The prospect of studying abroad may be both incredibly thrilling and tremendously unsettling. For many, the notion of moving to a new country, adjusting to a new culture, and perhaps even learning a new language is intimidating. However, the biggest worry may really be how to pay the bills.
Many students have developed innovative and creative ways to pay for their studies abroad, some of which are more useful than others. However, there are many solutions available if you do a little Googling or ask us for assistance.
Here are our top 5 suggestions for paying for study abroad.
1. Scholarship Awards
Scholarships may be a terrific way to get money to pay for your tuition and living costs while studying abroad. There are a variety of opportunities accessible to persons with strong academic credentials who originate from low-income backgrounds or work in specialized fields, depending on the university, the country, and the course you are applying to study.
The great majority of scholarships are for postgraduate programs rather than undergraduate ones if you’re considering studying in the UK. However, there is an abundance of financing for both undergraduate and graduate programs in nations like the US and Canada.
2. Loans
Loans are usually the financial trade-off that students must make in order to guarantee that they can pursue a higher degree. When you receive financial assistance from banks and other organizations, you often have to pay it back with interest, often within a set timeframe. Student loans for international education are widespread and well-liked everywhere on the globe.
While students are more likely to utilize bank loans or loans provided by private organizations to pay for their education abroad, certain countries provide financial incentives to entice international students. For example, if you register directly with them and can show that you have sufficient Portuguese language proficiency, certain nations, like Brazil, provide free higher education to overseas students.
Similar to France, Iceland, and Greece, all students, even those from abroad, are eligible for free public tuition at their public institutions (except for a few negligible registration costs).
3. Working Part-Time
Even though it may seem apparent, it’s easy to forget in the rush of organizing your studies abroad that you may generally work at least a part-time job while you attend school.
The ability to work legally for most overseas students with a student residency permit might vary based on the country’s visa policies. It is advisable to combine employment with another source of income since, while it may assist with certain living expenses, part-time work won’t be enough to pay your tuition.
Be sure to confirm the specific employment restrictions on your visa; for instance, J1 students in the USA are only permitted to work a maximum of 20 hours per week at on-campus positions.
4. Sponsorships
It is occasionally possible to have your tuition payments sponsored by a company, firm, or institution, depending on your degree or area of specialization. These sponsorships can take one of three shapes:
i. Corporate Sponsorship: In this case, an organization with which you are affiliated covers your tuition. Perhaps you already work there and would like to continue doing so throughout your studies or after graduation. You would need to speak with them to find out whether it would be feasible because it depends heavily on them.
ii. A Sponsored Degree: This is a little different because you don’t need to be connected to the sponsoring organization. Typically, businesses utilize this form of sponsorship to find top talent for their employees. Typically, the firm will pay your university tuition in exchange for your agreement to work for them for a specified amount of time following graduation.
iii. Company Scholarships: These are provided by businesses as a fee reduction in exchange for you earning a certain degree. These scholarships sometimes come with additional job experience and coaching.