Ways to Finance Your Study Abroad: 7 Funding Options to Consider

If you’ve been thinking, “how do I fund my study abroad?”, you’re not alone. Studying abroad is expensive especially for those who cannot afford it. For those who have enough financial support, studying abroad might not be an issue of concern.

So if you desire to study abroad with little or no financial support, you need to think of ways to fund your higher education abroad. Fortunately, they’re some funding options for every student desiring to pursue their higher education abroad. So, funding shouldn’t be a barrier to your achieving your study abroad dream.

Before you decide to study abroad, there are some expenses that you need to consider whilst studying abroad. Many of such expenses include tuition fee, accommodation, transportation, food, clothing etc. Additionally, you also need to know the cost of living in your preferred country of study.

Evaluating the cost of studying abroad before applying to foreign universities is something every aspiring student must do. There are several ways of dealing with study abroad funding, below are some of the seven (7) funding options that you can consider for your overseas study.

1. Scholarships and Grants

Scholarships are financial awards designed to help students pay for their education. There are many scholarships and funding opportunities available for studies abroad. There are also countless scholarship awarding institutions which you can apply to as an international student.

Financial assistance through study abroad scholarships is provided for almost every program conducted in foreign universities. Students have to submit some of the prerequisites mentioned on the website to acquire this special funding. University scholarships mostly cover tuition fees, stationaries, accommodation expenses etc.

Scholarships awards are of different types;

• Merit Scholarships
• Average Academic Scholarships
• Minority Scholarships
• Women Scholarships
• Need-Based Scholarships
• Community Development Scholarships
• Creative Scholarships
• Athletic Scholarship

Foreign students can also win a scholarship award sponsored by the government of the host country of study. Additionally, many other resources that fund an education abroad such as private institutes or private firms are especially known to provide financial assistance to students through their grants.

2. Student Loans

Student loans are probably the most common option for funding higher education abroad. Many financial institutions offer student loans that cover basic expenses to study abroad. These loans are structured to support a student with their higher education expenses.

An education loan provided by a government institution may have lower interest rates and more flexible repayment options than one taken through a bank or private financial institution.

To acquire a study loan for abroad, students have to submit the following documents –

• Identity Proof
• Address Proof
• Academic Proof

Check eligibility criteria, interest rates, and payment terms before applying for a loan to study abroad.

3. Personal Loan

Another funding option to consider is the personal loan. Since some of the courses are not eligible for education loans, students also consider personal loans to cover their study abroad expenses.

In most cases, personal loans are only granted to individuals who are earning, therefore to apply for this type of loan applicant must be earning or can approach their parents or a guardian. Personal Loans comparatively have a higher interest rate. One can choose their loan repayment scheme according to their convenience.

International students loan are also available to international students. This type of funding is especially popular in the US. The loan usually covers tuition fees, accommodation.

4. Work Options

Working abroad while studying can also be a perfect means of funding your education abroad. As a student on a strict budget, you can always consider working part-time to help pay for your education fees and living expenses while studying abroad.

Although your earnings might be able to cover all your expenses, it will definitely reduce the financial load to some degree. Before you choose a study destination, make sure to check resident permit or visa eligibility rules for working part-time as a student, and choose options that leave you time for studies.

5. Sponsorship

Sponsors are another funding option that you should consider while studying abroad. Although, they may not take care of all your study abroad expenses, however, it will take some expense burden off your shoulder.

You can get sponsors from some local agencies that provide funding or sponsorship to study abroad. The sponsors usually help students with tuition expenses. Sponsors are also known to be a great source of help to acquire an education loan – they can provide you with a copy of proof of funds based on which the bank can grant you the student loans for studying abroad.

6. Savings

Most people who study abroad do so because they saved for it. In fact, it is the most promising funding option to study abroad. If you’re already on a steady income, you can explore this option to study abroad. Saving isn’t easy, however, you can apply for special savings account through a bank that guarantees to help you save some amount of money.

7. Freelancing

Freelancing is one of the most viable option to cover your study abroad expenses. Freelancers are self-employed individuals who offer services to business, and usually handle multiple clients at a time. Freelancers are not committed to a single employer.

This funding option is very popular amongst students and professionals alike. So, if you have a high demand skill, you can offer your skill in exchange for a fee, which will help you take care of your study abroad expenses. There are also some websites that offer freelance services, you can sign up to offer your services.

With the options provided above, you don’t need to worry about funding to studying abroad. Start researching on courses, universities, financial assistance, cost of living and get ready to achieve your dreams.