7 Ways to Fund Your Study Abroad

While fulfilling, studying overseas requires a lot of money and this may be especially taxing if a student wishes to pay independently. To study overseas, a student must consider the university's tuition fees, education necessities (books, stationery, internet services, etc), daily living expenses, travel costs, shelter (renting an apartment, dormitory, etc) and many more. Careful planning is needed to ensure that the student may live comfortably while focusing on their studies, especially with the existence of different exchange rates that changes periodically.

Here are several ideas on how you can fund for studying overseas.

1 - Careful University Selection

The first step towards overcoming the problem of locating funds is to firstly search for potential universities at countries that offers low fees. Some universities support their students by subsidising the fees, which may lighten the burden placed on a student in paying for their education. Several countries, on the other hand, have lower exchange rates which makes it possible for a student to fund his/her studies himself/herself due to the cheaper prices. The quality of the university must be examined first to make sure students are able to fully benefit from their overseas learning.

2 - Exchange Programmes

An increasingly popular method for landing yourself overseas to pursue your studies is to be involved in exchange programmes. Exchange programmes can last for a few weeks, a summer terms or even up to one semester long. Due to the nature of two universities exchanging their students for a particular length of time, universities will generally fund the students' trip there, particularly for tuition fees and basic living expenses. Most exchange programmes will also involve living with a foreign family in the country which minimises cost and allow students to experience the different culture and learning experiences there.

3 - Student Loans

In some instances, students take loans to pay for their study expenses. While limited, loans are oftentimes offered to potential students with a signed contract that requires the student to repay the loan provider by cash or by providing their services and working for a set number of years. Some loans are beneficial because they ensure that the student is hired immediately upon graduation to repay the funding they have received for the tuition fees.

4 - Working Part-Time

Another option is to take a part-time job while studying, as some countries do allow students to work while studying full-time. This also involves careful spending. The money obtained from working part-time must not be spent on a new mobile device or clothes, but kept safe for the purpose of studying. Working can be rewarding, but it can also be tiring – especially in keeping deadlines and getting enough personal time and rest. Students must weigh the pros and cons, however, and maintain a balance to ensure that their performance is not affected.

5 - Interning Abroad

Finding a placement overseas for an internship is yet another way of landing yourself overseas for your studies. An internship typically lasts from three to six months and requires a student to work under a company for practical, hands-on training. Some internship programs pay their interns and provide allowances, and the involvement in different cultures in the workplace can offer a very enriching experience for students to enjoy.

6 - Fellowships and Assistanships

There are several universities that offer fellowships and assistantships which a student may opt for. This either entails travelling to a foreign university to conduct research or to work under a foreign university as a teacher or an admin staff member. While fellowships and assistantships differ from the typical undergraduate or post-graduate study, most fellowships and assistantships are able to support students fully while they are overseas.

7 - Scholarships

The final and most beneficial method of pursuing a full-time placement overseas is through gaining a scholarship. There are existing scholarships for overseas studies, but these are usually accompanied by strong competition and very limited places, especially for undergraduate degrees. Scholarships vary in terms of what expenses they cover and whether a student needs to perform to certain terms and expectations (CGPA results, extra-curricular activities, etc.) whilst under the scholarship.

How do you plan to fund your study abroad? Discuss in the comments below.