A student studying abroad gets an opportunity to improve academic knowledge and also experience various cultural awareness. Students’ studying overseas also develop a better understanding of the world and simultaneously learn the required skill and abilities that contribute to personal and professional growth. However studying overseas is expensive and funding for it may be challenging. It may require taking external help for some people. There are different ways to finance your overseas study, read on to discover some of these ways.
International Scholarships and Grants: Almost all universities offer scholarships for international students. These help students studying abroad and are also sometimes known as free money because they are not required to be paid back. It is one of the popular and most recommended methods to finance your studies abroad.
Financial Aid: There are international financial societies which provide financial help for students studying abroad. These institutions promote and develop international education through various programs. Students who get the most comprehensive scholarships and grants may also apply for financial aid.
Study abroad Loans: These loans must be paid with certain interest rates and are usually the last resort. As overseas study brings international exposure like any other investment money spent here can be earned later on. Different types of loans are available depending upon the country, for example in the USA there are federal and private loans. Federal loans may be subsidized or unsubsidized, to apply for federal loans you have visit your university’s finance department. Private loans can be applied for by anybody for studying abroad. Private loans can be obtained with low interest rates and are the best alternative to using the high interest rate credit cards.
Savings: Besides taking scholarships and various commercial loans, it is always best suggestible to save your money by reducing the cost on unnecessary things. Avoid luxury gadgets always ask yourself when buying anything is it really required right now. And also remember a penny saved a penny earned.
Take a part time job: Make the most of your time and utilize leisure time to earn money by taking up a part-time job. Find the right job which allows a balance of work and university. You can find part-time jobs in supermarkets, hotels, restaurants and gas stations etc.
Bad Debt Loans: This option may seem odd but students returning from studying abroad will have expenses to meet and their student debt will no doubt reduce their credit ratings. Once your studies have completed and you move back to your home country you need to first find somewhere to live and then a job, if you struggle to fund a deposit or advance rent then bad debt loan could be the solution for you.
About the Author:
The guest post was contributed by Alicia, financial guest blogger from Manchester, UK. Find out more about her finance related blogs at financeport.