How To Comfortably Fund Your Studies Abroad
Students who study abroad are far less likely to suffer from long-term unemployment, according to a study by the Erasmus Student Network. The study also found that 64 percent of employers consider international experience vital for recruitment. Studying abroad contributes to a well-rounded education, enhanced language skills, and increased cultural awareness. However, despite the benefits of international education, only about 300,000 US students study abroad. One of the main things that prevents this figure from being higher is the cost. Luckily, there are many funding options for those interested in studying abroad.
Save your money
One way to fund your studies abroad is by working for some time and saving enough money to cover your education costs. This is usually a great option for people who have already gone to college in the US but are interested in advancing their education. For instance, after getting your first degree at a US university, you can work for two years while saving money to get your MBA at a UK or Australian university. If you choose this route, make sure you save enough to get you through, or you may find yourself struggling to finish the course.
Seek help from financial institutions
Education is an investment in your future, and just like other investments, a loan can come in handy when you don’t have enough money to cover the cost. In fact, more than 60 percent of American college students graduate with a significant amount of loans. If you are cash strapped come enrollment time, a personal loan is a viable option because, unlike credit cards, it will likely have a lower interest rate and lower upfront fees. They tend to be more flexible, especially when it comes to payments, and you can request a payment term that is in line with what you can afford to pay. Personal loans also have fixed monthly repayment amounts, which are determined before you get your loan. This makes it easier to plan your budget, since the amount you pay every month is the same throughout your loan term.
Find ways to make money while studying abroad
Depending on where you are studying, you will discover various ways to make money to cover some of your everyday costs, such as food and transportation. A great way to make money while studying abroad is by getting a job there. This works better when you already have a degree to your name, but even when you don’t have one, you can work with employment agencies to help you find a job in your new country. You also need to do everything required to allow you to work in your new location, such as getting a work visa and other necessary documents. Depending on your school schedule, you can work part-time and study full-time, or work full-time and study part-time. If you choose this route, it’s up to you to find the perfect balance between work and school so that you have enough time to work, do school work, and leave enough personal time to relax and explore your new environment.
The benefits of studying abroad far outweigh the costs you’ll incur. Studying abroad helps you develop into a well-rounded professional who can adapt quickly to diverse working conditions. It also creates many opportunities and opens doors that would never have opened before, so looking for creative ways to fund overseas studying is well worth the effort.