How to manage budget for Abroad Studies?

How to afford your abroad studies?

Study Abroad Funding

We all know that studying abroad doesn’t come easy as it sounds. The amount of investment involved grows significantly depending on the period of your stay in a new country. The investment to revenue analysis gives a clear picture of how much you will be investing and what returns should you expect. You can read more about investment to revenue analysis here. But it is true that if there is a will there is a way! And so there are means by which you can afford your abroad studies. There are many ways like scholarships, funding, loans with lesser interest rates etc. by which students can make their study abroad an affordable one. In only Europe, a total of 15.6 billion Euros worth of scholarships are available every year.

Scholarships
In this post, we are trying to list out some of the ways in which one can reduce their financial burden while studying abroad.

Finding scholarships may be quite challenging, but it is totally worth your time and efforts. Also, do you know which scholarship is right for you? One needs to understand that scholarships vary according to the individual. That’s why one must check all the possible options in terms of scholarships and other forms of financial merits. There are different types of scholarships available for the students such as:

1.Merit-based Scholarships                     

The merit-based scholarships are offered on a number of factors such as achievements, academics, hobbies, talents, career aspirations or affiliations with various groups. Such scholarships can be provided by the federal and state government and large corporations. Moreover, local businesses, universities and professional organizations also offer such assistance. Remember that each scholarship has its own eligibility criteria which need to be fulfilled by the candidate. Also, for some, you have to apply yourself, while for the others you may automatically get shortlisted.

2.Specific Scholarships

It is important to note that, most of the specific scholarships are offered to students with certain ethnic backgrounds as well as family affiliations. Such types of scholarships are designed to cater gender or ethnic minorities. Hence, you will find a number of scholarships specifically allotted to African-Americans, Hispanics or Asian-Americans. Moreover, in some countries such as the U.S., Belgium and France, the local government efficiently provides scholarships to students who travel from certain countries. For example, special scholarships are offered to applicants in Belgium coming from African countries. Further, some organizations provide scholarships to candidates with learning disabilities, physical disabilities, and debilitating health conditions.

3.Need-based Scholarships 

Such grants are often called “gift aid”, basically because they are a type of financial aid which doesn’t need to be repaid. As compared to scholarships that are merit-based, grants are mostly need-based. Also, such grants are usually based on financial circumstances, however, may also consider other factors. In the U.S., the Department of Education provides numerous federal grants to the students who are able to attend four-year colleges or universities, career schools and community colleges.

In Germany, there are different types of merit-based grants which are awarded to candidates. The amount awarded is often spotted through an evaluation of student need. Moreover, additional support is determined by the assessment of the family’s financial situation.Need-based grants are easily available for students having a low personal/family income, as well as for students with disabilities. Also, in the EU, most grants are offered on the basis of financial need to students who are less than 28 years of age. 

Student Loans

Student loans are funds which you have to pay back. It is important to note that, they basically function like any other loan, but with a few modifications. One can access a student loan from the government or from any private bank. Interestingly, it can also be a bank from the country where you wish to pursue your studies. However, student loans which you can access from the government are seen to be more favourable, since the rates are usually lower.

Do you know, there are several loans which are based on financial need, whereas others are much like any other loans which are based on your credit score. Various loans are available for tuition fees, laboratory fees, library fees, buying books or for even buying equipment and travel.

Most of the students take a step back when they hear the cost involved in studying abroad. But there are always options available in the home country and host country to reduce the financial burden of students. You only need to seek those options to make use of the best available. Hence make sure that you check out all the possible options related to scholarships and loans which work to ease down your financial stress.