By Ajay Sharma, Founder and President – Abhinav Immigration Services
Many of us want to study abroad, and it is a dream for many to get into some of the topmost educational institutions, colleges, and universities. While having all the dreams of studying abroad, we forget a very important aspect: to sort out our finances and expenditures while we are away from home. Housing, food, transportation, and additional expenses can be much higher when we decide to take up education abroad.
Proper financial planning and savings are required to be able to make your studies as smooth as possible without being a hindrance to the same. If the student has no scholarships or even grants, they will need to rely on the financial support of their parents or, in most cases, apply for an education loan.
Prepare a Solid education loan plan
A good loan application is one of the first steps to begin smart Financing as that has the capacity to cover a large chunk of your education cost abroad and that you can repay once you have secured a well-paid job. This plan should comprise elements such as scholarships/ grants, prior savings, and education loans.
Grants or Scholarships
If you are a meritorious student, you can research one year before your admission about the scholarships and grants provided and prepare accordingly.
Sponsorships or soft loans
Also, you can set out to search for a sponsor who can take care of all your study expenses while abroad. Also, you can persuade a sponsor to provide you with a soft loan at an interest lower than usual. You can search for websites and/or agencies that have this option or even local agencies that help you gain financial support.
SIPs or Systematic Investment Plans
If you have a couple of years in hand before applying for education abroad and have planned to go, you can start by slowly opening a SIP to gather some money for your overseas education future. SIP needs you to invest a pre-meditated amount in a mutual fund scheme at a steady pace. This is one of the ways to smart Financing when you plan to move abroad as a student.
Connecting with the Alumni of the University
As a student, you can even reach out or network with a university’s alumni to raise the required funds for your education. Once an individual applies to the alumni network, the student’s grades, previous academic performance, and reasons for fund requirements are assessed by the network. If your application is considered authentic, assistance is provided to the applicant. This shall not fully but to some extent help you with finances.
Mobility of the fee structure
The pandemic and COVID crisis has hit the financial agility of many. You can ask for flexibility from the university’s management when it comes to paying the tuition fees. This means that you can ask them if you can be permitted to pay the fees in installments and not just in one go. Many overseas universities provide financial support to students’ families if their parents have lost their jobs or in case of medical conditions.
Select Part-online and Part on-campus courses
Because of the pandemic, the education structure has undergone drastic changes to a hybrid model, which is part of the home and on campus. This way of learning has proved to be affordable for the student and a great option for those who detest the lengthy application and admission procedure at universities abroad.
Take up a Side Job
The majority of great overseas study destinations allow students to work part-time jobs while attending their regular classes. This can even be converted to full-time during vacations. Working in the course of studying is a smart financing option for students who want to take care of their expenses. Earning part-time can also help greatly when it comes to repayment of your education loan, which diminishes the burden on you in the long term.