Many students around the world dream of pursuing higher education in foreign countries. And why not? When we look at those attractive benefits it has to offer like promising career opportunities, international networking possibilities, and most importantly the unforgettable experience of living in a new cultural land, etc. that fuels their international education dream.
However, this dream of theirs often encounters a reality check when faced with the expenses associated with studying abroad. While a significant number of international students find taking student loans for studying abroad a responsible step in building their own future, there are some other ways as well. Let us explore some of the popular funding options to finance your overseas education.
Funding Options to Finance Your Higher Studies Abroad
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Self-Funding
The primary and essential approach for embarking on your overseas education journey is personal funding. Without this, securing other funding options becomes very challenging. This involves either saving a portion of the required funds on your own or seeking financial support, either in full or partial form of your studies expenses, from your family, friends, or close relatives.
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Exchange Programs
Another option on the list is participating in exchange programs facilitated through collaborations between a university in your home country and a university abroad. No doubt in the fact that it is one of the cost-effective ways to fund your higher studies abroad, but this method is subject to course availability and your desired foreign university’s collaboration with your home university. Typically, exchange programs offer opportunities for international students to study at a foreign university for a semester or two.
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Sponsorships
Depending on your chosen degree or specialization, various private organizations, such as companies, firms, or institutions offer sponsorships to students. Sponsorships usually extend their support through two main types,
- Corporate Sponsorship: Companies interested in your skills and potential contribution to their organization may cover your tuition fees in exchange for you carrying on working for them.
- Sponsored Degree: Some companies recruit talent and sponsor their higher education abroad, with an agreement that the student will work for the company for a specified period after graduation.
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Scholarships
Scholarships stand out as a widely embraced and favored avenue to fund your degree abroad. These financial aids come from diverse sources such as educational institutions, private organizations, non-government organizations (NGOs), and state or federal government bodies. While scholarships are a popular choice, securing them for full-scale funding i.e., covering tuition fees and living expenses – is very competitive. Additionally, given their limited availability, prospective students often have to apply for multiple scholarships to increase their chances of securing this valuable support.
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Education Loans
When it comes to funding your education abroad, consider the option of education loans, a popular path chosen by millions of aspirants globally. These loans are given by private, public banks or other financial institutions and provide financial assistance for university-level education. For a long repayment period and low interest, exploring the best online loan services for studying abroad can help secure loans with favorable terms. There are two main types of educational loans to study abroad,
- Collateral Loan: Requires assets, often family-owned, as collateral to secure funds.
- Non-Collateral Loan: Offered without the requirement for collateral, making it an accessible option for those venturing into studies abroad.
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Part-time Work
Engaging in part-time work during your degree program emerges as a practical approach to addressing your living expenses. While the previously discussed options may contribute to covering tuition fees, international students should also weigh the importance of covering their living expenses as well. How? By strategic time management which becomes crucial in balancing work and academics effectively. The earnings from part-time employment, if managed wisely, can even be allocated to repay education loan EMIs, all while fostering financial independence for students pursuing higher studies abroad.
So, when you decide to study in another country, the fact is clear that it requires spending some portion of your money. It becomes essential for you to study well and aim for a rewarding career so that your investment in studying abroad pays off well. For comprehensive guidance on how to get education loan for abroad studies, consulting with an expert overseas education loan advisor is highly recommended.
