Do you want to study abroad but can’t afford it? How do you plan to fund your studies abroad? If you have asked yourself these questions, and still haven’t figured out how to raise money to pay for your studies then this article is just what you need.
One of the obstacles international students face today is finance, and funds for education. You have dreams to study in countries like Canada, the US, the UK, Australia, Germany, etc. but how do you pay for it?
If you don’t have the money to afford your studies abroad and you are struggling to raise funds, do not panic. So many international students have been in the same spot you are now. And they finally discover that there are so many ways to fund studies abroad.
So, whether you are planning for your undergraduate studies or graduate studies you will find these tips quite useful. In our other article, we explained the 5 ways students can finance their college education. This article covers more than just a college education, it includes graduates and post-graduate education.
How to Finance Your Study Abroad
Studying abroad can be a bit of an uphill task especially when you lack the financial means to see it through. But with your motivation and good financial plan or strategy, you will be fine.
Apply For Scholarships to Finance Your Studies
You probably have come across lots of websites that talk about international scholarship, and how it can fund your studies. Scholarship for me is one of the best ways to pay for your study abroad. You can apply for so many scholarships in Canada, the US, the UK, Germany, and more from your home country. The scholarships are most times from universities, organizations, governments, or individuals.
If you meet the requirements for a scholarship, you will have solved the problem of paying for your studies. The only problem is that there are others who are applying every year for probably the same scholarship. So, you must be up for the challenge.
- How to Find Study Abroad Scholarships
Scholarships from government, universities, or institutions are usually for students who are planning to study in the same country. For instance, scholarships offered at the University of British Columbia are for international students who are either studying or wants to study in Canada and at the University of British Columbia.
However, there some scholarships that allow you to study at any university and country in the world. And they are mostly sponsored by Individuals or Organizations within or outside the country.
Get Student Loans
Another way to raise funds quickly is by applying for student loans. One hindrance though is that you must reside in the country, and have enough credit loans or a guarantor to obtain a loan. That means you must reside and school in Canada to access student loans in Canada.
However, not all loans require you to pass the credit requirements to be eligible especially private loans. You can find more about loans here, and check your eligibility. Also, a government loan is quite different from a private loan in so many ways. See the difference, and find out how to apply for each.
Donations From Local Organizations Near You
You may not have noticed but there are a lot of social groups, local religious groups, charities, and government institutions that will be willing to sponsor your studies abroad. Although they may not be able to cover the full cost, a donation to cover for your trip, accommodation, or tuition fees is a start. How to get donations to pay for your study abroad.
Student Grants Opportunities.
Grants are more like loans only in that you do not have to repay them, or at least not directly. You receive grants from government or private organizations based on your needs and financial conditions.
A student with no financial means for their education or study abroad is offered some financial assistance to cover all or part of their study expenses. Find out the best grants to fund your study abroad here.
Employment Support and Part-Time Job
For some graduates who already have a job working in their home country, you can ask for financial support from your employer. So many companies and organizations have educational benefits for their employees, be sure to ask. Another strategy is to work during your studies abroad.
And that way, you get enough money to pay for your studies, and you also gain working experience which will be helpful when you apply for permanent residence. You can search for a part-time or full-time job here.
Apply for Global Studies Abroad
With a global study award, you can compete and win cash prizes that would cover all or part of educational expenses. Students who compete have the opportunity of been shortlisted for an interview.
And if they come out well, they can win enough money to pay for tuition fees and accommodation and a free trip abroad. To apply you need to gain admission at a university abroad. After which you can proceed to apply for the competition here.
This is another way to raise money for your study abroad. It involves using online fundraising platforms such as FundMyTravel, GoFundMe, GoGetFunding, and IndieGoGo to raise money for your education. How it works is that you create a good and engaging profile on these platforms, and then share your link on social networks. People may choose to donate some money to you or help you share your link with others.