If you have decided to study abroad, you have taken the first step in creating a future filled with promise! There will be many challenges ahead and you should be well prepared to face them with patience and perseverance. The first challenge will be in figuring out how to fund your education.
Tuition itself in many countries is very low, but costs of living can be prohibitive and students often find themselves with little money to pay for their stay and food expenses. Counting coins at the end of every month will make your study experience very stressful to say the least. Please make sure that you carry out a thorough study of what expenses you can expect. Your overseas education consultants should be able to give you a clear picture. Some countries may require you to furnish evidence that you will be able to cover the entire expenses at the time of your admission itself.
Here are some pointers to help you plan your funding for your overseas study.
Undertake an exchange program
To get a taste of University life, you can choose to undertake an Exchange program. You will be enrolled in a course in your own country, but can do part of your credits abroad. Twinning programs permit you to complete your education as a study abroad program, and get an international degree. You can gain valuable exposure to an international education, while keeping overall costs down.
Scholarships and grants
Most universities abroad offer plenty of scholarships and funding grants for overseas students based on merit cum need. Students can use this monetary award for travel, course tuitions, books and resources and accommodation expenses. Some scholarships are very competitive, but there are some which are overlooked as not many students are aware of the opportunities available. Those who are studying in Australia will find that the Government encourages overseas students and there are many financing options that are available.
In Australia, universities award hundreds of scholarships to overseas students each year. These vary from partial funding to full funding, where all of a student’s tuition fees and expenses are covered.
Many students opt to self-fund their expenses partially by working part time during their period of study. Student nurses can work as interns, and can gain hands-on experience while earning money. Teaching assistantships and research assistantships are also often available for students who have high grades.
All banks offer students education loans that have low interest rates. You will be required to provide proof of your admission and furnish all the documents required for your study abroad. Education loans have comfortable repayment tenures, and most of them require repayment only after you have completed your degree and secured a job.
Whatever may be the mode of funding you choose, make sure you plan ahead and do a thorough study of the options available. Leave yourself plenty of time to send in your applications and collect all the documents required that are complete in every aspect. We wish you good luck on the road ahead!