The idea of studying abroad can be extremely exciting and very nerve-wracking at the same time. Being in a new country, with a new culture and potentially even learning in a new language is an overwhelming prospect for many - but more than anything, it’s paying the bills that can be the biggest concern.
Many students have come up with new and imaginative ways to fund their studies abroad - some being more practical than others. Nevertheless, with a bit of Googling and the help of the team here at Edvoy, there are plenty of options out there.
5 Ways to arrange Funds for your Study Abroad
Here’s our top 5 ways to fund your study abroad.
1. Scholarships
Scholarships can be a great way to secure funding for fees and living expenses abroad. Depending on the university, country and course, there is a wealth of opportunities available to those with excellent academic credentials, from a low-income background, or working in a specialist field.
If you’re looking at studying in the UK, the vast majority of scholarships are for postgraduate rather than undergraduate courses. However in countries like Germany and the US there is a wealth of funding for both undergraduate and postgraduate courses. You can explore some of the scholarships available to you on the Edvoy website.
2. Loans
Often loans are the financial compromise that students have to make to ensure that they can continue their education to university level. Aid from banks and other institutions requires you to pay the money back, often within a certain amount of time and with interest. Student loans for studying abroad are common and popular across the world.
Bank loans are more frequently used by students in order to fund their studies abroad, however some countries offer financial incentives to encourage international students. Countries such as Brazil offer free higher education for international students if you register directly with them and can demonstrate adequate knowledge of the Portugese language.
Similarly, Iceland, Greece and France offer free public tuition (minus some comparatively small registration fees) to all students, even international ones, at their public universities.
3. Part-time work
This may seem like an obvious one, but it’s easy to forget in the panic of planning your studies abroad that it’s usually possible to work at least a part time job while you’re at university.
Visa regulations can vary depending on the country, but most international students with a student residence permit are eligible to work. It is best to combine work with another type of funding, as although it may help to pay some of your living costs, part-time work will not cover your fees.
Make sure you check exactly what work you are allowed to do on your visa - for example, J1 students in the USA can only work on campus jobs for a maximum of 20 hours per week.
4. Exchange programmes
Studying abroad in collaboration with a university back home can be the most cost-effective way of securing the valuable experience of international study.
Exchange programmes are diverse and well-funded, often meaning that they offer an opportunity to spend some time abroad. However, they vary depending on your country of residency and the links between your home university and international institutions.
ERASMUS is the most well known international exchange partnership for students in Europe, covering EU countries and the majority of their higher education institutions. However, US colleges often have excellent international links for semesters or years abroad as well.
5. Sponsorships
Sometimes, dependent on your degree or specialisation, it’s possible to get your fees sponsored by a company, firm or institution. These kinds of sponsorships come in three forms:
- Corporate sponsorship - this is where a company that you have a connection with (maybe you work for them and want to carry on working for them while you study or post-graduation) pays your fees. This is very dependent on the company and you would need to approach them to find out if it would be possible.
- Sponsored degree - this is slightly different in that you don’t need to have a relationship with the company. This kind of sponsorship is usually used as a way for companies to recruit talent into their workforce. Normally, in return for your university fees being covered by the company, you agree to work for them after you graduate for a certain period of time.
- Company scholarship - this is offered by a company as a subsidy to your fees dependent on you completing a certain degree, usually with additional work experience and mentoring alongside.
Also read: 10 benefits of studying abroad
