How to get funds to study abroad is one of the most typical questions students ask when aspiring to study overseas. Granted, studying abroad holds many benefits, but not without some financial demands. From tuition fees to textbooks and living costs — the list of expenses keeps growing.
If you're like other international students and seeking ways to fund your study abroad dreams, this article discusses six funding options you should consider.
Six Ways to Fund Your Education Abroad
Although scholarships are the popular way to get funds to study abroad, there are other ways you can finance your education abroad. Below are some uncommon yet effective ways to fund your studies abroad:
1. Grants and Bursaries
Grants and bursaries are excellent options to fund your studies abroad. They cater to your tuition fees, living costs, transportation, textbooks, and other bills. However, unlike merit-based scholarships from the government and universities, grants are sponsored by individuals and organizations.
Generally, grants are called gift aid because students don't have to pay back after graduation. That means when you receive bursaries based on your financial needs and factors such as household income and physical disabilities, you won't pay them back.
But how do you get grants? First, reach your institution's financial aid department and check for available grants. The Department of Education in the US, for example, offers various public grants to students across their colleges and universities. So students seeking admission to any of these colleges can access funds duly.
Meanwhile, remember that bursaries are disbursed based on a first-come, first-serve basis. So you should apply early.
2. Merit-based scholarships
Merit-based scholarships, as the name implies, are for financially disadvantaged students who are exceptionally excellent in sports, academics, and arts. They're usually funded by the government, universities, clubs, and community organizations.
Adding to academic prowess, merit-based scholarships are also age restricted. In most cases, students over 35 years old are not qualified to apply.
Applying for scholarships can help you fund your education abroad and, to a great degree, cover costs like accommodation, health insurance, transportation, tuition, food, and cultural activities.
To begin your application, research scholarships that take international candidates and apply. However, while on it, note you'd be required to provide proof of leadership skills, community engagements, and an essay alongside your application.
3. Low-Cost Universities
Contrary to Ivy league schools with insane tuition fees, many universities offer affordable tuition fees and even free tuition. Applying to these schools could save you money without compromising your education quality.
Therefore, look out for low-cost universities in countries like Nordic, France, and Germany. Many of them offer affordable tuition fees with a high-quality education. However, keep in mind their undergraduate degrees are provided in the native language, while Postgraduate degrees are in English.
4. University Part-Time Jobs
University part-time jobs are a great source of funds to finance your education abroad. And not only do you make money, you build networks, gain work experience and enhance your resume.
Countries like Canada, the US, the UK, and France allow students to work part-time on and off campus. However, this may differ depending on the country, university, and student suitability.
Research your school of choice, and see if they allow part-time jobs. Also, consider their requirements and apply if you're qualified. Once your application is successful and a part-time job is guaranteed at the university, you'll be able to make money and fund your study abroad dreams.
5. Personal Savings
Personal savings can go a long way in helping you fund your studies abroad. But you must start early. Funds from family, sponsors, and friends should be adequately reserved for living expenses on campus.
But before that, consult offices like the University financial aid department to ascertain your preferred institution's education costs and living expenses. With the information you gather, you should be able to set realistic budgets for your studies.
Also, pay attention to your expenses in school. Some costs, such as accommodation and cell phone bills, shouldn't be a priority. While they may seem insignificant initially, they can amass quickly to increase your budget. Thus, reduce them by staying with a family member and avoiding courtesy calls to friends and family.
6. Student Loans
Unlike grants that require no paybacks, student loans come with repayment plans. Take, Pay4Me, for instance; the company, in partnership with Mpower Financing, offers Nigerian students loans to study abroad, particularly in Canada and the United States.
You can access loans up to $100,000 to study abroad with the Pay4Me loan program. And the best part is — the rates are lower. Plus, students can apply without collateral or a consigner.
In addition, students can seek loans from the government or a private bank in their country. However, students using this method should note loans apply based on the student's financial needs and credit score.
In conclusion
The six funding options discussed in this article are worth considering. While we recommend you utilize them, ensure to start with the simplest ones, like applying to low-cost universities, working part-time, and seeking grants. You're sure to stash some funds when you explore these options.
