultimately, whether study abroad is worth the cost depends on your individual circumstances, goals, and priorities.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Is it a good idea to study abroad?

Studying abroad can be a fantastic opportunity for personal, academic, and professional growth. It allows you to immerse yourself in a new culture, gain a broader perspective, and develop valuable skills, such as independence and adaptability. It can also enhance your resume, making you more competitive in the job market.

However, it’s important to consider language barriers, cultural differences, and potential homesickness. Overall, if you’re open to new experiences and willing to step out of your comfort zone, studying abroad can be a life-changing experience.

Is study abroad worth the cost?

While studying abroad can increase the cost of your college education, many students find the experience to be invaluable. The benefits of studying abroad, such as personal growth, cultural immersion, and enhanced academic and career opportunities, often outweigh the financial costs. Plus, there are scholarships, grants, and other financial aid options available to help offset the expenses.

Ultimately, whether study abroad is worth the cost depends on your individual circumstances, goals, and priorities.

What are the pros and cons of studying abroad?

Studying abroad offers numerous advantages, such as experiencing a new culture, gaining independence, expanding your network, and improving language skills. It can also enhance your academic and career prospects, as employers often value the skills and experiences gained from studying abroad.

But there are challenges as well, including language barriers, cultural differences, homesickness, and the financial cost. It’s essential to weigh these pros and cons carefully and consider how studying abroad aligns with your personal and academic goals.

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College study abroad programs offer students an extraordinary chance to explore a new part of the world while earning credit toward a degree. Each year, more than 300,000 American students study, engage in internships, or volunteer abroad for academic credits, according to the U.S. Department of State.

Despite the culturally rich and memorable experience this offers, the cost of studying abroad can be a barrier to many students. On average, study abroad programs cost between $15,000 and $22,000 per semester.

Read on to learn more about the costs involved in spending a semester or year abroad, how financial aid can help, plus other ways to make studying abroad more affordable.

Average Cost of Study Abroad Programs

The cost of studying abroad depends on two main factors — where you go and whether you enroll directly through your host university or use a third-party provider.

Generally, enrolling in a third-party study abroad program is more expensive. It provides you with more hand-holding and guidance in the pre-planning stages and while you’re living and studying overseas.

Average study abroad costs through a third-party provider can range anywhere from $15,000 to $22,000 per semester depending on location. These programs usually include housing and sometimes meals. Depending on the country, the cost of tuition could be significantly lower if you directly enroll in a foreign university.

If your home school has its own study abroad program, the tuition may be the same as it is stateside, though they may tack on some extra fees.

The cost of studying abroad goes beyond tuition, however. You will need to budget for other expenses like housing (if it’s not included), meals, airfare, transportation, entertainment, and books and supplies.


💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

What the Cost to Study Abroad Covers

Here’s a breakdown of some of the key costs involved in studying abroad.

Getting There

You’ll need a round-trip plane ticket to get to and from your study abroad program, which can cost anywhere from several hundreds to thousands of dollars, depending on what part of the world you travel to. On top of your flight costs, you’ll need a passport. A new U.S. passport costs $165 and can take up to 10 weeks to process.

Many countries also require American students to get a travel visa in advance when visiting the country for studies. Costs vary widely by country. A student visa from Australia costs around $450, while one from South Africa runs about $36. Some countries, like Germany, don’t require U.S. visitors to get a student visa for studying abroad.

Recommended: 11 Ways to Make College More Affordable

Tuition and Living Costs

Typically, the price of a study abroad program will include tuition and fees at your host school, as well as some form of housing. If you directly enroll in a foreign university, you’ll need to pay tuition and housing separately. Either way, food is generally an additional expense.

Here are some examples of how much it can cost to study and live abroad:

In you go to Italy:

•   Average cost of a semester (including housing) through a third-party provider: $17,000-$21,300

•   Average cost of a semester (without housing) through direct enrollment: $1,500-$6,000

•   Average monthly cost of living (including rent): $1,200-$1,700

If you go to Costa Rica:

•   Average cost of a semester (without housing) through direct enrollment: $1,500-$3,000

•   Average cost of a semester (including housing) through a third-party provider: $8,500-$11,500

•   Average monthly cost of living (including rent): $1,100-$1,400

Recommended: How to Budget as a College Student

Local Transportation

Transportation expenses likely aren’t covered in the cost of your program. You might decide to take public transportation and purchase a metro pass, or rely on rideshare services. Either way, you’ll likely encounter some form of transportation cost while you’re abroad.

