Finance Your Studies Abroad: The idea of studying abroad can be fascinating and very nerve-wracking at the same time. Being in a new country, with a new culture, and potentially even learning a new language is an overwhelming prospect for many – but more than anything, it’s paying the money that can be the most crucial concern.
Many students have come up with new and imaginative ways to fund their studies abroad – some being more practical than others. Nevertheless, with a bit of Googling and the team’s help here at SOPEDITS, there are plenty of options out there.
Here are our top 5 ways to Finance Your Studies Abroad
Scholarships
Scholarships can be a great way to secure funding for fees and living expenses abroad. Depending on the university, country, and course, there are many opportunities available to those with excellent academic credentials, a low-income background, or working in a specialist field.
If you’re studying in the UK, most scholarships are for postgraduate rather than undergraduate courses. However, there is a wealth of funding for undergraduate and postgraduate courses in countries like Germany and the US.
Loans
Often loans are the financial compromise that students have to make to ensure that they can continue their education to the university level. Aid from banks and other institutions requires you to pay the money back, often within a certain amount of time and with interest. Student loans for studying abroad are widespread across the world.
Students more frequently use bank loans to fund their studies abroad; however, some countries offer financial incentives to encourage international students. Countries like Brazil offer free higher education for international students if you register directly with them and demonstrate adequate Portuguese language knowledge.
Similarly, Iceland, Greece, and France offer free public tuition (minus some comparatively small registration fees) to all students, even international ones, at their public universities.
Part-time work
This may look like an apparent one, but it’s simple to forget in the panic of preparing for your studies abroad that it’s usually possible to work at least a part-time job while you’re at university.
Visa regulations can vary depending on the country, but most international students can work with a student residence permit. It is best to combine work with another type of funding, as although it may help pay some of your living costs, a part-time job will not cover your fees.
Make sure you check precisely what work you are allowed to do on your visa – for example, J1 students in the USA can only work on-campus jobs for a maximum of 20 hours per week.
Exchange programs
Studying abroad in collaboration with a college back home can be the most cost-effective way of ensuring the valuable experience of foreign study.
Exchange programs are different and well-funded, often suggesting an excuse to spend some time abroad. However, they vary depending on your country of residency and the links between your home university and international institutions.
ERASMUS is the most well-known international exchange partnership for students in Europe, covering EU countries and most of their higher education institutions. However, US colleges often have excellent international links for semesters or years abroad as well.
Sponsorships
Depending on your degree of specialization, it’s possible to get your fees sponsored by a company, firm, or institution. These kinds of sponsorships come in three forms:
- Corporate sponsorship – this is where a company you have a connection with (maybe you work for them and want to work for them while you study or post-graduation) pays your fees. This is very reliant on the company, and you would require comparing them to obtain out if possible.
- Sponsored degree – this is somewhat different in that you don’t need to have a relationship with the company. This kind of sponsorship is generally used as a way for businesses to recruit talent into their workforce. Usually, in return for your university fees being covered by the company, you agree to work for them after you graduate for a certain period.
- A company offers a company scholarship as a subsidy to your fees dependent on you completing a certain degree, usually with additional work experience and mentoring alongside.