Are you struggling to figure out ways to secure financial aid to study abroad? The thought of studying abroad can be fascinating, stressful, and anxious at the same time. Numerous students initially feel devastated but later discover that many options are available.
Moving to a new country with a new culture and, most times, learning a new language is demanding and stressful, but more than anything, paying the bills can be the biggest challenge.
Many students have devised new and imaginative ways to fund their studies abroad. We have done extensive research to bring you the best possible options.
7 Ways to Secure Financial Aid to Study Abroad
Scholarships are great ways to secure financial aid to study abroad. I’m pretty sure you are already familiar with academic scholarships. It simply means that an institution is interested in helping you pay for part of your studies. It is a win-win situation for you and the institution; the institution earns greater recognition and gratitude from future industry leaders or access to professionals who inspire other students.
Scholarships vary depending on the university, country, and course. Still, there are a lot of opportunities available to those with excellent academic credentials in developing nations or working in a specialist field.
If you’re looking at scholarships in the UK, scholarships favour more postgraduate than undergraduate. The majority of scholarships are for doctoral courses. However, there is much funding for undergraduate and postgraduate courses in countries like Germany and the United States.
Most times, loans are the financial compromise students must make to ensure they can continue their education. Prestigious awards are difficult to secure, and lots of these awards don’t cover the total educational cost of studying abroad. If you’ve researched and applied for various scholarships and are unsuccessful, or the scholarship doesn’t cover the entire educational cost, study abroad loans are available to cover any remaining unmet financial need.
At StudyAbroadLoans.com, students can apply for up to $50,000 annually, lots of funding for just about any destination, and the terms will be the same as a standard student loan. Interest rates are competitive, repayment can be postponed until after graduation, the application is swift, and funding is fast and direct to the student.
3. Part-time work
This doesn’t sound new, but most students usually forget that it is generally possible to do a part-time job while you’re studying at the university.
Visa regulations vary based on the country, but most international students with a student residence permit are eligible to work. Note that part-time work cannot cover your tuition fee; combining work with another type of funding is advisable. Part-time will aid you in paying some of your living costs, but it will not cover your fees.
Ensure you check precisely what work you are allowed to do on your visa – for instance, J1 students in the USA can only work on-campus jobs for a maximum of 20 hours per week.
Nowadays, social networks can be a vital tool for making your professional goals happen. If you have many followers or subscribers on your blog, YouTube, Instagram, Facebook, or any other social media, consider providing the option for subscribers to donate to your account via a payment app like PayPal.
GoFundMe, GoGetFunding, and FundMyTravel are alternatives to secure financial aid to study abroad. The most important thing is to successfully turn your university experience and upcoming study abroad seminar into an exciting campaign that gives your readers an inside look every step of the way.
5. Exchange programs
One of the most cost-effective ways of securing the valuable experience of an international study is to collaborate with a university back home.
Exchange programs are diverse and well-funded, meaning they offer an opportunity to spend time abroad. However, exchange programs differ based on your country of residency and the links between your home university and international institutions.
The most popular international exchange partnership for students in Europe is ERASMUS. It covers EU countries and most of their higher education institutions. Also, colleges in the US have good international links for semesters or years abroad as well.
Sometimes, based on your degree of specialization, it is likely to secure your fees sponsored by a company, firm, or institution. There are three types of Sponsorships:
- Corporate sponsorship: this is where a company that you are linked with (either you work for them and want to carry on working for them while you study or post-graduation) pays your fees. The company decides, and you would have to approach them to determine if it would be possible.
- Sponsored degree: Sponsored degree is slightly different from corporate sponsorship. You are not required to have a relationship with the company. The sponsored degree is commonly used for companies to recruit talent into their workforce. The company takes care of your educational cost while you agree to work for them after you graduate for a certain period.
- Company scholarship: This is offered by a company as a subsidy to your fees based on you completing a particular degree, generally with different work experience and mentoring.
7. Apply for Global Studies Abroad
The global study award allows you to compete and win cash prizes covering all or most of your educational costs. Once you compete for the award, you will be offered the opportunity of being shortlisted for an interview.
If you eventually succeed in the interview, you will have enough money to pay for your tuition, other educational costs, and a free trip abroad. To be eligible for the Global study award, you are required to gain admission to a university abroad. After meeting the eligibility criteria, you can apply for the Global Study Award Here.