Ways to support yourself financially to study abroad

Studying abroad is an expensive investment, not everyone posses that much money to support himself to study overseas. Here are some ways through which you can make it possible.

Studying abroad is a dream that comes to every student’s mind, but the fact is that due to the inadequacy of finance, the majority of them abandon their plan of studying abroad. It is true that not everyone can sustain to spend that much money.

You might have heard about the aphorism that ‘whatever you can think, you can do it,’ because there is always a way to overcome the problems. And the same proverb applies to this situation as well, as everyone knows that studying abroad is expensive, but there are a lot of ways through which one can finance himself to study overseas. There are some specific ways through which you can support yourself financially.

1.Scholarships

Scholarships are the financial aids or award that are provided by some institutions or colleges itself in which the student is seeking to study. Scholarships are not required to be repaid. Scholarships are given to the students on various criteria of students based on their profile. Scholarships can be of multiple types like a merit-based, need-based, career-specific, college-specific, fellowships, student prize and athletic.

Need-based scholarships-

Scholarships are generally provided on merit or academics of a student but is awarded usually in need-based approach. Need-based scholarships are offered to the students as per their financial needs and require the completion of ‘Free Application for Federal Student Aid’ (FAFSA). These scholarships are generally provided for first year’s expenses of a student, but students can apply the same for the next year of course of study as well.

Merit-based scholarships-

Merit-based scholarships are the types of financial aids or award that are provided to a student on the base of their academic success in high school or bachelors. Merit-Based scholarships are not just limited to academic achievement but involve extracurricular activities, scores of standardized tests and leadership qualities are also considered as a crucial factor while determining the eligibility for a merit-based scholarship.

Career specific-

Career specific financial aids are generally provided to the students who are usually seeking to study a particular profession or wants to change their career, and those careers are helpful for the society in one or other way. This type of scholarship is broadly famous in the USA and given partially to the aspirants.

College or University scholarships-

Numerous colleges and universities, which have large endowment funds offer this kind of financial aid to the students, and every college has their own set of criteria for providing the scholarships. Needy and eligible students can apply for this scholarship, but there are a high number of applications to colleges for this scholarship. University scholarships also cover the expenses partially.

Fellowships-

Fellowships are the kind of opportunities provided to the students as short-term support lasting from few months to several years. It is given to focus on the development of a particular field of study and generally sponsored by some organizations or university itself.

2.Student loans

Student loans are the type of financial aid that is provided by the various domestic and foreign banks. It is a financial aid which has to be repaid in the maturity period as prescribed by the concerned institution itself. Student loans are of various types and generally offered as per the financial needs or the credit score of a student’s guarantor. Before borrowing a loan, you should analyze the rates and repayment scheme thoroughly.