To be eligible for study abroad-specific financial aid and scholarships, you must make sure you maintain your "student" status. This typically means you must be enrolled at least part time in classes, although the norm is to take on a full course load, just as you would at your home institution. Make sure that the program you choose to apply to offers enrollment as a full-time student at a local public or private, fully accredited institution. Determine whether a particular program is legitimate by visiting the school's website and contacting them for more information. If they make a request for a full-tuition money transfer or something similarly off-color, you should probably keep searching.
A number of study-abroad scholarships exist for students enrolled at American universities. A scholarship is a financial award that you don't need to pay back, unlike your existing financial aid package. A good place to start is at your college's study abroad office. The study abroad administrative staff will be able to tell you if there are any competitive or need-based scholarships awarded to students who wish to study abroad. Also consider contacting the Rotary Club (rotary.org) in your hometown, which offer scholarships for students willing to volunteer as part of their study abroad experience to demonstrate their commitment to civic duty. The Boren Award (borenawards.org) offers scholarships for undergraduate and graduate students to complete a semester or year of foreign study, and is offered by the US National Security Education Program (NSEP). Companies like International Student Exchange Programs (isep.org) list their scholarship opportunities on their websites.
You may think that personal gestures no longer hold currency in today's technology-dependent, anonymous world. But you might be surprised at how far you can get by penning a few carefully written, tactful emails or letters to the management of various travel-related businesses and organizations. Write a letter to an airline that has a direct flight to your destination, explaining that you are an undergraduate hoping to cut the costs of studying abroad, and politely inquire as to whether the airline would be willing to provide you with a one-way ticket. If the airline is headquartered in your destination country, they may offer you a ticket as a good ambassadorial gesture. Also try seeking sponsorship for other specific parts of your study abroad experience, with a hostel, for example. Just remember to always write a thank you note if you do manage to get a free ticket.
Most students study abroad while remaining officially enrolled at their home institution. This means that your current financial aid package -- including grants, loans and scholarships -- will be unaffected if you intend to use the credits you earn abroad toward your degree in the United States. For most study abroad opportunities, you simply continue to pay tuition to your home institution as you normally would, then transfer your academic credits to your college upon your return. Your study abroad office may also offer you a travel stipend. If your home institution has its own study abroad program, they may also provide participating students with a living allowance taken out of the cost of tuition, so you don't have to worry about food and transportation when you arrive at your destination.
If you have identified a university program abroad that isn't specifically geared toward hosting students from the United States, discuss the program with your study abroad office and major department, and contact the overseas institution to see if they would be willing to establish an exchange program or otherwise host you as an international student for a semester or year. Once you communicate your enthusiasm for the program and open up communication with the institution, it will be easier to create the study abroad experience of your dreams. You may also be able to negotiate the fee for the semester or year once you have gained admission to the program of your choice.
Homestay arrangements are very popular for students studying abroad because they can cut down considerably on regular room and board costs. A homestay is a type of accommodation abroad where the visiting student lives with a local family, eats meals with them and generally participates in day-to-day life with them. Homestays are great ways to make friends in addition to being economical. Your study abroad program of choice will often arrange a homestay on your behalf, but if you are creating your own study abroad opportunity or this option is otherwise not readily available, try contacting the university where you will conduct your studies to inquire about student housing opportunities. Also recall that resources like Craigslist (craigslist.org) can be invaluable when you need to find cheap lodging fast. Many homestay arrangements don't require extra money from you for room and board -- the expectation is that you will always welcome your homestay family into your home in the United States.