The idea of pursuing your education abroad can leave you excited and anxious at the same time. Studying in a new country can be overwhelming in many aspects and is a dream come true for many students. But more than anything, it is paying bills that concern most students. The tuition fees across the globe are rising at a significant pace. However, with globalization, studying abroad has become easier. After all, it benefits the host country as well.
The below picture depicts how studying abroad opens the horizons of opportunities for students.
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If you aspire to study abroad, you must have started researching the ways you are going to fund your education. With some google searches and a little help from Endeavor Careers, jumpstart your education abroad without any hiccups.
Expenses to Consider While Planning to Study Abroad
There are many expenses that need to be taken care of whilst studying overseas. Apart from the main expense i.e. the tuition fee, there are other expenses as well that need equal attention. The below pie chart shows the distribution of overseas education expenses
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There are many factors such as location, university, cost of living, traveling, etc to consider while planning your education abroad. While many students consider part-time employment to pay off most expenses, we have figured out other smart ways that can pay off your tuition fees and other expenses throughout your education.
5 Ways to finance your Study Abroad
There are numerous ways of dealing with your study abroad funding. We have mentioned the top 5 sources to look out for your education abroad.
Study abroad scholarships can be a great way to secure funding for fees and living expenses abroad. The scholarships available for international students are increasing every year. All of them being very different from each other, you need to find the right one for yourself. The ideal way to discover the best scholarship for you is to match your needs and goals with the available ones.
Here are some kinds of scholarships to study abroad for Indian students:
A. University Scholarships
Countless universities are well-known to provide scholarships to students aspiring to study with them. Scholarships offered by universities are usually based on academic excellence. So, if you have a great academic background, chances are you’ll be offered good scholarships. These kinds of scholarships are generally provided by all foreign universities. Students just have to submit some of the prerequisites mentioned on the website to acquire this special funding.
B. Government Scholarships
Every year, the Indian government provides scholarships for students who want to study abroad. Students can apply for these scholarships by following the guidelines mentioned by the government. Often government scholarships cover almost all expenses of the entire trip of studying abroad for Indian students.
C. Specific Scholarships
These are scholarships given to students with a certain ethnic background or family affiliations. The main objective of these scholarships is to benefit minority students. Sports scholarships also come under this category.
One of the most common sources of funds that students opt for studying abroad is loans. Since banks may not support all courses for higher education, students can choose from the below loan options.
A. Student Loans
In student loans, generally, banks extend 90% of the amount and the rest is expected to be arranged by the student. These loans function like any other loans, differing on the fact that they offer a slightly lower interest rate. Since they are based on financial need, no credit history of the student or parent is required.
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B. Personal Loans
Students can opt for personal loans when courses are not covered under student loans. Having a comparatively higher interest rate, these types of loans are generally the last choice of students. Additionally, these loans require the applicant to be earning, so a parent or guardian can apply for a personal loan on the student’s behalf.
The concept of crowdfunding is growing significantly these days. Students can share their stories and objectives of studying abroad with people. They can register on crowding for education portals and share them on social media as well. By reaching a large number of people, you can acquire a good amount of money to fund your education abroad. The most common sources of crowdfunding are family, friends, teachers, etc. The below research from the Ministry of Education depicts how Indian students are crowdfunding education.
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4. Exchange Programs
In a student exchange program, students from a particular university can study abroad at one of the universities’ partner institutions. They are the most cost-effective way of securing the valuable experience of international study. Taking up an exchange program you can pursue your education abroad for six months to one year. Exchange programs open a world of opportunities for students wanting to enter the best countries to study abroad.
One of the most promising types of funding to study abroad is using your savings. If you have about 2-5 years in hand, you can start saving for your future expenses. Many banks offer good savings schemes that can help you scale your plan of studying overseas. This option is ideal for people with steady incomes.
Ready to Kickstart your Education Abroad?
With all the above options, it is time to stop worrying about your education abroad. Instead, students should spend time researching courses to apply for, scholarships for studying abroad by the Indian government and shortlisting the best countries to study abroad.
Endeavor Careers can be your go-to guide when it comes to all aspects of studying abroad. We stand in the market as reputed overseas education consultants, offering foolproof advice on education abroad. Get in touch for a free consultation and turn your study abroad dream into reality.