Studying abroad is a lifetime experience to the students, but the same can become a nightmare without proper planning and prepare financially in advance. Studying abroad is possible to any one with good grades and qualifying all the required entrance examinations, and got admission in any reputed educational institution though financially not sound. Here are few important tips for students to prepare financially to study abroad.
Tips to prepare financially to study abroad
Many institutions provide scholarship facilities for foreign students to study abroad and the total scholarship sanction amount depends on various criteria’s varied to universities individually. Every student willing to study abroad should start researching thoroughly about all the available sources of financial support and scholarship facilities from abroad universities / foreign governments. Visit the official websites of the universities and try to know about the scholarship facilities and requirements to be fulfilled to get the same. Scholarship from the institutions can be provided an exemption in fees/total waiver of fees/part waiver of fees / free accommodation including or excluding food. You can check for all the possible eligibility criteria’s prior to apply for the scholarships which could be a great help to your study abroad.
Government of India instructed all the nationalized banks to provide educational loans for an amount of 7 lakhs without any surety for all the students study abroad. Visit your bank along with the offer letters from the universities and all other required documents to apply for the educational loan. Also find any government or your communities are providing with any educational loan facilities along with the banks and other financial institutions.
Government of India provided Prime Minister Educational Yojana scheme for all the students studying abroad with a minimum of 10,00,000 scholarship amount for EBC students and for SC, ST, and BC candidates an amount of 15,00,000 in two installments. Check the requirements carefully before applying for the scheme or get the help of any professional consultant to help you get the scholarship. Also you can find out whether the state governments have any specific schemes for studying abroad student’s aid and can also avail the same.
Foreign Government/Institutions Scholarships
Plenty of European countries offer full scholarships provided from certain governmental and non-governmental agencies for all the foreign students admitted into their countries universities. Research about those institutions and apply for the same carefully to get a full / part scholarship including living expenses.
Now a days many national or international corporate companies are providing educational scholarships or loans for the students studying abroad, like Bill gates foundation, Tata foundation, Birla foundation and many more are providing loan plus scholarship facilities for all the eligible candidates that are studying in India / Abroad. Few trusts conduct entrances for the selection of best candidates to provide with scholarships every year and the same is limited to an extent to avail the same a careful research of the eligibility criteria’s needed.
Study and doing part time jobs are the best possible suggestions that are provided by many educationalists/consultants for post graduate students. Doing part-time job along with regular college and class works seems to be strenuous and difficult to cope up with, but it greatly relieves your financial burden. Every foreign migrating student can work for 15 to 25 hours per week depending on the countries rules could ease you financially to a great extent.
Prepare your Budget
Right from the beginning of your plan to study abroad a thorough planning of your budget is required to get a clear picture of financial needs for your entire course duration. The budget should include all your college fees, foreign fees (if any), visa processing fee, travel tickets, living expenses, transport expenses including medical and other miscellaneous expenses depending on the study is needed to forecast.
Plan in advance
Plan in advance extensively for accurate and authentic information regarding the university, and country’s living conditions. Check with any university counselor about the required information or take the support of any authorized and experienced consultant in the field to get proper needed info.
Living in a foreign country is not that easy and also not difficult if you plan to live not completely economically though but a little bit of awareness of your financial aids/funds. Calculating all the living expenses on monthly basis and matching your available funds with in in advance for at least with one month of savings would be a good thing to plan for the next months with peace of mind. For further information and more details get in touch with any authorized educational consultant with plenty of exposure and experience in the field to guide you further.