- Monday, July 20, 2015
Not all Indian students looking to pursue higher studies abroad are lucky enough to win a scholarship. Most students face the daunting task of arranging their own funds to leverage Study Abroad opportunities. With limited scholarships and a large number of aspirants, competition is high. Sometimes, even with a scholarship, all living expenses are not covered. Most of the scholarships cover only research work and study. Convincing banks to provide education loans can be an uphill task for many students. Self-funding is therefore the main choice for many.
Self-funding is also not the easiest of options. It is therefore imperative to begin your efforts for arranging funds for studying abroad well in advance and research all possible options, such as grants, scholarships and bank loans before considering self-funding. Here are three powerful tips for self-funding your education abroad.
1. Working part-time
Be enterprising and find a part time job in the country you are studying in. You can earn enough money to manage all your living expenses. Many students have chosen this option and are doing extremely well. Some of the part time job options you can choose include volunteering, teaching and internships. Before you go hunting for a job, keep in mind the relevant country’s visa regulations. In most countries, you can work full-time during summer holidays and to a maximum of 20 hours per week during the term.
2. Choose your country of study carefully
Research on the cost of living in the country that you choose to study before you apply. Most countries catering to international students have world class universities offering quality education. You have an array of choices. Research and choose a country that suits your budget.
Aspects you must research on before deciding on the country include –
The cost of living –Even if you have been awarded a scholarship, most of them cover the cost of tuition or research only. You must however, take care of your other expenses. Within a particular country, certain cities are less expensive than others. Research your options and choose a city you can afford.
Cost of accommodation – If you have friends or relatives in the country you wish to study in, you can think of staying with them as a paying guest. This works out cheaper than staying at an apartment or at the campus. If you do not know anyone in the city, you can look for a cost effective accommodation in the suburbs.
3. Financial help from acquaintances, friends and family
This is the last option. If you do not have any other source of funds, you could seek financial help from close friends, family member’s parents, grandparents, brothers or sisters apart from parents. If you intend studying in countries such as the US or the UK, you must show enough funds in your bank account for visa purposes. If you do have to ask someone for help, you must plan well in advance. When you apply for the visa with the bank statement, the statement must reflect the required funds. Proof of funds also includes fixed deposits and other immovable assets. For more information and ideas on how to self-fund your education abroad, contact experienced professional overseas education consultants.