You may also want to take excursions to other cities or countries during time away. So it’s a good idea to factor in some extra funds for airfare/train tickets, food, and lodging for nearby travel. Keep in mind that financial aid won’t cover voluntary travel expenses beyond the cost of your initial round-trip flight.

Recommended: What to Do When Financial Aid Isn’t Enough

Insurance

Many U.S. universities require students studying abroad to enroll in a health emergency insurance plan to make sure they have adequate coverage for medical issues and emergencies. At New York University, for example, students studying abroad must be covered under the NYU sponsored Study Away health insurance plan, which costs around $72 per month.

Other Fees

Your home school may charge you a study abroad administrative fee. At Washington State University, for example, this fee runs around $300 for one semester abroad (for in-state students). At the University of Iowa, it runs around $1,140 for one semester abroad (for in-state students). You can check with your school’s education abroad office to see how much you might be charged.

In addition, the study abroad program you choose may come with optional costs, like class field trips, short excursions, or cooking classes with a local chef.

Recommended: How to Work Abroad After College

How to Pay for Study Abroad

If you’re worried about the high cost of studying abroad, there is good news: Much of your existing financial aid can likely be used for study abroad costs. Here’s a look at how to find funding for study abroad.

Grants and Scholarships

To find out what financial aid you qualify for, you’ll want to fill out the Free Application for Federal Student Aid (FAFSA). In addition to FAFSA-based scholarships and grants, there are many scholarships targeted specifically at students studying abroad, which you can uncover using a scholarship search engine. Third-party companies that facilitate study abroad programs also often have their own scholarships.

Federal Student Loans

Federal student loans (which may be subsidized or unsubsidized) can be used to pay for study abroad expenses, provided the school you’re attending abroad is eligible to participate in the Direct Loan program.

Federal study abroad loans for U.S. students can be used to pay tuition and fees, room and board, and other eligible expenses. Any leftover funds are disbursed to you, which you could use for travel to your destination country or basic living expenses. However, federal loans may not cover all the costs of studying overseas.


💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

Private Student Loans

If you max out the amount you can borrow in federal loans, you can turn to private student loans to finance the remaining costs. Approval for private student loans typically hinges on your credit history. You may need a cosigner for approval if you haven’t established a credit history or your credit score is lower than the minimum score the lender requires.

Private student loans offer more borrowing power than you can get with the U.S. government, but don’t offer the same protections (like income-based repayment plans). Rates are also typically higher.

Affordable Study Abroad Programs to Check Out

Here a sampling of study abroad programs that often offer affordable prices:

•   CIS Abroad (worldwide programs)

•   World Endeavors (worldwide programs)

•   International Studies Abroad (ISA) (worldwide programs)

•   Maximo Nivel (programs in Central and South America)

The Takeaway

Spending a summer, semester, or full year abroad can significantly enhance your college experience. But it can also significantly increase the cost, coming in at upwards of $15,000 per semester. Fortunately, there are funding options available to help students manage the cost of study abroad, including scholarships, grants, and student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

What’s the cheapest country to study abroad in?

Some of the cheapest locales to study abroad in include:

•   Kyrgyzstan

•   Malaysia

•   Central Asia

•   Hungary

•   Poland

•   Kenya

•   Brazil

•   Mexico

•   South Africa

•   Portugal

Does FAFSA cover study abroad?

Yes. If you qualify for student aid through the Free Application for Federal Student Aid (FAFSA), your awarded aid funds can typically be used toward study abroad costs. The school you attend while studying abroad must participate in federal aid programs, however, and your FAFSA aid might not cover the entire cost of studying in another country.

Is a year too long to study abroad?

Not necessarily. How long you should study abroad is a personal preference and based on your budget. The latest 2023 Open Doors U.S. Study Abroad Survey found that 49% of study abroad students go for the summer term, 30% go for one semester, 2.4% go for one year.

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Photo credit: iStock/wsfurlan

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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