Here are smart ways to make sure you don't go broke studying abroad

Financial Aid
As noted before, financial aid does apply to those who qualify through their own school. Even if you don't qualify for aid, reapply since special considerations are given to those going abroad. Most schools have study abroad financial-aid advisors, so be sure to stay in contact with them.

Scholarships
Most schools offer scholarships and fellowships through their own programs. One government agency, National Security Education Program (NSEP) at www.iie.org/nsep offers grants and fellowships to undergraduates and graduates studying abroad. Call (800) 498-9360 or E-mail nsep@aed.org. Local chapters of Rotary International offer overseas study abroad scholarships. Call your local office or call (847) 866-3000.

These independent study-abroad programs also have scholarships available.
American Institute of Foreign Study (AIFS)
Council of International Education (CIEE)
Institute of International Education(IIE)
Fulbright Association (MCFA), University Studies Abroad Consortium (USAC)

Budgeting
Consider all possible costs for studying abroad; course fees, room and board, health insurance, transportation, miscellaneous and airfare. Ask around for cost-of-living expenses and find out the exchange rate to lessen any surprises upon arrival. Sara Sterling Travel offers services specifically for these matters. Call (510) 654-3419 or E-mail SJSterling@aol.com

Source: Studyabroad.com handbook by Bill Hoffa.