Studying abroad is one of the prestigious things for students, especially students who want to study in a prestigious university is one of the popular aspirations cherished by students across the world. Students of several nations go abroad to study and spend a lot of money there for the best education. For example, more than 8 lakh students from India travel to foreign nations for higher education and spend around $28 billion which is 1 percent of the national GDP of many other nations. On the other hand, simultaneously the students need a certain amount of preparation academically for studying in abroad. So it is very important to plan the fiancés early on to avoid any last-minute hassles and stuck into any scam and fraud.
Here is a guide to help students for making their financial plans early on and convert their study abroad dreams into a reality. Some points are listed one by one.
Calculating estimated costs
if any student is looking to study abroad then figure out what your area of interest is and which is the country that can facilitate best for you. Next, you will need to find out the average cost for maintaining the lifestyle and take steps for whatever is suitable for the best for you. Since everyone knows foreign education required a significant amount of money that you would invest in yourself, there are several factors that every student needs to calculate before calculating the size of investing amount. This is also helpful for arranging an estimated amount for study. In this case, if any student is looking for an education loan then you would need to collect a list of expenses that you required in the foreign nation. This will make sure that the loan covers aspects of expenses including the tuition fees, cost of living, and many more.
Keeping eye on the admission dates
Every country has its exam dates and a different set of qualifications. In terms of intake, there are three types of intake namely fall, winter, and summer. The mostly nations conduct exams in the fall or September. Based on the intake preference of the university that students have chosen, every student has kept an eye on the application deadline and plans financial according to the university.
Keep eye on the scholarship/private grants that you can apply
There are several scholarship and grant programs conducted by then different nations that purpose is to help students for lighting up financial burden if they student applies on the time. These grants and scholarship programs provide based on merit or needed to be based on. Several academic institutions and universities also offer a partial scholarships to the student to help them for helping in perusing their desired study. There are several options of scholarships also so students can choose and combine with the education fund and loans. Several companies and institutions also give grants to students abroad. Numerous foundations also offer zero percent loan programs and grants. The government of the respective countries also offers several loans and grants for attracting more international students.
Several internship/part-time opportunities
Students need to keeping eye on the several internship programs that are released and announced every year to students. It is also a good idea to consider the option for financial stability. Students can check the salary of the internship and apply accordingly. Internship wages and working hours are varying from nation to nation.
Selecting the appropriate education loan
Every year students are increasing for international students. The aspirates of the developing nations need to think about the financial situation of the respective nation and provide educational loans according to that. Several factors need to consider before taking any loans students need to keep in mind several things such as the type of loans, mode of payment, interest rate, the reputation of the loan provider, and many more. Let’s discuss them one by one in an expanded way.
- Type of loan: there are many loans for students but broadly divided into two parts secured loans and unsecured loans.
- The mode of payment is a very important aspect. It can be month EMI based after the education is complete, and many others.
- Interest rate: this is the most important factor that every student needs to consider while taking a loan. The interest rate can be fixed or variable. If the student is taking a loan on a variable interest rate then that can be cheaper at first, but with the current rising rates in this case experts believe in the fixed interest more.
But in the modern area, there are a lot of solutions also available and an integrated platform provides digital facilities without any hassle of going on through long physical paperwork. These platforms are useful not only in providing suitable financial options to aspirants but also let them know their choices and options and giving full assistance for studying abroad.
Here in this guide, we discussed that many students dream of studying abroad at their desired university. In contrast, students who face financial shortages faced a lot of problems. Here in this article, we discussed how the student can manage their financial issues better way. What should students need to consider to lighten up financial issues while studying at international universities? I hope this information genuinely provides help in solving the financial problems of international aspirants.