Options for Financing Study Abroad

Abstract

The depreciation of the US dollar and increases in study abroad participation by K students have created a problem for financing Kalamazoo College’s international programs. The financial shortfall for the coming year could be between $300,000 and $600,000. If trends continue, this problem is likely to be worse in coming years. This creates a problem in Kalamazoo, as well, since money spent on foreign programs is not available to support on-campus programs. President Wilson-Oyelaran asked Planning and Budget to analyze various options for financing study abroad, including 1) having students cover travel costs, 2) not applying merit aid to study abroad and 3) charging fees that reflect the actual costs of the programs. We were encouraged to develop other options, as well. We were asked to adhere to the following principles in our analysis: 1) study abroad is an expectation of all students; 2) financial obstacles should not be a determining factor for lower income students; 3) there should be a rich array of Study Abroad options and 4) the distinctive nature of Kalamazoo’s Study Abroad program should be maintained (number of students, length of time, participation across all disciplines.)