How to finance your education abroad?Guest blog by Saurabh Goel – Co-Founder, AmberStudent
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Feb 19, 2019
Starting your new life in a foreign university can always seem to be a bit of an adventure. Nothing seems to be the same. everything feels different as the cultural and norms of the university are very different and unique. There are so many things that one can do while studying abroad and it's the experience that one would never forget. But then to get all of this, you need to plan out way beforehand in order to have no last-minute hurdles. One of the most crucial things that one might have to keep in mind is the finance, that plays a major role in every step that you take to your new educational life. It's not easy to get the right kind of financial plans to abide by your university as there are many things that one might have to keep in mind without breaking the bank. Hence, we have gathered around a few points that you can go through in order to know how one can finance their education abroad. Let's get started.
1. Financial aid.
It's not often that universities might provide scholarships for your education abroad. But when they do, it's better to jump into it as quick as possible. Any sort of partial scholarship plays a key role in at least reducing the cost of education by some means. Hence such aid needs to be taken only if you are eligible and meet the criteria of the scholarship or study grants.
2. Student loans.
The most preferred option for any student who might be going abroad for their higher studies is taking a student loan. These loans are given out by banks and other third-party services such as InCred. InCred provides education loans to students who are aspiring for foreign education at very nominal rates. They are very flexible and give a huge helping hand in securing the kind of education in the university that you are looking for. So do check the eligibility criteria along with interest rates and other things that come with a loan before you apply for one.
3. Working options.
Foreign education system works very differently and is flexible in many terms. Because of the high cost of living and tuitions fees that needs to be paid, financial aid form your family would be enough to a certain extent, but to cover the overall expenses of your education abroad, part-time jobs are perfect in covering these expenses. There are many options (in terms of working part-time) that one could consider in paying out some amount of their tuition fees and help their financial aid to a certain degree. Hence, choose the right kind of job and always try to leave time for your studies as well.
4. Personal loans.
Taking credit-based loans isn’t always the option that one might want to consider. But then if there is a high cost that needs to be covered, then this option can be helpful. Credit is only charged on how much is being spent which makes it very easy for parents to take huge sums and help their children in terms of financial emergencies, living expenses, etc.
5. Family bank.
If you are really well off in terms of finance and other monetary services, then the family bank might prove to be the best option. But then putting pressure on your loved ones and making them pay for your studies isn’t always the answer. Yes, if your parents help you in financial terms on an investment basis and you pay them back after your studies, then these options also prove to be equally beneficial. So, try to see what works best for you in terms of finance and other expenses.
Hence with all such options available for your financial aids, try to choose what suits you the best and try to map out everything that might add up to your expenses in your foreign educational life. Housing needs can be a huge expenditure, hence choosing any third party services and prove to be very useful. Amberstudent is one such online service which also happens to be our partner, they have some really amazing options and an exhaustive list to choose from. And above all their services are free of cost.
After all, it's you who will choose the best for himself. Go through all the options, select the one which suits you and get ready for your journey of studying abroad.