Funding is a major problem students face when considering studying abroad. Getting a quality education requires money. Unfortunately, not everyone can afford it. However, the dangers of not getting a proper education outweigh the risks. So, rather than face the consequences, it’s important to take the risk and consider the options available to fund your education. If you desire to study abroad but do not know about the funding options available, then this article is must-read.
Ways To Finance Your Study Abroad Expenses.
Unlike a business enterprise where it’s easy to get a loan or other forms of financial help because of investment returns, education is not like that. Accessing the funds, you need to sponsor your education can be a problem if you need to get a sponsor to help. However, do not let the lack of funds discourage you. There are other means you can explore to get funding for your undergraduate or postgraduate studies abroad.
However, before oy explore the funding options available, you must first have a budget. Knowing the amount of money you need will help you narrow down your search and save you time. You can use the student finance calculator to help you with an average amount which will be a near-accurate figure you can you while sourcing for funds. Bt this should be after you have decided on the course you want to study and your study abroad destination as the cost of your visa fee and other processing fees with also be included in your budget. Some of the things you are likely to spend money on include:
- Tuition fees
- Accommodate fees
- Application fees
- Monthly allowance
- Book fees
- Payment for standardized exams where necessary
- Other miscellaneous expenses and so on.
After taking all of these into consideration, it’s time to search for suitable funding sources to help with the cost of your education. The funding sources are listed and explained below:
1. Scholarships And Grants
A scholarship is a form of financial aid that is awarded to students to help them finance their education. Scholarships are awarded based on different criteria based on the instructions of the sponsors. Additionally, there are different types of scholarships available to suit the student’s needs. They include:
– MERIT-BASED SCHOLARSHIPS
Merit-based scholarships are given to students and are strictly based on the student’s excellence. Some of the types of merit-based scholarships available include:
1. Academic scholarships: they are funded by either the university or a private organization and are often given to students who give excellent grades.
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2. Sports scholarships: this type of scholarship is often competitive and is best for athletic students who want to study in the United States.
3. Average academic performance scholarships: before this type of scholarship is awarded, the student’s overall performance is often put into consideration. Other aspects apart from academics like extracurriculars, community service, joining a group, and other things are considered before the scholarship is awarded.
– NEED-BASED SCHOLARSHIPS
This scholarship requires that the applicant/student must be able to demonstrate his/her financial need. They are often for people who aren’t financially able to sponsor their education.
– GOVERNMENT-FUNDED SCHOLARSHIPS
Government-funded scholarships are often sponsored by the government. Like sports scholarships, they are very competitive and not easy to get. Although many of the scholarships are awarded to citizens, some are awarded to international students.
– COUNTRY-BASED SCHOLARSHIPS
These are often awarded to students from selected countries. Some of these countries might include the ones affected by insurgency or natural disasters. The awards are often given to encourage students from such countries to further their education.
– PRIVATELY SPONSORED SCHOLARSHIPS
As the name implies, these types of scholarships are often awarded by private individuals or organizations. However, some of them have stringent requirements that might bother gender, certain minority groups or developing countries, and a specific area/field of study.
Fellowships refer to funding opportunities that can last for a few weeks to years, depending on the duration of your study. They can be professional or academic and are often available to graduate students pursuing their postgraduate degrees. The various types of fellowships available include:
– ACADEMIC FELLOWSHIPS
These types of fellowships are often streamlined in the academic areas. There are three types of academic fellowships and they include:
- Graduate fellowships: they cover the cost related to the applicant’s graduate school expenses. Graduate fellowships will cover the tuition and sometimes it may include health insurance, the cost of academic conferences, and some amount of pocket money. It is open for Master’s and doctoral study for graduate students.
- Research Fellowships: Research fellowships exist to provide funding for research-related activities. It could be academic or clinical research and can be undertaken by an undergraduate, graduate, scholar, or scientist with a PhD. It is important to note that some of these research fellowships are targeted at professionals who want to practice.
- Postdoctoral fellowships: Postdoctoral fellowships are open to individuals who recently completed their Ph.D. but who want more time and resources to continue further research. It is often referred to as a “postdoc”. Some of the postdoc fellowships provide scholars the opportunity to dive deep into narrow academic disciplines to become experts.
- Medical fellowships: Medical fellowships are typically for medical practitioners who have completed a residency in their medical field. They are doctors who are seeking further training to be an expert or a master in a preferred medical specialty.
– PROFESSIONAL FELLOWSHIPS
Professional fellowships in the U.S. offer graduates the opportunity to develop themselves career-wise. They are synonymous with temporary full-time jobs that offer a certain amount with payment with other benefits attached while the professional gets to work in the organization.
Additionally, it might also avail funding to enable the graduate to pursue a self-designed professional project, have the opportunity to attend conferences, and receive mentorship/coaching where necessary. They can come in different forms to include:
- Fellowships for early-career professionals and recent graduates who have up to 5 years of work experience.
- Fellowships for mid-career and executive professionals for professionals with up to 10 years or more work experience.
- Summer Fellowships are open to students or recent graduates and provide internship opportunities for them to contribute to their growth and experience.
3. Student Loans
Unlike scholarships and fellowships that do not require students to pay back, student loans on the other require that students pay back over a while as agreed by the giver. There are private loans and government loans and the length of time for payback can be from five years to as long as ten years. Additionally, some student loans require a cosigner or collateral before the money will be released, on the other hand, some of them like MPower Finance do not require any cosigner or collateral before the money is embursed to the student.
4. University Part-Time Jobs
Furthermore, getting a part-time job can also help you raise funds for your study-abroad dream. There are programs in the US, UK, Canada, and other countries that allow you to work while you study. This will allow you to earn a living and also save to be able to sponsor your education. Additionally, it’ll also help you build your network, make friends, enhance your skills, and build your CV. You can research to find part-time jobs available that you can take advantage of. Alternatively, you can also look out for paid graduate assistantship positions when you resume college.
Saving Tips And Strategies
As an international student looking for ways to save money, the tips listed below with help you to properly manage your finances.
- Having travel insurance can help cover the financial cost of the luggage, flight cancellation, and other related expenses.
- Additionally, getting affordable accommodation or pairing with roommates will also help reduce your expenses and increase your savings.
- Also, cooking your meals rather than buying them will help save costs.
- Students get discounts to use certain facilities, make use of your student discount to also reduce your expenses.
- Purchasing second-hand study materials and taking advantage of black friday sales to maximize discounts will also help cut down on our expenses.