When planning a faculty-led program, budget considerations are crucial to ensuring its success and accessibility for students. Understanding what students on your campus are accustomed to paying and aligning your program’s costs with their expectations can make a significant difference. This blog post offers key strategies for maximizing your program’s budget, from choosing the right location and timing to optimizing excursions and managing faculty costs. By carefully considering these factors, you can create a high-quality, academically engaging program that remains accessible for your students.
1. What are students on your campus accustomed to paying for this type of program?
Your Study Abroad office will be best to advise a target budget for your institution. Consider what price point is comparable to other programs at your institution. What is the typical cost range that students are willing or able to pay?
2. Do all excursions meet the course learning objectives?
Some popular city attractions or day trips may be best left for students to do during their free time and at the discretion of their own budgets and interests.
3. Do each of the included excursions offer an appropriate level of support?
Determine what excursions could be maximized by having a local guide or expert facilitate the experience. Self-guided tours may be most cost effective, but may lessen the academic engagement of that particular excursion.
4. Are my dates flexible?
To make the most out of the time of year, budget, and availability of inclusions, consider traveling outside of the destination's high tourist season. Hotel and transportation costs are more affordable and there is less competition for hotels and visits. You could also consider shortening your program by a day or two to quickly lower costs, before omitting inclusions.
5. Is your location flexible?
Choosing your location can significantly impact program costs. Different regions offer varying levels of affordability in terms of accommodations, transportation, cost of living, and tourism.
6. Have you factored in Faculty costs?
Consider how the cost for one (or multiple) faculty’s expenses can impact the overall price per student cost. Oftentimes the following resources can be helpful in reducing the price for your students?
Departmental Funding: Is there funding from your university or department? Some institutions use the tuition dollars students will pay to help offset the cost of the program - they aren’t going to be using up campus facilities while they’re abroad so can that portion of their tuition fees go back into the program academics in some way?
Number of Faculty Included: Can the number of faculty incorporated into the proposal be considered to reduce costs?
Fundraising: While there may be certain regulations around student fundraisers at universities, it is worthwhile to discuss this potential opportunity with your university’s development office to explore this for you and your students.
