As much as you are hoping to study abroad, you may have some legitimate concerns about it. One of the first things students have in mind is, “is studying abroad expensive?”, and while it is a natural concern for many, it is important to know that it does not always have to be. Here we list down some ways to help you cut the expenses and turn your study abroad dreams into reality!
Do a search on all financial aid opportunities and you will be amazed by the plethora of aids available for you to study overseas. Both grants and scholarships are gift aids – finances that you do not have to repay. The difference between the two is that grants are mostly needs-based, while scholarships are typically merit-based.
The key to secure a study abroad scholarship is to do your research, prepare early and apply to as many as you can. If you have decided on an education destination, you can look for a location-specific scholarship which aims to encourage students to study in a particular country. Take the Great Wall Programme funded by the Ministry of Education of the People’s Republic of China as an example. It is awarded to students from developing nations who wish to further their education in China. Similarly, if you have chosen a field of study, you can look for a subject-specific scholarship which is open to students studying a particular subject. NUS Science & Technology Undergraduate Scholarship is an example of a study abroad scholarship for undergraduates from Asia to study in Computing, Engineering or Science in NUS. Lastly, there are also group-specific scholarships available to students of a particular gender, race, or other backgrounds, such as PEO Internationalis- a scholarship for women to study abroad in the US and Canada.
Some scholarships and grants for studying abroad do not cover the entire tuition fees. In this case, check the terms and conditions and see if you are allowed to receive multiple aids at the same time. Moreover, you can supplement whatever you get from scholarships or grants with an education loan. An education loan needs to be repaid with interests after graduation but they are more accessible than the gift aids mentioned above.
Another way not to break the bank is by looking to countries that provide affordable and quality education such as France, Germany, Taiwan, and Malaysia. To illustrate, the French government seeks to attract more international students by subsidizing the cost of higher education in a French public institution no matter where the student comes from, and non-European students only need to pay less than three thousand euros a year at the bachelor level. These universities would usually require students to prove their competence in the local language before the start of the programme. Although the language requirement may sounds intimidating,studying a foreign language is indeed beneficial in today’s interconnected world.
The cost of living can also vary considerably across cities in the same country. Australia is a case in point. You can experience the quality education as well as the rich culture in both Sydney and Melbourne, but the living cost in the latter is much more affordable. When it comes to researching on study destinations, be sure to compare different countries as well as their cities before you narrow down the options.
Working part-time while studying is perhaps the best way to earn some extra cash for all your leisure activities such as concerts, movie, date nights or even a travel fund. Check the eligibility to work part-time in the country you have chosen. For example, most international students in Canada can work up to 20 hours a week on or off campus without a work permit.
Working part-time in the destination country not only allows you to raise extra money while studying abroad, it also gives you opportunities to immerse into the local community and gain significant work experience which will be useful in your future career. Choose a part-time job that fits your needs. For example, work as a teacher’s assistant if you plan to do academic research or teaching graduation, or a waiter if you need more time flexibility.
Don’t forget to factor in the airfare and housing rent. Some tips to secure a cheap flight ticket are to sign up for price alert emails to stay on top of flight promotions, browse different departure dates, and compare fares from different website. Also, the airline ticket tends to be less expensive between four months to three weeks prior to the departure date.
The cost of accommodation can differ significantly depending on what and where you choose. In general, there are three options of accommodation: dormitory, shared apartment and homestay. Every type of accommodation can bring you a different rewarding experience along with their differing costs. Try to compare prices of all the options and figure out the type of accommodation that fits your budget. Moreover, the location of your accommodation makes a huge difference as well because rent in city areas are much more expensive than those in the outskirts and suburban areas.
Lastly, add traveling expenses into your budget as well. You will not want to miss the chance of exploring the country you chose to study in. Thanks to budget airlines and travel deals, your travel can be more affordable than it ever has been. For instance, if you are going to Europe, trains and flights within the continent are rather economical and convenient- giving you opportunities to travel to neighbouring countries.
Having said that, you must have a budget in mind that covers all your essentials abroad including tuition fees, rental costs, books, and daily living expenses. Create a spreadsheet and list out all possible spending to find out the gap between your savings and the necessary costs. You can then decide whether you should apply for grants, scholarships, education loan or part-time job and how much more is needed to reach the required finances.
Once you get to the country, try to keep track of your expenditure by recording them down on a spreadsheet or on an expense tracking mobile app like Spendee. You do not want to end up skipping meals or asking your parents for extra financial support.
We hope that with these tips, you are able find a way to finance your study abroad journey. Everything you are going to learn from studying abroad will be etched with you for life and you will find that it will be worth every penny. If you need any help, we are always happy to provide assistance.
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