Brilliant Ways Students Can Fund Their Education Abroad

Four out of every five aspirants choose not to study abroad due to concerns about high expenses. But, education abroad doesn’t have to be expensive and there are multiple ways for students to cover their expenses without breaking the banks. Here’s how.

Scholarships to pave your way

Unsurprisingly, it is the first option students should consider. There is a very common myth among students that scholarships are only for the intelligent. However, this opinion is just that- a myth. From DAAD and Erasmus+ to JN Tata Endowment to Full Bright, there are thousands of scholarships available for students. To find the right scholarship, students should analyze their profile and then apply for scholarships specific to factors like the field of study, interests, extracurricular skills, race, genders, countries, and more. Not only that but, universities, as well as several organizations worldwide, offer scholarships in 3 categories- Merit-based,  Need-based, and Extracurricular or Skill-based. All students need to do is check their eligibility and apply for the right one.

Sponsorships and grants

Depending upon the degree, country, and profile, some students can apply for sponsorships, grants, or fellowships that can help them with their education abroad. While applying to grants is similar to scholarships, sponsorships are slightly different. Many times, corporations, charitable individuals, or organizations, sponsor students for their education. This is often a conditional offer, however.

Part-time jobs: On-campus and Off-campus

Before students can even think about applying for part-time jobs, the first step is to check the student employment laws of the country they plan on studying in. In the USA, students are allowed to take up jobs on-campus in roles such as Graduate Assistantships or Teaching Assistantships. These jobs often pay well and help with tuition fee reductions. However, off-campus part-time employment is forbidden for international students. In other countries like the UK, Canada, Australia, and many European countries, students can take up multiple job roles both on and off-campus and get paid very well for that. This helps students offset their living as well as food costs and the weekly mandated duration ranges from 16-20 hours, depending upon the country.

Self-employment or side-hustles

For those students who are unable to find a part-time job or maybe find one that doesn’t fulfill the sufficient number of weekly hours, there’s always self-employment or a side-hustle. In such cases, students can increase their daily income by taking up side jobs along with their part-time employment. For example, suppose a student is allowed to work a total of 20 hours a week and finds work in a library that only allows them to work for 10 hours a week. These students can find different side jobs or even become freelancers depending upon that country’s laws. An important thing to remember is that students should check their country’s laws and regulations regarding part-time employment before choosing these routes.

Student loans

Accumulating the resources and funds to study abroad is a difficult task. While some students opt for funding their education with their family’s aid, most students decide to apply for a student loan. Student loans provide you with a way of paying up these fees for tuition so that you don’t spend crucial years waiting to gather it all. Banks, NBFCs, and other Indian financial institutions offer student loans at discounted interest rates to help students fulfil their study abroad dreams.

Education overseas may seem expensive but students should consider the immense potential for a good return on investment. After all, you can’t put a price on your study abroad dreams.

Ashish Fernando

Guest Author The author is the Founder and CEO of iSchoolConnect