Funding is a major problem students face when considering studying abroad. Getting a quality education requires money. Unfortunately, not everyone can afford it. However, the dangers of not getting a proper education outweigh the risks. So, rather than face the consequences, it’s important to take the risk and consider the options available to fund your education. If you desire to study abroad but do not know about the funding options available, then this article is a must-read. Do not forget to subscribe to our newsletter here for more updates.
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Unlike a business enterprise where it’s easy to get a loan or other forms of financial help because of investment returns, education is not like that. Accessing the funds you need to sponsor your education can be a problem if you need to get a sponsor to help. However, do not let the lack of funds discourage you. There are other means you can explore to get funding for your undergraduate or postgraduate studies abroad.
Read also: How To Choose The Right Study Abroad Program
However, before oy explore the funding options available, you must first have a budget. Knowing the amount of money you need will help you narrow down your search and save you time. You can use the student finance calculator to help you with an average amount which will be a near-accurate figure you can you while sourcing for funds. Bt this should be after you have decided on the course you want to study and your study abroad destination as the cost of your visa fee and other processing fees with also be included in your budget. Some of the things you are likely to spend money on include:
After taking all of these into consideration, it’s time to search for suitable funding sources to help with the cost of your education. The funding sources are listed and explained below:
A scholarship is a form of financial aid that is awarded to students to help them finance their education. Scholarships are awarded based on different criteria based on the instructions of the sponsors. Additionally, there are different types of scholarships available to suit the student’s needs. They include:
Merit-based scholarships are given to students and are strictly based on the student’s excellence. Some of the types of merit-based scholarships available include:
1. Academic scholarships: they are funded by either the university or a private organization and are often given to students who give excellent grades.
Read also: 5 Challenges Of Studying In The USA
2. Sports scholarships: this type of scholarship is often competitive and is best for athletic students who want to study in the United States.
3. Average academic performance scholarships: before this type of scholarship is awarded, the student’s overall performance is often put into consideration. Other aspects apart from academics like extracurriculars, community service, joining a group, and other things are considered before the scholarship is awarded.
This scholarship requires that the applicant/student must be able to demonstrate his/her financial need. They are often for people who aren’t financially able to sponsor their education.
Government-funded scholarships are often sponsored by the government. Like sports scholarships, they are very competitive and not easy to get. Although many of the scholarships are awarded to citizens, some are awarded to international students.
These are often awarded to students from selected countries. Some of these countries might include the ones affected by insurgency or natural disasters. The awards are often given to encourage students from such countries to further their education.
As the name implies, these types of scholarships are often awarded by private individuals or organizations. However, some of them have stringent requirements that might bother gender, certain minority groups or developing countries, and a specific area/field of study.
Read also: 5 Benefits Of Studying Abroad
Fellowships refer to funding opportunities that can last for a few weeks to years, depending on the duration of your study. They can be professional or academic and are often available to graduate students pursuing their postgraduate degrees. The various types of fellowships available include:
These types of fellowships are often streamlined in the academic areas. There are three types of academic fellowships and they include:
Professional fellowships in the U.S. offer graduates the opportunity to develop themselves career-wise. They are synonymous with temporary full-time jobs that offer a certain amount with payment with other benefits attached while the professional gets to work in the organization.
Additionally, it might also avail funding to enable the graduate to pursue a self-designed professional project, have the opportunity to attend conferences, and receive mentorship/coaching where necessary. They can come in different forms to include:
Read also: 30 Scholarships And Fellowships For International Scholars
Unlike scholarships and fellowships that do not require students to pay back, student loans on the other require that students pay back over a while as agreed by the giver. There are private loans and government loans and the length of time for payback can be from five years to as long as ten years. Additionally, some student loans require a cosigner or collateral before the money will be released, on the other hand, some of them like MPower Finance do not require any cosigner or collateral before the money is embursed to the student.
Furthermore, getting a part-time job can also help you raise funds for your study-abroad dream. There are programs in the US, UK, Canada, and other countries that allow you to work while you study. This will allow you to earn a living and also save to be able to sponsor your education. Additionally, it’ll also help you build your network, make friends, enhance your skills, and build your CV. You can research to find part-time jobs available that you can take advantage of. Alternatively, you can also look out for paid graduate assistantship positions when you resume college.
As an international student looking for ways to save money, the tips listed below with help you to properly manage your finances.
Read also: 10 Fellowships That Promote Interdisciplinary Collaboration
Do you desire to start a career in STEM? The first thing is to pursue a degree in STEM. Wondering how to go about pursuing a postgraduate degree in STEM courses abroad? We can guide you through your journey and make your dreams come true. Contact us at EdXtra to access opportunities that will help you on your journey.
Enrolling in the top universities in the world can increase your chances with employers. Unfortunately, it can be quite expensive to study abroad due to the current economic crisis. But this shouldn’t limit you as there are other options you can explore to enhance your career.
MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require any cosigner or collateral before application. At EdXtra Associates, we can help you with your loan application process. We also provide educational consultancy services for international students to help make your journey easier and faster. You can reach out to us, as we’d love to guide you through this journey.
This post was last modified on February 9, 2024 2:06 pm