Studying abroad is probably the best experience a student can have to ensure their future success. It allows an individual to explore the wide world of academics with an additional opportunity of collaborating with international students from every part of the world. This truly awakens the global perspective, helping a student to start thinking with a broader understanding of the world.
The benefits of studying abroad beg for a separate blog altogether and yet there is one major factor which affects millions of students every year, to hold back their dreams of studying abroad. We are talking about the financial challenges of studying abroad. It can be a very expensive endeavor and can certainly cause some financial difficulties along the way. It does not mean that this problem can not be solved, in fact we are here to discuss a few points that can help you effectively negate this problem altogether and help you achieve your goals.
Calculate your Before-Leaving-Home-Expenses
Even before leaving your home after finalizing courses and study destination, you will have to spend some money on things like Visa, entrance exam fees, passport fees(if you don’t already have one), flight tickets, clothes (for the climate in a new country) and more. Prepare a list of all such expenses to better allocate resources and find the best deals for the same.
Scholarships and Financial Aid
Courses abroad are usually expensive and hence finding scholarships to help pay for them would be a great start. There are many scholarships at the college level, university level, state level and even national level, researching the same can help save a lot of money and energy on the payment of tuition fees. Apart from scholarships, there are education loans which can help you pay for your education. You will have to later pay them back with earnings from a job. Be well prepared to go through full documentation, to better understand what you will be getting into, with such loans.
Schedule your fee payment with the disbursement of amount from source
Once you receive a scholarship or get approved for a loan, make sure to know when and how much money will be released to you and in how many parts? This will help you pay the fees on time and avoid any penalties. Being well prepared for tuition fee payment is necessary to avoid any last minute hustle.
Find yourself a Job
Make sure of finding a well paying job that will also provide some precious work experience. Almost in all countries, you can work on campus as well as off campus. Working in your free time not only helps financially but also helps develop discipline and skills to be competitive and relevant in a job. This money can help with daily expenses and a little bit of fun every now and then.
Extra costs apart from tuition
Make sure to be aware of any extra costs that might not be a part of the tuition fee. There can be additional expenditures like field trips, books and apparatus, uniforms and more. Knowing these beforehand will hand you the luxury of being prepared for them in advance. Any sudden expense in a new country can definitely trouble the monthly budget.
Prepare a Budget
Having a well prepared Daily, Weekly and Monthly budget can be the difference between smooth sailing and misery. It is very important to allocate your financial spending’s for everyday as well as spreading those out to weekly and monthly timelines. By Sticking to your budget, impromptu spending’s can be avoided, helping you save a lot of cash. Savings are equally important as budgeting, as at the end you need extra money to meet unforeseen expenses, which will be there.
Practice living on a Budget
I can be of real help if you can start practicing living on a budget well before leaving your home. It will help you be well informed of how much effort it will take and also inculcate some financial discipline before it becomes necessary. Being prepared for any situation is always better than heading into it without any practice. All these above given tips can help prepare yourself well, to face the financial challenges that Studying Abroad can bother you with. Apart from these, it is highly recommended to be in touch with an educational consultancy. This professional help can provide you the necessary tools to tackle every obstacle on your road to success. Educational consultancies have the knowledge and skills to help you better understand your competence and guide you to make the right decisions.
Kytero has the team you need to support your adventure. Our professional counsellors have remarkable experience in the field and hunger to make every case a success story. We can very well address all your financial queries as well as provide you the assistance to overcome every hurdle in your way to study abroad. Just reach out to us and get going.