If you would like to study abroad, you don’t have to bury your head in despair because of the exorbitant cost.
There are a lot of different ways to finance your study abroad. Sometimes, a combination of different approaches is good enough to find the best route for you. So, it is best to take time and think your situation through and come up with more prospects.
Tips to Make Study Abroad More Affordable
To finance your studies abroad, you may need financial assistance programs in the form of grants, college scholarships, loans, and other work-study options. Take the time to carefully read some of our tips to make studying abroad more affordable.
Find some discounts for students
Student discounts are everywhere, but they’re not always advertised. It is recommended to get an International Student Identity Card (ISIC) which will enable international students to get school discounts on certain basic things in their new environment.
The things students can get discount on includes but not limited to transportation, tourism, housing and books. It is also important to ask native students about the best student discounts and offers enjoyed in the area so you will not be left out, for example, you can find some here https://studybay.com/blog/student-discounts/.
Consider the cost of living and choose a cheap study program
Before going abroad, it is necessary for students to seek more information on these things:
- The country,
- The way of life,
- The study program, as well as the
- Education system of their desired country.
Since keeping a tight budget is important to you, you might want to consider cities with a lower cost of living. According to Numbeo, some of the countries with the highest cost of living are:
You might consider more affordable countries – these, for example, all have a low cost of living, according to GoAbroad:
- South Africa,
Apart from this, it is also important to choose a program that will not exceed your budget. You can easily look for some cost-effective programs online that will suit you. You should note that these programs may take shorter period of time.
Apply for scholarships and student loans
Studying abroad can be expensive, but scholarships can help offset the cost. There are many places to look for scholarships.
Scholarships can provide several hundreds of dollars for tuition or even cover an entire program. But don’t neglect small scholarships too since any amount can go a long way in helping you study abroad.
You should check if the schools you have applied for offer scholarships for their particular school. Most schools will have a page dedicated to this information. You may also want to check if your current school offers scholarships for students to study abroad.
In case your school does not have scholarship plan in place, you can look out for support from a third party. For research, you will need tools like:
Some countries will help fund students who want to study there. It’s definitely worth research.
If you cannot finance your stay abroad in England with any of the above options, there is also the option of a student loan.
The difference between a student loan and a normal loan is that the borrowed amount is usually paid out on a monthly basis. Before you take this step, you should definitely have excluded all other options and then inform yourself about the conditions of such a student loan.
Participate in an exchange program
Probably every student is familiar with the Erasmus exchange program, with which it is possible to spend some time studying abroad.
The big advantage: If you plan your semester abroad with the Erasmus program, you will save yourself the often very high tuition fees abroad, and you will also receive a monthly grant. This is usually not enough to finance the entire stay, but it is a good start.
If you are going to a country like the United States to study as part of an exchange program, it is likely that you will be in possession of an F-1 student visa. This type of visa can allow you to participate in work-study programs offered at your institution.
If you are able to secure a job through a work-study program, make sure you don’t overwork yourself by accepting many hours of work while completing the required number of classes.
Working part-time will allow you to earn pocket money as well as gain work experience. The key is to find a balance that works for you.
Taking courses via the Internet allows you to obtain a diploma or to improve your skills without having to travel.
The clear advantage is that thanks to the national and international teaching networks, you will be able to follow the training which interests you and which corresponds to your projects, without having to move to the other end of the Earth. A practical, economical solution that gives you access to the most prestigious universities in the world.
With remote learning, the costs you will incur will be significantly lower, if at all. You get to learn from the comfort of your own home, no commute is required. While being in person feels like it’s hard to let go, studying from home is arguably one of the best ways to save money.
In a nutshell, the costs of studying abroad naturally depends heavily on your target country – and the question of whether and how many tuition fees will be incurred. In addition, on your standard of living (e.g., your monthly expenses), and whether you will have to pay additional costs for travel, vaccinations, etc.
Possible sources of finance for your studies abroad are foreign Erasmus, scholarships, gifted support organizations and other scholarship providers, jobs abroad (caution: work permit may be required), Educational loans or student loans.
Many students believe that financial support is only available for very good students. Don’t let such fairy tales scare you off. Funding abroad is only about your social and economic situation.
Other scholarship providers rely on social or political engagement. Depending on the profile of the individual institution, the target country, subject, migration background.