Studying abroad is one of the most profitable investments in yourself?
It offers a rewarding experience but studying abroad is expensive. You need all the financial support you need to make it a smooth sail to your dream university. Wondering how you are going to manage around common financial challenges and fund your overseas education? Whether it is through your personal financial resources or through popular mediums such as scholarships or part-time work opportunities, we guide you through 5 best ways to fund your study abroad.
5 Ways to Fund Your Overseas Education
SCHOLARSHIPS, GRANTS, and FINANCIAL AID
Did you know that Australian government alone invested $200,000,000 in international scholarships? There are so many scholarships and grants offered by Governments, education institutions, private and public universities to help you support financially with your studies. Since they’re earned on basis of merit, there is a lot of prestige and recognition associated with them and they add to your credentials. The different types of scholarships include:
- Fellowships (Merit-Based Scholarships)
- Academic Scholarships
- Grant (Need-Based Scholarships
- University Scholarships
- Government Funded Scholarship
- Program-Based Scholarships
- Athletic Scholarships
- Specific Scholarships (Based on your Ethnic Background/ Community)
With the rising cost of studying and living expenses, scholarships are the best type of financial aid as they take care of tuition fees, accommodation, expenses on food supplies and overheads. Universities do offer academic, merit-based, athletic and creative scholarships it depends on your academic scores, co-curricular achievements, and the program you intend to pursue. Most universities have funding to help students fund their international education opportunity and you can access details about them by visiting the particular university’s website or better still contact Planet Education counselor to get everything about the scholarships relevant to you. Planet Education offers you best resources and guidance to make the most of scholarship options available to you.
The next best option to scholarships, choosing the right education loan can help you achieve your dream to study abroad. You should see it as a smart investment rather than a student debt. Not only does it offer a flexible payment period it also helps you avail tax benefits. There are many loan schemes to facilitate your international education. Among the top banks are State Bank of India (SBI Global Ed-Vantage Scheme), HDFC Credila – India’s first dedicated education loan company, Canara Bank and Bank of Baroda. Student loans from PSU banks offer lots of benefits along with convenient ways to repay the loan post the course. The checklist includes:
- Lending Bank’s ease of process and credibility
- Interest Rates
- Terms & Conditions
- Clauses regarding person of authority
- Collateral requirement
Part-Time Jobs / Internships
Studying abroad is a rewarding experience and working part-time to complement your study and living expenses further helps you fund your studies comfortably. Working part-time not only gives you hands-on experience of the industry but also serves as an introduction to a career or industry of your interest. It also teaches you time-management and other transferable skills as also grow your professional network. It is best to choose a part-time work opportunity that correlates with your field of study and more importantly does not burden or hamper your academic performance.
Popular student destinations like Australia, Canada, UK, and USA offer you significant opportunities to work part-time. Different countries have different requirements and rules, Australia, for instance, offers a minimum wage of $18.29 and allows you to work 20 hours per week during the study and full-time during vacations on the student visa. There is a wide range of opportunities in industries including retail, hospitality, tourism and others for international students.
Graduate Assistantships / On-Campus Employment Opportunities
Securing an assistantship on-campus within your university is yet another great way to fund your overseas education. Assistantships are usually offered for PhD programs and more common in STEM subjects. Assistantships require students to carry out specified teaching/ research activities and in exchange either receive a modest salary or waiver of their tuition fees from the university. Since these opportunities are available within the department, they are preferable than working part-time off-campus. Many universities offer international students, numerous campus employment opportunities on-campus to build employability as also find their studies in the known environment of the university.
Wondering how to get the best guidance to study abroad? Simply visit Planet Education office for a free counseling session with our education expert. Get all details and information that you want under one roof and give your dreams to study abroad a head start today.