Studying abroad is often presented as one of the most essential college experiences, a chance to explore the world with some of your closest colleagues all while advancing your academic studies, and maybe even pursuing an internship. However, the decision to study abroad also comes with inherent financial and social opportunity costs that are often overlooked by mainstream marketing.

For starters, studying abroad comes with the added fees of visas, flights, and daily living expenses that vary wildly depending on the destination and currency exchange rates. For example, a student visa for the UK costs a little over 500 pounds, and the current exchange rate stands at around 1 dollar to 0.75 pounds, implying higher living costs in the UK than in the United States. Many internships offered by these programs, including the ones offered by BU, are also unpaid, which means that students will have to budget without income for months. Additionally, studying abroad affects consumer mentality in a drastically different way than staying at a home institution, as the “once-in-a-lifetime” mentality often associated with this program leads to present bias. As such, students are compelled to spend more abroad than they usually would at home to make the most of this opportunity. Whether this be through excessive souvenir shopping or weekend trips to other foreign countries, these costs can amount to a higher financial cost than staying at a home institution, and require careful budgeting and planning to not overspend.

Studying abroad also comes with implicit social costs, as students are separated from their local friends and may be completely alone in their program. Furthermore, going abroad separates students from their previous on-campus organizations, which may inhibit their ability to apply for leadership positions and can potentially isolate them from their pre-existing support systems. This distress and loneliness takes a serious mental toll on students, especially at the beginning of their programs, and can snowball into their academics and social environments. To mitigate this despair, some students may even turn to retail therapy in an effort to make themselves feel better, contributing to the aforementioned financial costs.

With all of these costs accounted for, however, the large consensus is that studying abroad is still absolutely worth it. Statistically speaking, students who study abroad are more likely to complete their degree and students who study abroad exhibit a greater sense of global awareness and intercultural understanding. These students also come back with a greater sense of independence and adaptability through their adjustment to foreign cultures and norms. With these opportunity costs in mind, study abroad is best viewed as an investment: while the financial burden and initial social costs may feel overwhelming, the long run benefits outweigh these costs tremendously, providing valuable returns both socially and intellectually that last far beyond a student’s collegiate career.