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Looking to Pay for Study Abroad? Your Invest529 Account Can Help
At a glance
- U.S. student interest in studying abroad is rising, with participation nearly doubling since 2019.
- Tuition at many international universities often averages less than U.S. costs.
- Invest529 funds can be used for qualified higher education expenses at eligible institutions overseas.
For many families, the dream of studying abroad has long been about experiencing new cultures, languages and opportunities. Today, more students are turning that dream into reality through short-term study abroad programs and by pursuing full degrees overseas.
A Growing Trend
Interest in international higher education is on the rise. According to the Institute of International Education, the number of U.S. students studying abroad has nearly doubled in recent years — from about 50,000 in 2019 to more than 90,000 in 2024. The UK’s admissions service (UCAS) also reports a 14% increase in applications from American students in the last year alone, the largest jump since it began tracking applications in 2006.
How 529 Plans Fit In
Whether you’re considering a semester abroad, a full degree program, or another qualified higher educational experience overseas, your Invest529 account can help cover the costs. Related: What 529s Cover
Qualified higher education expenses at international colleges and universities are the same as they are in the United States:
- Tuition and fees at eligible educational institutions
- Required books and supplies
- Certain room and board costs if the student is enrolled at least half time
A key detail: The foreign institution must be eligible to participate in the U.S. Department of Education’s student aid programs, as authorized by Title IV of the Higher Education Act. Fortunately, thousands of international colleges and universities already meet this requirement. Families can confirm eligibility using the Federal School Code Search tool (and selecting Foreign Country).
Planning Ahead
While studying abroad might be more affordable when it comes to tuition and fees, families should also consider additional expenses such as travel, visas and health insurance, which are not typically qualified higher education expenses. Factoring those costs into your overall education savings strategy is important.
With demand for international programs growing and tuition abroad often significantly lower than in the U.S., an Invest529 account can provide the flexibility to pursue higher education globally.
Invest529 does not provide legal, tax, or investment advice. Please consult your legal, tax, or investment professional.
