Ways To Finance Your Studies Abroad
Gone are the days when higher education was considered to be for the few, but with the passage of time it has become the norm. However, one of the most important considerations to think before taking the decision to study abroad is the cost of the course. A substantial number of potential students don't travel to another country to seek after higher examinations because of the high costs involved with studying abroad. There are number of costs associated with living abroad besides the tuition fees of the university, which a student will have to deal with once he/she is abroad.
Nevertheless, you don’t need to be panic as we’re going to show many ways to fund your studies abroad.
The most convenient way to finance your studies abroad is through scholarships. These are the most popular type of student funding. There are a number of scholarships out there, in other words which means that there’s a scholarship for everyone.
Some types of scholarships available include:
- Merit-based scholarships
- Targeted scholarships
- Fellowships (International and independent organisations scholarships)
- Sports scholarships
2. Student Loans
The majority of students choose to take a student loan for commencing their studies abroad. However, taking financial help from banks and other financial institutions means one will have to pay it back, normally within a certain time period after completing their studies.
Nevertheless, students need to keep in mind that these loans come with interest rates; therefore they will have to repay more money than the actual cost of their studies. Generally the best student loans are mostly offered by government institutions as these have either flat or low-interest rates. Moreover, these loans are quite easier to repay.
3. Students Grants
Student grants (or bursaries) are best opportunities for students without financial means. These are some sorts of scholarships, but are only need-based. Although students do not have to repay them but they have to meet some financial conditions for getting these scholarships, like very low or no income sources.
The value of these grants varies significantly from one university to another. For example, in the European Union, these start at 150 EUR/month and reach as much as 800-1000 EU/ month while in the US (where they are called federal grants) these are generally offered to those students who choose four-year studies at universities, vocational schools, or community colleges.
Work or study part-time to support the expenses, is one of the best options available for students studying abroad. Those who do not left with any options for funding their studies can always try starting a job during their studies abroad. The majority of international students, who have a student residence permit, are eligible to work part-time.
This will only enable any international student to attend most of his classes, but will also helps to support part of the costs of living abroad. Nevertheless, this might be not sufficient to cover tuition fees or all living expenses, thus, the best option is to combine it with another type of funding.
5. Take Help from Your Parents
One of the ideal ways of financing your study abroad is the ‘family bank’. One can ask his family to finance his/her studies, if his family can afford it. However, it also means he/she has to depend longer on their parents, which might clash with their need for independence.