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 study abroad finance 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.
Scholar Guide: Guidelines to Finance Study Abroad
Choose suitable student options to finance study abroad
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 to finance study abroad
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 scholarships have helped many prominent scholars to finance study abroad like Dr. B.R.Ambedkar, Dr. S. RadhKrishnan, Dr. A.P.J.Abdul Kalam and many more.
International student loans to finance study abroad
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 to finance study abroad
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 will not cover the entirety of your education expenses but it could help to supplement your primary source/s of funding. It’s an elegant solution to finance study abroad when all other options have run out.
Now when you are well aware of the student options available to finance study 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.