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4 must-know ways to finance your studies abroad

finance essentials

Studying abroad is a dream for many students. One of the of the major factors that helps students pick the right university for them is the financial element. Do you have a dream university? Are you worried about how you would be managing finances while studying abroad? Or is the tuition fee too high?

If your mind is troubled with any such queries, then this blog is exclusively for you. With our experience, we understand how money can be the deciding factor in a student’s choice of universities. Not just universities, but also the preferred country. For students at different levels of study, the programs come with varied levels of return on investment. But one thing that remains common is the options with the students to reduce the burden of tuition fee and living expenses.

Must know essentials

Without any further delay, let’s try to understand three ways in which you can study abroad for less and without worries-Without any further delay let’s try to understand three ways in which you can study abroad for less and without worries.

1. Scholarships– Scholarships are a great, and perhaps the most popular, way to finance your studies to varied levels. For international students from India, there are several scholarships available depending on the location where you want to study abroad. One important thing to remember here is that there are merit based and need based pre-departure scholarships. 

For merit based scholarships, the university is the major deciding authority and most times you can be automatically considered for it from within the specific applications.

That said, there are also scholarships offered by institutions other than the university being applied to for Indian students who want to study abroad. Examples of prominent scholarships can be USIEF scholarship, the Chevening scholarship, Commonwealth Scholarship, etc. And remember, these are all pre-departure scholarships and there will be ample opportunities to secure one during the program too.

2. Assistantships– As the name suggests, assistantships are on campus opportunities only for a few chosen candidates who display interest and proficiency in the requisite areas. Most commonly, there are two kinds of assistantship positions for students. These are Teaching Assistant and Research Assistant. 

A Teaching Assistant (TA), simply put, assists the teacher in her responsibilities. This can range from designing and grading tests, classes, to helping a few students with extra study sessions as well. As this is a direct involvement in instructional activity, you get a stipend which can easily cover your day to day expenses.

A bonus tip- a great IELTS score in the Speaking section would go a long way in helping you secure a  TA position.

On the other hand, a Research Assistant (RA) is a student hired by the university to assist in research, academic and/or private. Maintaining files, literature searches, data management, are a few of the roles and responsibilities of an RA. This also being a paid position can cover your living expenses and part of the tuition fee.

3. Loans– To understand how education loans are a way to reduce the burden of finances on your mind, we must first understand that education is an investment. You are making an investment in yourself to learn skills over time to culminate a successful career. The value a student derives from studying abroad can be priceless even. When you align with this thought process, it is easy to see loans as a tool to get to your goals.

An Indian student can either secure a loan for their study through a nationalised bank like SBI, which finances in Indian Rupee, or go for other credible institutions like Prodigy Finance where your university directly gets the disbursement in USD. These loans can be secure or unsecured, may require a collateral and cosigner, depending on the route you pick.

4. On campus jobs/internships/part time jobs– In addition to all the opportunities mentioned thus far, there is also a plethora of on campus jobs, internship opportunities, and part time jobs available at and around the university you choose. Part time work can be a great way to gain additional vocational skills, add to your resume, and ease the financial burden. These jobs can be incredibly efficient and useful to cover the living expenses and day to day costs, so that you can completely focus on deriving the most out of your program.

Collaborative Approach

With EdElevate’s unique Collaborative and Coaching Approach, the goals of our mentors is to guide students to realize their potential. This can be in the form of making the cut to your dream university, securing a scholarship to finance your studies, or even helping you pick the right program and university. The progressive path that we take does not just halt at the university’s admission, but goes beyond. With our process, students become more productive and professional and take long strides towards achieving their personal and professional goals.

EdElevate’s expert guidance

Our expert counsellors at EdElevate will guide you and help you throughout your application process with our unique offering customised admission mentoring based on your interests, with coverage of the best colleges in every discipline. Right from choosing the best study abroad option for you to mentor you, to building a strong profile, we offer a variety of services to assist students in realising their dream of study abroad.

Apart from offering mentorship to students, we provide assistance in crucial admission processes including shortlisting universities based on the student’s unique profile and area of interest, essay ideation and brainstorming, essay review, reference letter and resume reviews, interview preparation sessions, and more.

With all of these advantages, EdElevate is the greatest place for you to join and work toward your dream of studying abroad and establishing a successful profession. Attend a Discovery session at EdElevate today to chart out your road to success.

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