saving for study abroadEducation is a key to professional success and in recent years Education Abroad has become a trend in every country including India. Undoubtedly on one side Studying abroad helps to develop a deep understanding of the world, contributes to career marketability, personal growth and recognition by Employers whereas, on another side, it is expensive and not everyone’s cup of tea to afford it.  At times the cost may be as high as 5-6 times that of cost in the home country. Hence planning needs to be done in advance so that funds can be disposed of when required, so here are the ways to help you strategize your way to study abroad.

Savings

Saving is one of the obvious ways to fund education abroad. Every little bit you manage to save will be a stepping stone towards funding your education abroad. Try not to be extravagant on unnecessary splurges. Every Rupee you are managing to save will be a step closer to the financial need of your education.

Scholarships/Grants

This is the most popular and convenient way to finance abroad education. There are a wide range of scholarships and Grants that students can avail like Merit-based Scholarships, Sports Scholarships, Targeted Scholarships, and International and Independent Organizations Scholarships, Need Oriented Grants etc. These funds are either government aided or funded by some independent bodies. So, before applying to any College or University you are advised to do some research about scholarships/grants you are eligible for. 

Education Loan

Student Loans are also the common option for funding overseas studies. Government Institutions may charge lower interests than private banks or institutions on students loan, so be careful with all the options before taking one. Personal Loan or Line of Credit can also be taken to cover the cost of education. There is a provision that parents also can take a loan for the child’s education to help him with financial emergencies, travel fare, and living expenses, etc.

Part-Time Work

Before you start hunting a job, bear in mind the relevant country’s visa regulations. Most of the countries allow international students to work part-time during the term. A student can earn enough money to bear his/her living or day to day expenses. Volunteering, Teaching, and Internships are some of the job options the student can choose from. 

Family Bank

An ideal way of funding education overseas is Family Bank. You can seek financial help from close friends, family members and acquaintances as well. Do not consider it as putting financial pressure on loved ones but take it as an investment if no other source of funds is available. After all, your education will make you grab some good job opportunity and you can pay them back with a genuine gesture.

Aspects student must research before deciding to go abroad for education includes-

Do the research on the living expenses of the country that you are willing to choose to study and choose the one as per your budget, If you have friends or relatives in the country you wish to study in, you can think of staying with them as a paying guest too as it will cost you cheaper than staying at apartment or college campus. If you do not have any relative then look out for cost-effective accommodation. Check the immigration rules of the country before applying for an application as some of the countries do not permit international students to work part-time and last but not the least do not forget to fetch every knowledge regarding scholarships, grants, eligibility criteria, etc from the university’s or institution’s web portal or internet you are seeking admission to.