Categories: Scholarships

How to finance your education abroad?

Overseas education opens a wide gamut of opportunities for students to enhance their academic experiences, thereby increasing tolerance and cultural awareness. Students who get an opportunity to study abroad usually develop a better and deeper understanding of the world.

They get to learn skills which contribute to their career marketability as well as their personal growth. The cultural immersion that accompanies an education abroad develops cross-cultural competence among students thereby creating diversified employment opportunities for them.

Of course, education abroad may cost you six times the cost of your studies in India, or may be higher. Thus, proper planning of finances becomes a crucial component as you need to provide a proof of having sufficient funds to cover the education of at least first year while applying for student visa.

Choose suitable student finance

Getting financial aid to study abroad is of utmost importance to students who lack sufficient financial resources. The three distinctive sources you could take to obtain such financial help are:

International scholarships

Scholarships are truly an ideal resource that can help you in financing your education abroad. Various universities offer scholarships to international students that may comprise 100% tuition fee waiver, living expenses, travelling cost, accommodation and other expenditures related to your studies abroad. This will tremendously reduce the burden of financial management for you.

International student loans

You are also open to the alternative of applying for the international student loans offered by various financial institutions. Whether you are going to study abroad in USA or Australia, you can apply for education loans to manage your finances.

However, you need to know that loans are different from scholarships. With loans, comes an additional responsibility of paying each and every penny back to the financial institutions, which is not the case with the scholarships.

Bursary

This is a kind of financial aid offered by the university itself on a sliding scale inversely proportional to the financial means of the candidate. To avail a bursary, one must apply to the Bursary’s office at the university they’ve been admitted to.

Typically, a bursary would not cover the entirety of your education expenses but can be used to supplement your primary source/s of funding.

Get started

Now when you are well aware of the student finance options available for studying abroad, you need to get started by taking the right step at the right time before it gets too late. To begin with, you should check out for the scholarship options offered by the University you are applying to.

If any such alternative is available, it’s a lucky situation for you. Furthermore, you can also take help from advisors to complete the process of scholarship applications.

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Shruti Pandey

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