Most students dream of studying overseas. It is a great opportunity to embrace new cultures, outlooks, and experiences that may drive personal and professional development. However, for many, this will pose a financial burden that is too heavy for them to withstand. Fortunately, the good news is that with smart planning, such an experience becomes affordable and manageable.
Here’s how you can study abroad on a budget, along with practical financing tips that every student should know.
Bank of Mum and Dad
If this is an option for you, it is a secure and reliable way to generate cash. Long-term borrowing arrangements, zero interest to pay, and flexible repayment agendas are understanding of the financial setbacks we all face. Find out why the Bank of Mum and Dad can be a great lender.
Get a part-time job
Earning your own money is the best way to generate cash both before and once you’re there, as there are no repayments or interest; it’s all yours. If you plan to work abroad, it’s important to have the necessary working visas and permits organized before embarking on your trip. This independence can be empowering.
Save, save, save!
Once you earn money, resist the temptation to spend. Setting aside some extra pennies every day can make a world of difference! This responsible approach to money management is key to a successful year abroad.
Student loans and grants
US students undertaking a year abroad are entitled to the normal student funding package (Tuition Fee Loan, Maintenance Loan, and Maintenance Grants). Student loans are an excellent source of finance as they are long-term loans.
Utilise scholarships
Image: Globaladmissions
Scholarships are available for US students studying abroad. This is only one example of scholarships available; there are plenty more. Scholarships are extremely beneficial, as they are similar to grants in that they do not need to be paid back.
Consider the following categories of scholarships:
- Merit-based scholarships: Given to students who excel academically.
- Need-based scholarships: These scholarships are given to students who can prove they are in need of money.
- Subject-specific scholarships: For students pursuing certain academic specialties.
- Hold fundraisers
The local community can be exceptionally helpful when raising money. Organizing fundraisers such as a bring-and-buy sale, a quiz night, or a sponsored sporting event can be an enjoyable and rewarding way to help fund your once-in-a-lifetime trip.
Look for Affordable Universities
Image: Globaladmissions
Another way to manage a budget is to choose universities whose tuition fees are tolerable. In Germany and Norway, for example, public universities charge little or no tuition fees to international students. Most universities in European countries also offer courses in English.
Some universities also have specific scholarships and financial aid packages for international students. Always research each university’s options.
Work While Studying
Many countries also allow international students to earn money by working part-time while studying. It might be a good way to support yourself financially and make your living expenses less burdensome. For example, international students in Australia can work up to 20 hours a week during the semester and full-time during holidays.
Pro Tip: Before you begin applying for part-time jobs, make sure to check the regulations of the country you are going to visit regarding how many hours you can work there as a student.
Budget Wisely
Making and following a strict budget is essential when abroad. Be sure to track the cost of everything: tuition, rent, food, transportation, and entertainment. This will help you identify which costs must be trimmed.
Student Loans
If scholarships and part-time jobs are not enough, you can always fall back on student loans. Just make sure you know the details because some of those student loans are better than others. For instance, some may have lower interest rates or do not even start charging until graduation.
You can also check with your home country, as they also offer student loans, especially for international studies. Other international financial institutions also have education loans available to students who want to go to certain countries or colleges.
Pro Tip: Only borrow what you need and have a plan to pay it back post-graduation.
Crowdfunding
Crowdfunding is the new craze in securing funding for a study abroad program. Sites such as GoFundMe or Kickstarter enable you to post your story and solicit funds from friends and family or, better yet, even strangers who would donate to your cause. Take time to explain why this matters to you and how it will help you in the future.
Save on Flights and Travel
I would say that travel is a multi-gurgling hole in the budget, and if you’re going to fly some distance, it will definitely eat away at your money. The good news here, however, is websites for comparison like Skyscanner, where cheap flights can be found. Another trick might be flexible dates because travel agencies for students, such as STA Travel, offer discounted rates on flights and accommodation, especially for students.
You can also travel during the off-season, when you will definitely get cheaper flights and accommodation. Planning ahead while booking flights and trains using student discount cards is also a method.
Plan Ahead
Planning expenses when studying abroad is essential. Save early and track every spending activity. Research your destination so you are prepared for unexpected costs, such as visa fees, travel insurance, or textbooks.
Exchange Programs
Most universities have exchange programs with other institutions worldwide that allow you to study abroad while paying your home institution’s tuition fees. This might be much cheaper than having to enroll directly in a foreign university. You may also get extra support from the exchange programs, such as pre-arranged housing or orientation programs, which can make the transition much easier and less stressful.
Ways to Save Money Abroad
- Cook in: Dining out occasionally can be expensive. Preparing food at home is cheaper and, more often than not, healthier.
- Use public transport: Students should avoid using a cab or Uber, as they would use public transport to college. Most countries have cheaper fares available for student train and bus travel.
- Student discounts: Students from other countries get discounts on almost everything: journeys, amusements, and even everything else. It would be wise to always carry your student ID because student discount bounties are included in most things.
- Shared accommodation: Singles living alone may find renting an apartment too expensive, but if several students agree to share one, it will cost them reasonably.
Conclusion
Studying abroad doesn’t have to be prohibitively expensive. With good planning, in-depth research, and creativity, a scholar can make his/her abroad-study dream possible without overwhelming financial stress. There are so many ways of making an experience in studying abroad affordable—from applying for scholarships and wise budgeting to exploiting all part-time work opportunities.
