Paying for your studies abroad is not easy if you rely on your pocket. This is why you need to know ways to pay for your study abroad before going on international study. Information is not scarce these days with the advent of the internet. All you need to do is search for the type of opportunity you need to fund your studies abroad. Here, we have outlined 5 ways you can pay your study abroad bills easily. Take this information to your advantage; you will not regret it later.
1. Merit-based scholarships (fellowships)
The merit-based scholarships are awarded based on a number of criteria, including academics, achievements, hobbies, talents, affiliations with various groups, and career aspirations. These scholarships can be offered by the federal and state government, large corporations, local businesses, professional organizations or universities.
Each scholarship has its own eligibility criteria, which must be met.
2. Specific scholarships
Most specific scholarships are given to students with a certain ethnic background or family affiliation. These scholarships are designed to benefit gender or ethnic minorities. For this reason, you will find a number of scholarships specifically dedicated to Africans, Asians, or Hispanics.
In some countries (Belgium, France, the U.S., etc.), the local government provides scholarships to students who come from certain countries. For example, Belgium offers special scholarships to applicants coming from African, South American, and Asian countries.
These programs are also meant to help minority students pursue an education in fields in which they have historically been underrepresented.
Some organizations provide scholarships to students with physical disabilities, learning disabilities, and debilitating health conditions.
3. Need-based scholarships (Grants)
Grants are often called “gift aid” because they are money-free; basically, they are a type of financial aid that doesn’t have to be repaid. Compared to scholarships, which are usually merit-based, grants (called bursaries in some countries) are mostly need-based. Grants are usually based on financial circumstances but may also consider other factors (e.g. physical or mental disabilities). This form of financial support doesn’t need to be paid back.
4. Student loans
Student loans for studying abroad are funds that you have to pay back. They function like any other loan, with a few differences. You can get a student loan from the government or a private bank; it can be a bank from your home country or a foreign bank, in the country where you wish to pursue your studies.
Co-signing (along with parents or legal tut) underrepresented student loans since most teenagers don’t have the credit history to get a loan of such a size.
However, student loans that you can get from the government tend to be more favorable, as the rates are usually lower.
Some loans are based on financial need, while others are much like any other loan and are based on your credit score.
5. Student prizes
Student prizes are exactly what you think: the prize is represented by a certain amount of money, which will not technically support your studies, but it can be considered as a form of financial aid. Student prizes are one-time awards and they can range from a couple of hundred to several thousand euros.
Student prizes can be offered as follows:
- for academic achievements
- to reward performance in undergraduate examinations
- awarded based on the results of coursework and public examinations
- for the best paper in a wide range of subject areas
- rewarding outstanding work submitted for a dissertation, examination, or thesis, as well as for overall performance
You can also win a prize, get a scholarship for the following year, or receive the title of scholar if you are about to graduate.
Conclusion
Searching for means to fund your studies abroad has never been easy. However, here we have given you 5 hints on how to track your money and ensure that it is properly channeled. When you have gotten money from any of the means listed above, create a budget for their expenses.