10 Tips to Prepare Financially to Study Abroad

Here are top 10 Tips regarding your financial preparation : 1. Scholarship : You must do a small kind of research on various institutions in your study abroad destination by visiting the university websites and try to know the details of the scholarships offered by the universities. Also, check your eligibility for any kind of […]

Here are top 10 Tips regarding your financial preparation :

1. Scholarship : You must do a small kind of research on various institutions in your study abroad destination by visiting the university websites and try to know the details of the scholarships offered by the universities. Also, check your eligibility for any kind of scholarships. If so, do not hesitate to apply for the scholarships which differ from a thousand dollars to complete exemption from tuition fee. Even if you get a few dollars, it would be a great relief in our expenditure on overseas education.

2. Education loans : Once you get offer letter from a university, you can approach the banks and try to know the banks offering education loans on lower interest rates. This is a better way of spending money on education than investing our parents’ savings since the repayment of loan always encourages and motivates us to reap maximum benefit from the overseas education and reminds us of the responsibility. It also inculcates the awareness of leading our own life and becoming self-reliant.

3. Government Help : You can check out with the central and state governments’ schemes to fund overseas education. The Indian government on its own and in collaboration with many international organizations and universities offers scholarships for study abroad programs. And, find out whether your state government has any such scheme to fund overseas education. For example, the states of Telangana and Andhra Pradesh fund approximately 10 lakhs rupees per year per student for overseas education for a particular category of students.

4. Media : If you are unable to arrange money then you can opt the fund that is procured from a large pool of population through contributions. GoFundMe, GoEnnounce, and Kickstarter are some of the well-known platforms.

5. Part-Time Jobs : Though a part-time job seems to be difficult and strenuous in the beginning, it greatly relieves you from half of your study abroad expenses if you have the patience of doing it.

6. Be Economical: You must be not only economical but also conscious of saving money, that helps you avoid unnecessary spending and concentrate on your studies.

7. Proper Planning : Right from the beginning, you must search extensively for accurate and authentic information regarding everything especially from an arrangement of funds to living and study expenses abroad. There are plenty of opportunities to arrange the funds through financial institutions and to plan your stay there through advice from your friends, websites and consultancies.

8. Talk to any study abroad advisor : It will be helpful to speak to a study abroad advisor at your home institution so they can help you narrow down program choices by assessing your best academic, cultural and financial fit based on your individual preferences.

9. Create Budget : Creating a budget that outlines how much you will spend on food, souvenirs, travel, and lodging each week will help you when planning your weekend trips.

10. Pre – Departure Meeting : This will have an excellent material on last-minute checklist items, how to pack, and general advice on what to expect.

For more information contact CareerGro Overseas Consultancy for Abroad Studies.

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