You’ve done all the hard work. Your application has been accepted in the dream University of your choice. You’ve prepared yourself mentally for living away from your country for the next few years, possibly stretching into forever. All challenges have been accepted.
You’ve told your friends, family, and peers that you’re heading out to study.
But wait. What about money?
How are you going to garner funds for your exciting adventures over the course of your study? How are you going to get the money to make it? It is also important to have a reliable source of constant income. Some universities need a proof of constant income as one of the documents required for applying. So here, we attempt to answer these questions for you, by listing the top 5 easy, relatable ways to fund your study abroad.
Perhaps the most important and doable method to fund your studies, saving up from the initial stages itself can be of great help in realizing your dream of living abroad and studying in peace. The success of this method owes itself to the fact that it’s never too early to prepare for anything.
It is advisable to start saving up for your studies as soon as you start finalizing your plans as to which country, which university and such. This will give you an idea of how much money to save, as different countries have different living costs and other expenses. Maybe sacrificing your daily dose of burgers and splurging on the latest gadgets now will help you in having a lavish lifestyle later!
Another selling point of this method is that you can do this at your own pace, there is no pressure to save a certain amount every time period or repay someone a sum of money after a fixed time. Even if this doesn’t work out, you have many other options to fall back on, only enhancing the usefulness of this as a funding technique.
Start saving from 2 years prior, and you’ll have a stuffed wallet once you get to the point of going!
You borrow money from a bank to fund your studies, and have to return the money with interest in a fixed amount of time.
Sounds all good, up until the ‘return money part’. Don’t worry, read on.
Now, some countries have it good; they give students the grace to start repaying only when they start earning a fixed amount, for example, 21000 GBP per year in Britain for some cases. This allows students to study under considerably less pressure of paying off loans and debts and, at least, complete their studies in peace, only worrying about repaying when they start earning.
The glaring downside of this method is the constant sword of debt hanging over a student’s head. What if they’re not able to earn enough to repay the bank? Student loans aren’t cheap, by any means, even if the principal amount is less, the interest compounding more than makes up for it.
An alternative method, on these same lines, is taking a student loan from your parents, if they have the resources. Obviously, the bonus is that parents won’t come running after your lives if you delay in making payments to them! Moreover, this might remove the interest factor from the loan amount as well, if your parents are willing to, which I’m sure most of the parents would be! You can pay the installments at your own pace, not worrying about losing any of your assets and property and can resume your study peacefully.
Most, if not all, universities of the world these days, offer various scholarships and grants to international students, meritorious ones and those who are less well off than others. Scholarships are of many types, a few of them being listed below-
These are awarded by the institution to meritorious and deserving students, those who have excelled in fields such as science, technology, research, mathematics etc. These may be in the form of a tuition fee waiver, or also in the form of a presented gift as a reward for excelling in the specified field.
Universities and colleges have been offering sports-based scholarships for quite some time now. They recognize the talent that can make it big on the global stage. They give them opportunities in the college teams and also give them benefits and incentives as to completing their study course without hampering their sports practices and vice versa.
Grants are basically monetary help given to the lesser well-off students.
Cases include, students with a worse economic status than others, or student with some genuine problems that could do with the help. It is not exactly a scholarship, but it counts toward monetary funding. It is basically free money being offered to students as a gift.
- Other types
Many universities also recognize the community service work done by the students and may offer scholarships in this regard. This also helps in developing a sense of civic responsibility in students. Social service and rewards? That’s how to kill two birds with one stone. Colleges may also offer awards and waivers on the basis of GPA or marks scored in the previous level of study or performance in a certain test.
Getting a job/working side by side with your studies
This is an extremely popular method of funding among college students.
They work part-time(usually) to lighten the burden of debt on their shoulders. They usually work in their free time, doing shifts at odd hours in restaurants, fast food corners, hotels and the sort. Who won’t like the added bonus of McDonald’s burgers?
15-20 hours a week usually gives them quite a bit of help towards paying off the student loans. Minimum wage jobs should be avoided as they offer a negligible source of funding. They are practically useless unless you have no debt and want to earn that extra money for your own expenditure. Some countries, however, do not accept odd/general jobs such as waiters and clerks as a standard proof of income. They require a person to hold a job in that field which he/she has specialized in. All in all, if you have a decent job and can manage the added pressure, then a job can do wonders for you in terms of both experience and money.
These usually depend on an individual, he/she may have other sources to garner money from.
Maybe they use a blocked bank account in the country of study.
Maybe they have a compelling story and start crowdfunding pages… It all depends on the person, obviously. The ways can be as easy going or as shady as they want (hold up, we don’t encourage illegal businesses here, obviously. Just to make that clear). So this category consists of all the flexible methods which are not student-specific.
There you go, you now have an idea of what to do to fund your study dream! Now is the time to make it big on the international stage! You go, shining student/individual!