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HOW TO FINANCE YOUR EDUCATION ABROAD?

-Soumya Sahu

It is a fact universally acknowledged that studying abroad is expensive and can create a dent in your pocket if you do not know your way around finances. Finance is an integral component to take care of, especially when you plan to build a career outside your home country.



Of course, you do not have to break your bank account to finance your education when there are several options available. So, here are different ways you can manage to finance your education abroad:-


  • STUDENT EDUCATION LOANS

This is a very popular way of financing your education. Several banks have education loan schemes that take care of your educational and ancillary expenses abroad completely. The average interest rate of these loans is around 10-11% p.a., and you can pay it back within a stipulated time period after you complete your education.


  • SCHOLARSHIPS

Scholarships will always remain to be the best way to finance your education. There are a myriad criteria that are taken into consideration while awarding a scholarship like grades, extra-curricular activities, social contribution and competitive achievements, among others. Usually universities provide scholarships, but there are many private organisations or trusts who tend to award scholarships to the deserving ones as well.


  • CORPORATE SPONSORSHIPS

If you are working for a corporation but you receive a chance to study abroad, there might be a possibility that your very own company will finance your education abroad. Some companies tend to sponsor their employee's education in return for a written agreement to certain terms like a fixed period of service after completion of your degree. It is a wonderful option to avail if your company provides it.


  • SYSTEMATIC INVESTMENT PLAN (SIP)

Systematic Investment Plan or SIP is a system of regular investment at certain periods throughout the year. Some universities provide the option to pay your fees on an instalment basis which can be availed as it relieves the burden of payment in lump-sum.


  • STUDENT EXCHANGE PROGRAMS

Student exchange programs are very specific to countries. So, you will have to research about your country, the country you want to study in and universities targeted to understand the ratio. If you are eligible to apply, then it is a great option of financing your education in a nation you want to.



Finance can be singled out as a factor that deters several students from achieving their study abroad dreams. But you do have to worry much about the monetary matters if you know how to play your cards right. Do not rely on a single option and keep your mind open. Dream big and build the guts to achieve them, and remember to keep your finances secure.





We know and understand that the application process can be overwhelming; that's why we are here for you. The study abroad experts at Hello Study Global are there for you every step of the way. From the preparations for entrance exams to college applications, we will guide you to success.


Feel free to reach us at Hello Study Global.




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