It is always a good idea to look into additional options for financial assistance, regardless of your ability to pay for your education overseas. Making wise financial decisions and careful planning can make studying overseas surprisingly affordable.
But are you unsure if it’s really worth trying to pay for your education abroad? So let’s get started.
Let’s first examine the Return on Investment of studying abroad before delving into the various methods available to control the cost of this experience. Is it worthwhile to spend lakhs of rupees studying abroad? The straightforward response is a big yes!
Studies show that studying overseas is worthwhile and has a good impact on your employability, marketable skills, and professional objectives, according to an infographic. It continues by stating that an astounding 73% of employers have stated that a candidate’s decision to study abroad was influenced by their experience, and over 90% of employers think that students who have studied abroad are highly desirable because they have the technical knowledge of their primary business field, managerial skills, strategic understanding of other countries, and cross-cultural experience.
Studying abroad makes sense right now, especially considering the current state of post-study work visa policies and the large number of prestigious nations that accept international students. More time is allowed to international students to remain in the nation after graduation in order to pursue employment. This allows the students to pay off their university loans and acquire worthwhile and applicable work experience at the same time.
Now that you know that it’s worthwhile to study overseas, let’s look at some strategies for making the cost of pursuing your goal of doing so less daunting.
The most prevalent and well-liked source of support is a scholarship.
One of the most popular ways for students to get funds is to apply to universities that provide scholarships. All scholarships, however, do not pay for a student’s entire tuition and additional costs. Having said that, even a $2000 prize can lower your expenses and somewhat simplify your situation.
Even though there are many scholarships available to overseas students, the majority of students don’t take the time to look them out before submitting an application to a university. It might turn out that this was a mistake. Certain institutions base their scholarship decisions solely on academic merit, while others only need a brief essay to make that determination. You could be able to save thousands of dollars on tuition with only a few hours of work.
Certain universities grant scholarships to students automatically, contingent on the fulfillment of predetermined requirements. Nevertheless, this process is not followed by the majority of universities, therefore the student must personally complete an application and apply for a specific scholarship.
There are other scholarship categories that you can apply to in addition to merit-based awards. A few varieties are listed below.
- Fellowships (based on merit)
- Scholarships for Academics
- Program-based Scholarships for Universities
- Sports Scholarships
- Particular Awards (Others)
Even if there are many scholarship opportunities available with a quick search, the process of filling out more papers and applications may deter or overwhelm you. You can always speak with an Ubergrad Counselor if you have questions about your scholarship choices and would want additional information about the application procedure.
Bursaries or grants, depending on your needs
Similar to scholarships, grants and bursaries are given out depending on need. Students who are in low-income or no-income situations are eligible for grants from universities.
Universities differ in the amount of subsidies they offer; some offer as little as $200, while others offer as much as $1500.
Student loans and education: the simplest of all alternatives
A student loan or education loan is a type of financial help offered by banks and other financial organizations, as opposed to grants and scholarships. It must be returned after the predetermined amount of time, plus interest. It implies that the amount you must repay will exceed what you took. Nonetheless, the majority of students select this choice because it is readily available and isn’t determined by their performance or merit.
Governmental organizations offer the finest student loan deals, usually with low or flat interest rates. Taking out a student loan gives you the flexibility to choose how much you want to pay back. Few financial organizations provide debt repayment terms of up to 30 years following graduation.
Family and relatives: as they belong to your family
Even if not everyone has access to this option, you owe it to yourself to test it before dismissing the concept. If your parents are unable to pay for your further education overseas and you have close relatives who are able to do so, ask them to partially or completely sponsor your studies.
Take on part-time work to help yourself and lessen the load.
The price of studying abroad goes beyond just paying for your tuition and entrance fees. Enough money is also required for living expenses and other costs associated with studying. Starting employment as you study is one simple method. International students can work 20 hours a week, part-time, on- or off-campus, as long as they have a valid student permit in most countries. Although this option cannot cover all of a student’s expenses, it can help to reduce the financial load.
If you are skilled in a creative capacity and can work remotely, you can supplement your income by doing freelance work for companies in your spare time.
Local sponsors are organizations or financing sources.
In addition to academic institutions, a plethora of private trusts and organizations offer financial aid and scholarships to deserving students wishing to pursue studies overseas. These organizations only grant money because it aligns with their philanthropic beliefs and gives worthy students the chance to study abroad. A small number of these trusts also offer loans with extremely cheap or even no interest.
Budget-friendly travel locations: pick nations with inexpensive living expenses and tuition
If you’ve always wanted to study abroad but are afraid it will break the bank, you can always pick locations where the cost of education is significantly lower. For example, you may pick a nation like Germany where tuition at institutions is either free or very inexpensive. Here, most of your study abroad spending is taken care of. To ensure your everyday survival, all you have to do is arrange for money.
Selecting a place based on the cost of living is another way to reduce the financial load of your study abroad experience. Your daily costs will be significantly lower if you stay in less well-known cities than if you chose locations like New York, London, Toronto, Melbourne, etc.
Raise money through crowdfunding to bolster your finances
Crowdfunding is a lesser-known method of raising money for your study abroad program. Online crowdsourcing has become somewhat of a fad these days.
But it’s a really clever technique to save some tiny cash to ease your financial load.
Reaching out to potential donors or supporters through online platforms makes it simple to launch an online fundraising.
These are only a few, but crucial, strategies to lessen the financial strain of studying overseas. However, keep in mind that you shouldn’t let anything—not even a lack of funds—to stop you from pursuing your dream of studying overseas. Seek your own path to realizing that aspiration. Having said that, you may always get in touch with our Student Support Team for further information if you need more help understanding your financial options.
