Studying abroad undeniably can be one of the most rewarding endeavours. It is a life-changing experience and one that is already taking prominence. Many don’t care anymore about crossing seas and continents to get the best education possible.
Not only that, you get more exposure to numerous invaluable opportunities both personally and professionally. Definitely, an experience that can change you forever.
However, we can’t ignore the fact that studying abroad is no man’s joke and it comes with its own challenges. One of the greatest is finance and this is the major culprit holding many back from traveling abroad for studies. But there are ways you can finance your study abroad.
Consider this guide as finance basics to help you navigate through financial constraints by providing ways in which you can fund your study. You too can become a part of everything abroad study has to offer without breaking the bank.
Get a scholarship
Do you know that the value of scholarships every year carries a whopping 15.6 billion euros? Thanks to scholarships, many students would never have dreamt of studying abroad talk more of availing themselves of the opportunity.
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Scholarship has been a saving grace over the years. And with countless funding opportunities out there, there’s always something for everyone no matter your educational background or level. Well, don’t just take this opportunity as free money. Nothing comes cheap and gaining a scholarship might require some hard work. You might need to put your best foot forward, do your research and write a statement of purpose your interviewers will love.
The point is scholarship is one of the most competitive funding options. Hence, you might need to put in your best in the application in order to be considered.
Consider students loan
Another way to go about financing your study is to seek student loans. However, this comes with an interest but you can defer payment till after studies and it is usually for a long period of years.
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The good thing is there are federal loans that carry low-interest rates and are far easier to pay. There are also private organisations providing loans to students to help out of their financial struggle. Perform due diligence, however, and research on the interest rate and other hidden fees before making a commitment.
Apply for grants
Like scholarships, grants are also another type of “free aid” that can be used to finance study abroad. Unlike scholarships which are mostly based on merits, grants are need-based.
Governments, individuals or communities offer grants as a way of helping out the less-privileged who otherwise might not have any financial means to education. They are often on a first come first serve basis and it’s in students best interests to apply on time.
Besides, the value of the money provided varies greatly from one university to another. Hence, you might need to go to the financial department to check what’s in store and if you are eligible.
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Work while studying
Combining work with studies is also a great option and it can help to cover up your daily expenses. International students are eligible to work for a certain number of hours so long as they have their residence permits.
From babysitting to freelancing to working in restaurants, there are countless job opportunities. Consider it as a side hustle while you might have to look for other funding options for tuition fees.
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Ask your family for financial aid
Your best bet is to have a family that can support you on your way to making your studying abroad a reality. If you are of the average family and your parents wouldn’t mind investing in your future, going for this option is simply the easiest. After all, this is an investment that will pay off for a lifetime.
However, this might mean you will have to rely on them for a long time, leading to compromise in your independence.
Lastly, you will have to do some good to your pocket by choosing your destination wisely. Some destinations are known to have a high standard of living as compared to others.
Yes, all the luxury in London is hit and a tour in Canada promises great memories. However, there are other fantastic destinations you can go to that won’t eat deep in your pocket. Yet, you can still enjoy all the benefits of studying abroad.
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Conclusion
Studying abroad is no longer a luxury that only the well-to-do can enjoy. It’s already becoming the norm. And while weighing your options, analyse the financial ratios and know how much you need to make your study abroad happen.
Although there are times you might feel like giving up, you really don’t have to. When you think of the opportunities and benefits, then you will know studying abroad is all worth the hassle.