There are plenty of opportunities for students to study abroad nowadays. Doing so has many benefits such as getting to know another culture and way of life, meeting new and different people, improving your foreign languages and enhancing your personal growth and development. Overall, foreign experiences have a positive effect on one’s academic career as well as life in general, which is why many students are encouraged to embark on the journey of studying abroad. However, this great adventure requires a good financing plan to ensure the safety and well-being of the students who are travelling to foreign countries. In this guide to studying abroad we are going to go over the financing options you need to be aware of.
Budgeting your studies abroad is not an easy task for your wallet. Luckily, there are many different opportunities for students to gain funds for this experience through competitions, scholarship applications and loans. The cost of studying abroad depends on the location you are going to live in, as well as the program of your studies. Some study programs offer students free tuition for their education in a foreign country but require them to finance and support themselves while there, whereas, some programs will require the students to pay tuition while having accommodation offered to them for free.
Besides financing the studies and accommodation, you will need to cover travel costs, the costs of school supplies and books, as well as the cost of life and entertainment in general. When searching for the right study abroad program, look for tuition costs, transport and commute costs, insurance costs, and the costs of living in that area. It is important to consider whether your housing solution will be paid for or do you have to provide funds for that as well. Create a check list of all the costs you need to cover.
In some counties it is necessary to have a certain amount of money upon entering the country to prove that you are going to be able to support yourself while living there. Make sure to check this information regarding the country you are going to be studying in and prepare the necessary funds. Once you’ve done your research and have the list of costs of your study abroad adventure, you can start looking for scholarships to finance your studies.
There are plenty of scholarship opportunities for students but all of them have certain requirements. If you haven’t thought about this earlier in your academic career, it may be difficult to find a scholarship without the required GPA or subjects. There are 5 kinds of scholarships that you can apply for, which include the subject-specific scholarship, student-specific scholarship, government-funded scholarship, merit-based scholarship and the program-specific scholarship.
Most scholarships, besides the requirements such as GPA or age, require submissions in forms of essays to determine the student’s compatibility with the program. Subject-specific scholarships require having studied a particular subject. The student-specific scholarships look for certain groups of students based on age, gender, race, religion, etc. The government-funded scholarships encourage students to visit the specific country by offering them free education. Merit-based scholarships are the most common ones, which are awarded to students with best GPAs. Finally, the program-specific scholarships offer financial aid to those students who apply to specific study programs.
If for some reason you fail to obtain a scholarship, you can always get help in terms of loans by completing a FAFSA document for studying in the United States. FAFSA, or Federal Application for Student Aid, offers students grants and loans to help them pay off their education. If your scholarship doesn’t cover all the necessary costs, you can use the FAFSA loans or grants to get funding for those costs. Grants from FAFSA don’t have to be paid off, while full loans do. It is important to keep in mind that these loans will accumulate interest over time so make sure you consult with a professional before applying for this type of financial aid.
Besides financing, you need to be aware of the fact that many countries require you to have a student visa in order to spend time and study there. A student visa will cover your time of studies and help you avoid legal issues. It is important that you apply for this visa well in advance, as these processes may take some time. However, since some countries don’t require a student visa, make sure you look that up first by referring to the official government website. You can also consult a counselor to be sure.
Finally, before you begin your adventure of studying abroad, make sure to do your research and get familiar with everything you need to know about the country you are going to be living in. Understand that you will have plenty of responsibilities on your hands. Make sure to learn about the laws of the country because they often differ and you don’t want to have any issues of that kind in a foreign country, as it can affect your studies as well. The college systems also differ in certain places so do your research to find out what you will be doing throughout the semester.
Financing studies in a foreign country can get quite difficult, which is why you need to learn how to manage your money and save it. The most common way people throw money away without even knowing is through currency exchange processes. High exchange rates in different countries often cause you to lose quite a lot of funds, which is why we recommend you to try out the lowest currency exchange rates at our service, Knightsbridge Foreign Exchange. Our service allows you to lock in your exchange rates to avoid rate fluctuations. Exchange rates can jump up quickly and cause you to lose more money than you would. To keep your money safe, let Knightsbridge Foreign Exchange deal with the currency exchange for you! Our services are completed electronically so you don’t have to go out looking for our locaton!