Studying abroad can be both exciting and daunting in equal measures. Being immersed in another culture and possibly learning another dialect can be mind-boggling, yet covering bills may become your top concern.
Numerous students have come up with innovative and imaginative methods of financing their study abroad experiences; while some strategies might seem obvious at first, others require further investigation and assistance from Edvoy’s team of specialists. Whatever approach one takes there are plenty of choices out there to explore!
5 Methods To Arrange Funds For Your Study Abroad
Scholarships
Loans
Part-time work
Exchange programs
Sponsorships
Here is our best 5 methods for financing your study abroad.
- Scholarships
Scholarships Can Provide Financing Scholarships can be an ideal way of funding tuition fees and everyday costs while abroad. Depending on the university, country and course in question, many opportunities exist for those with superior scholarly credentials from low-pay foundations or working professionally in certain fields.
If you’re considering studying in the UK, postgraduate scholarships tend to dominate. But in Germany and the US there’s plenty of funding for both undergrad and postgraduate courses.
- Loans
Student loans are an essential financial consideration when it comes to reaching university. Banks and other lending establishments will typically expect you to repay your loans within an agreed-upon time and with interest payments. They’re especially common and popular among international students studying abroad.
Bank loans are the go-to funding mechanism for international students studying abroad, but certain nations provide financial supports as an incentive. Brazil, for instance, provides free higher education to international students if they register directly with them and can demonstrate adequate knowledge of Portuguese.
Iceland, Greece and France provide free open education (with some minor registration charges applied) at state funded colleges for all students worldwide.
- Part-Time Work
While part-time employment might seem obvious, it can easily be overlooked while planning studies abroad. You should remember that you can often work part time while at university.
Visa rules differ depending on the country of origin; however, most international students with a student home license are eligible to work part-time jobs. Although working could help offset part of your living costs, working alone won’t cover them all.
Make sure that you know exactly which work is permissible under your visa – for instance, J1 students in the USA can only work 20 hours of local employment each week on their J1.
- Exchange Programs
Collaboration can be the smartest financial decision for global study experiences.
Exchange programs offer students a valuable opportunity to spend some time abroad. Each exchange program may differ based on your country of residency and any connections between home universities and international foundations.
ERASMUS is one of Europe’s premier global exchange partnerships for students, covering most EU nations and advanced education institutions. American schools also often have outstanding global connections that offer semesters or years abroad opportunities for their students.
- Sponsorships
Depending on the certificate or specialization of your practice, it may be possible to get expenses covered by an organization, firm, or foundation as part of its sponsorship efforts. There are three forms of sponsorship arrangements which might provide this support:
Corporate sponsorship – this refers to when an organization that you work for (perhaps while studying or post-graduation) pays your expenses. It depends heavily on their guidelines; to find out if this option would work for them it’s important that you reach out and see whether this could work out.
Supported degree – this form of sponsorship differs in that you do not need an existing relationship with the organization that sponsors you. Instead, this practice is used by businesses as an effective way to recruit talent into their workforce; typically in exchange for having your university expenses covered by them for an agreed upon timeframe after graduating, you agree to work for them after you graduate as compensation.
Organization scholarship – this award from an organization serves as sponsorship towards your costs if you successfully complete a specific degree with additional work insight and tutoring close by.
