Different from the objective risk of self-financed study-abroad behavior, the perceived risk thereof is the basis for individuals to assess the educational consumption risk from their own points of view. The perceived risk in self-financed study-abroad behavior falls into seven aspects, i.e., economic risk, functional risk, completion risk, cultural risk, psychological risk, health risk and safety risk. Individuals' perception of these types of risk is influenced by variables such as gender, education, personal experiences, family environment, etc. For students at school, completion risk, health risk and safety risk are the main factors that affect their risk assessment of studying abroad. The main consequences and hidden dangers of risk perception and assessment of studying abroad are: (1) the economic risk is not paid enough attention; (2) the risk assessment is biased; and (3) studying abroad at a younger age faces grave hidden danger. These problems are caused by the difference between perceived risk and objective risk; the dislocation between perceived risk and risk assessment; and the lack of comprehensiveness throughout the process of risk assessment.