5 Brilliant Methods to Fund your Study Abroad Goal!
Are you a student who aspires to study abroad? Have you decided on the ways you are going to fund your education abroad? Don’t worry if you have not, with globalization it has now become possible for almost every desiring student to pursue their higher education abroad. It is after all an augmented experience that benefits everyone. However, even in today’s time many end-up giving up on their goal/dream because of the expenses required to study overseas. But funding will not be a barrier anymore.
Keep reading this blog if you want to be among the ones who actually go abroad to experience education in a foreign country.
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First of all, there are many expenses that need to be taken care of whilst studying overseas. Expenses such as tuition fee, accommodation, transportation, food, clothing, etc. are basic spending that is done when living abroad. Considering living alone at a young age, there is a lot to be managed and to be learned. Every country has a different estimated value that is expected to be spent on overall expenditure. Evaluating a figure/value 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 mentioned are some of the ways you can consider for your higher studies –
Scholarships and Grants
University Scholarships - Countless universities accept international students for attending their courses. They are also known to provide scholarships to students aspiring to study at their university. 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, stationary, accommodation expenses.
Every year, Indian government scholarships for studying abroad are offered to students. Scholastic students can apply for this funding program through their official website which can be found online easily. The government of Indian has put forth some guidelines that every student applying for a scholarship to study abroad must follow. The government funds cover almost expenses of the entire trip of studying abroad for Indian students.
One can find many other resources that fund an education abroad such as private institutes or private firms that are especially known to provide financial assistance to students through their grants. You can find these agencies in countries like the United States of America, United Kingdom, Germany, Australia, etc.
Sponsors are another considerable option, it might not benefit you wholly but it for sure will take some expense burden off your shoulder. You can find some agencies and websites online that provide funding or sponsorship to study abroad. Other ways are to approach local agencies or people who you think can help you with financial assistance. The sponsors usually help students with their 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.
Loans are probably one of the most common sources that students opt for studying overseas. Since there are some courses that are not supported by banks, you might have to choose another type of loan for your higher education. Below mentioned are some of your loan options to study abroad -
Education loans are probably the most reliable source for funding your study abroad. Many banks offer students with student loans that cover basic expenses. Student loans are structured to support a student with their higher education expenses. The bank offers to sanction about 90% of the expenses, the rest 10% of expenditure is expected to be arranged by the applicant. Student loans also have a low-interest rate which is a great deal for candidates. Other benefits of applying for a student loan are getting expenses for an extended stay for living abroad which is usually granted to those looking for employment.
To acquire a study loan for abroad, students have to submit the following documents –
- Identity Proof
- Address Proof
- Academic Proof
There is also certain eligibility criterion for acquiring education loans from banks, read about the entire procedure, requirements and more here
Since some of the courses are not eligible for education loans, students opt for a personal loan. 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 Loans – International student loans are offered to international students. This type of funding is especially popular in the US. International loans are granted to foreign students, they are known to be a realistic source of funding that many Indian students opt. The loan usually covers tuition fees, accommodation, insurance and stationary.
Crowdfunding is the concept of fundraising which is used to raise money for a particular objective. The crowdfunding portals available online help students collect money or funds for their education abroad. Crowdfunding for education has successfully worked for many aspirants. You can spread awareness through registering on crowding for education portals and share them on social media by spreading the word. Strangers, Family, Friends are known to be potential sources for crowdfunding.
You can share your story and desire to study abroad by mentioning the details of your motive. By reaching the maximum number of audiences you can acquire a good amount of money to fund your education abroad. Hollywood celebrities like Nicki Minaj, Ellen DeGeneres, Beyoncé, Jay Z, etc. are popular donors of crowdfunding. To register for crowdfunding, you will have to provide authentic documents that evince your need for financial assistance.
Savings are the most promising type of funding to study abroad. If you are an individual who has a steady income, you are most pertinent for this option. You can apply for schemes through banks that guarantee to help you save. Savings are also a great way to learn cost management. Indian banks such as ICICI, SBI or Axis bank have schemes that urge individuals to set a goal and use direct techniques to help them reach the goal. However, individuals have to save at least 2 to 5 years in order to meet their study abroad expenses.
Now, there’s nothing to worry about funding to studying abroad. Start researching on courses, apply in university, acquire financial assistance and get ready for this lifetime experience!