As the end of senior year inches closer and closer, the Class of ’23 begins to realize they’re bound to begin their higher education very soon.

Many worry about what kind of university they will end up in, and with the exchange rate of the US dollar to the Colombian Peso, if they will even be able to afford to go abroad.

“I’m super worried about how expensive the tuition is outside Colombia compared to local universities. Even if I get accepted into one of my dream schools, I’m worried I won’t be able to attend,” Senior Camilo Agudelo said.

The High Costs of Studying Abroad

Scholarships are financial awards that help students pay for their tuition, books, and other education-related expenses that do not have to be repaid like student loans. These awards are usually based on merit, academic achievement, or financial need, and can come from a variety of sources, including the university itself, private organizations, foundations, and government agencies.

A common critique of the American education system is the high cost of postsecondary education. According to the International Financial Aid Scholarship Search (IEFA) based in Washington D.C. the average public college charges between $35,000 and $45,000, or between $166,000,000 to 214,000,000 COP.

While private colleges charge from $50,000 to $75,000 per year or $238,000,000 to 356,000,000 COP Bearing in mind that a brand new Toyota Land Cruiser, one of the manufacturer’s most expensive models, will set you back around $300,000,000 COP. This means that parents of students studying abroad are spending a new-car’s-worth of money on education every year—this is not sustainable for many families.

College Counselor Dinorah “Dina” Rechani has helped generations of TCS students make their education abroad affordable.

“This year we have obtained many more scholarships than last year, mainly because more students tried the Concourse Global platform, where universities make offers to students instead of students applying to universities. It is a new concept that opens doors to many more students,” Rechani said.

Rechani has observed how new opportunities have come up in recent years that have led students to apply for scholarships abroad.

“I believe the pandemic encouraged more people to apply abroad, because most universities went Test Optional. This resulted in an increase to more universities and, in turn, more people getting offers,” Rechani said.

How Students Seek Financial Aid

In order to apply for a university scholarship, students typically need to submit an application and other required materials, such as transcripts, essays, and letters of recommendation. The application process can vary depending on the scholarship, but most require students to provide information about their academic and personal background, as well as their financial situation.

Several students have received opportunities to study in the Middle East and Central America, visiting countries they never expected to see in-person during their life. To many, scholarships mean opening up to the world. Studying abroad can provide students with the opportunity to immerse themselves in a new culture, learn a new language, and gain a broader perspective on the world.

Scholarships can help students take advantage of these opportunities by providing the resources they need to travel, live, and study in a new country. According to USA Study Abroad, “In the academic year 2015/16 a total of 325,339 U.S. students studied abroad for academic credit, an increase of 4 percent over the previous year.”

Some scholarships are merit-based and awarded to students based on their academic achievements, such as high grades, test scores, or participation in extracurricular activities. Other scholarships are need-based, and awarded to students who demonstrate financial need. Some scholarships are awarded based on criteria such as race, gender, or geographic location.

Many countries award scholarships to attract upcoming and talented students who have the potential to make significant contributions to their fields of study. By providing opportunities for these students to study in their country, countries can help build a skilled workforce that can help drive economic growth and innovation.

For students applying abroad like senior Maria Jaramillo, who did not need to apply for scholarships but was awarded one upon being accepted to university, exceptional performance in school translates to more opportunities abroad.

“I applied only to the Instituto de Empresa Business School (IE) in Madrid, Spain, and to Concourse Global and got scholarships that way. I think scholarships are super important to study abroad, it was my number one prerequisite to study internationally,” Jaramillo said.

These awards can help students pay for their tuition and other expenses, ease the financial burden on families, and provide students with the resources they need to excel in their studies. Whether a student is interested in pursuing a specific field of study or demonstrating financial need, there is likely to be a scholarship available to meet their needs.

“I think that there are so many opportunities today to study abroad and people should really start thinking about applying for scholarships. I am excited to go study outside of Colombia for my graduate education and for the new things I will experience.” Senior Jacobo Mesa said.