Looking to study abroad? It’s a great opportunity and one that everyone should experience. The problem is that studying abroad, especially if you are seeking for a master’s degree, is out of reach for most because of finances.

The good news is that there is a solution! Don’t automatically discount yourself from being eligible to study abroad, or even continue your education in general. One option to lower your costs is to get a low residency master’s program.

There are many low residency master’s programs available, which will lower your overall wastes.

1. Foreign Student Exchange

A typical foreign exchange student comes by him/herself to a certain country to study and stays with a host family. These programs can be just as expensive if you live on your own.

However, there is an option to exchange with someone exactly like you. You would go and live with the host family, and your family would become a host family for the other student. This is a great idea to easily lower living expenses and there are agencies that will help you through the entire process.

There are a lot of programs that you can apply for, such as a high school program by ASSE, or a study abroad program by ISE.

2. Home Exchange

If you’re looking for master’s degrees, it might happen that you are an established adult with a house! If this is so, all you need to do is to sign up for a house exchange site and find someone who would like to switch houses with you for a given period of time. It’s very similar to the above idea, but if you are already live on your own, but not with your family.

There are also a lot or sources that can provide you with such a deal. Among them are INTERVACHomeExchange, etc.

3. Scholarships and Grants

Don’t forget about this one! Most scholarships are for the academic portion of the degree, but it’s also possible to get financial aid in the form of cash. Then you can use it to help with rent and the likes.

Even if you get an academic or sports scholarship, by paying less for school you have more for residency expenses. It’s a win-win situation! There are scholarships and grants for all types of categories, so there is something for everyone.

The most famous among these grants is The Pell Grant.

4. Online Schooling

Instead of actually going to a university, why not take classes online. Most high caliber universities will still require you to come in for exams or an orientation week, but besides that you won’t have to live in a new place because all you’ll need is your computer.

Going to school online allows you to get the same high-class education. The only downfall is not being able to experience immersion or the culture of the people and the place.

5. Teaching While Earning a Master’s

The last option for you is  to teach some undergraduate classes at the same university where you are getting the master’s degree. Most universities only allow PhD students to participate in these types of programs, but master’s students are also not unheard of. In exchange you could get free or reduced room and board, or tuition.

With these options, take some time to explore which would be the most suitable for you. You’ll soon find that higher education isn’t as expensive as you think it is.

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