Going abroad can be expensive at the best of times, and the prospect of funding an 8-week internship in another country can seem daunting. From general living expenses to international flights, it’s understandable to be wary of the cost. The financial barrier can hold students back, long before they’ve even delved into the possibilities.
We regularly help applicants navigate their internship financials, and know firsthand that the cost may not be as scary as some initially believe.
If you’re considering an internship abroad with Sage Corps but are wondering about how you’re going to afford it, read on for our guide on how to fund your internship abroad.
Do Your Research
Make sure you research the immediate costs you’ll need to put up. Understand what is covered in the program, and what isn’t. We recommend checking out the program cost and list of inclusions per program by location.
Remember, your Sage Corps program cost includes your housing, but other living expenses need to be budgeted for. So budget for food, airfare, and any transport around your chosen city. If money is going to be tight, study up on our city options, and see which one is going to be the friendliest on your wallet. The day to day cost of living in Sydney is going to be more than in Buenos Aires, not to mention a much more expensive flight. (Plus, our program cost in Buenos Aires is less than other city locations).
Also, consider what you’re intending to do while you’re there. If you want to get out and see the rest of the country, check in on transport costs. A well-connected city like Paris might make it worth it compared to Dublin. Everyone wants something different, so hone in on what you want from your experience. Just make sure you consider the added costs and budget for these choices before you go.
Scholarships and Grants
One of the best ways to help you fund your internship abroad is by utilizing scholarships or grants. Here are some of the scholarships available to you.
Sage Corps Scholarships
We currently have three scholarships on offer to eligible applicants. Each scholarship offers up to $1,000 and requires successful applicants to fill out a simple form to get started. Check out our Diversity Scholarship, Women in Tech Scholarship, and our Entrepreneurship Scholarship. Follow the links to find out more.
University Scholarships
On top of our funding support, many universities and colleges across the country offer grants and scholarships to certain students to fund internships, summer programs and programs abroad. Your institution can provide more information on available options. Check out our website for a list of schools that we know have options available. If your school isn’t listed, don’t worry. Check with your university’s study abroad office or career services to learn about your funding options. We’re here if you need some help too!
External Scholarships
If you’re still needing help, have a look through our financial resources page, and see if you qualify for any of the other grants like the Gilman Scholarship that can be applied to a Sage Corps program. The Gilman Scholarship is a U.S. Department of State funded grant for students currently receiving a Pell Grant. Applications are open in mid-January with a March 1st deadline for summer awards.
Income Share Agreement
We’re fully aware of the barriers facing students, that’s why we created our Income Share Agreement (ISA) to allow seniors (and rising seniors) to defer payments until they land a job after graduation. The ISA lets students who display financial need pay a portion of the program cost upfront, and defer the remainder of the payments when they land a full time job. If a student can secure a job making $30,000 a year or more, they will start a payment plan. If they are unable to find a job, lose their job, or find a job making less than $30,000, payments will continue to be deferred until they can do so.
Once you’ve received an offer from Sage Corps, you can apply for the ISA and find out if you’re eligible.
Internship Stipend
As you move through the matching process, we’ll be working to ensure your priorities are being listened to. Some of the start-ups we partner with offer stipends to help support their interns. Early application is key in this regard, as a lot of students might have a stipend high on their list of hopeful requirements. Stipends typically vary from $200-$500 per month and can help cover things like public transport and some of your meals while abroad.
Other Funding Ideas
If you’ve exhausted every other avenue, or maybe just need a little extra to keep yourself secure while you’re away, try and get creative.
Crowdfunding has been a successful method for some of our past students. Using websites like GoFundMe or FundMyTravel is a great way to reach your funding goals. Of course, you’re relying on the kindness of family, friends, and even strangers, so make sure you explain as much as you can about what the opportunity means to you.
There are loads of ways to help fund your experience. Take on a part-time job on campus, ask for donations instead of presents for birthdays and holidays, or ask for a loan from your parents. There are options. Trust us.
Whatever your path, start getting organized early so that you have a clear picture of what it’s going to cost you, and allow you time to make up the difference. Have questions about funding your program? Please contact us, so we can help advise you.
