How to Finance Your Studies Abroad?
Usually, when people think about how to finance their studies abroad, scholarships are the first and only option they consider. However, there are many other forms of funding you can obtain to pursue your dream of studying at a university abroad.
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The 7 Best Ways to Finance Your Study Abroad
One of the best ways to fund studying abroad is through scholarships. Fortunately, there is a wide variety of scholarships available, such as:
- Merit-based scholarships
- Athletic scholarships
- Targeted scholarships
- Scholarships from international and independent organizations
To increase your chances of getting a scholarship, you can ask the professionals at EssayAssistant to write a motivational letter. Even a partial scholarship can reduce the cost of studying abroad, so don’t hesitate to apply to all of the programs for which you are eligible. You can also inquire about scholarship opportunities within your chosen program of study.
One of the most well-known scholarships is the highly competitive, merit-based Fulbright program for international graduate students. However, you don’t always have to be the smartest in your class and you don’t always have to be an athlete to get a scholarship, because the criteria for scholarships vary widely. For example, it may depend on your nationality or major.
2. Financial Grants
Financial grants are for low-income students who can prove that they don’t have enough money for the university they want to attend.
You do not have to repay them, but as mentioned above, you must meet certain financial conditions, such as having a very low income or no source of income at all, for your application to be accepted.
3. University work
Many countries such as the US, UK, Canada, Australia, and France allow full-time students to legally work part-time on-campus and sometimes off-campus. It depends on the school, the country, and the student’s eligibility.
If you choose this option, you will need a local bank account for payroll, which you can set up before you move abroad.
4. Exchange Programs
Studying abroad in partnership with a university in your country can be the most cost-effective way to experience an incredible international study experience. Exchange programs are varied and well-funded, which often means they offer sightseeing opportunities in the host country.
However, they vary depending on where you live and the connections between your home university and international institutions.
ERASMUS is the best-known international student exchange partnership in Europe, covering the European Union-EU and most of its institutions of higher education. Similarly, U.S. universities have excellent international connections during semesters or years of study abroad.
Loans are financial commitments that students can make to finance their studies. Loans are usually provided by banks or government programs, and you can check with our advisors to see what programs are available to you in your country.
The difference with scholarships is that with this type of financing, you must pay back the money within the time frame and at the interest rate specified by the program you applied for.
Crowdfunding is one of the most modern ways to fund study abroad. It involves collecting donations for a specific purpose. You can sign up for educational crowdsourcing sites and share it on social media so that your family, friends, or anyone else who wants to help you can contribute financially.
When sharing your crowdfunding account on social media, you can tell your story, your goals, and your reason for wanting to study abroad. Never underestimate the power of a good story and, above all, social media.
7. Universities that offer financial benefits to international students
Often people only consider Ivy League universities and forget about universities that offer low-cost tuition. Remember that you shouldn’t consider just one country – opening yourself up to big discounts may give you access to more options.
You may have to pay administrative fees and, of course, there are still living expenses to consider, but think of the money you will save over the next 4 years or more.
Germany, France, and Scandinavian countries are just a few of the countries that have free higher education programs for students. Although undergraduate programs are usually taught in your native language, many postgraduate programs are offered in English.
As you will see, there are different ways to fund your study abroad, so you can start researching which university you would like to attend and which funding option suits you best.