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Financial Implication of Study Abroad Programmes

Explore the financial aspects of study abroad programs, including types of programs, administrative and security costs, health insurance, tuition, airfare, local travel, field trips, and more. Consider issues such as cost recovery, international agreements, financing policies, exchange rate risks, and hedging strategies.

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Financial Implication of Study Abroad Programmes

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  1. Financial Implication of Study Abroad Programmes Dr. Kofi Nkrumah-Young

  2. Types of Programme • General • Specially designed

  3. Administrative Security Students Specific Health insurance Living Tuition Airfare Local travel Field trips & excursions Instructional materials others Elements of cost

  4. issues • Cost recovery from incoming and outgoing students because of administration and security to the institution • Cost/benefit • International profile • Quality image • Students (improved education, international citizen, politically aware individual

  5. Issues cont’d • International agreement to minimise the cost • Socrates and Erasmus programmes • Home cost to students of EU Countries • How financing policy of the region benefit • Bilateral agreements between institutions to hedge against cost • Minimise cost to students • Reciprocal arrangements

  6. Issues cont’d • How are the fees charged and apportioned between participating institutions • Exchange rate risk • Earning in one currency and spending in another • US$2.18/GBP selling • US$1.89/GBP • Spread of 29cents • What hedging strategies

  7. conclusion • Quality is essential but we have to prepare to deal with the costs. Cost and benefits must be weighed • Awareness is the key.

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