Empowering your study abroad journey with strategic financial counselling can unlock the global education opportunities you deserve!
Studying abroad in the USA is a dream for many, but the financial landscape can be challenging. While some students aim for top Ivy League universities and are prepared for the high costs, others prefer reputable state or public universities for a more economical education. Each student’s goals – be it academic or financial – are unique. However, whether you are comfortable self-funding your journey or need monetary support of some kind in quest to study abroad, financial counselling is essential to ensure your outflow and inflow of cash is kept in balance.
One of the pillars of the EdElevate mission is to support students and their families in their quest for an international education with smart and actionable financial management strategies.
Significance of financial counseling for study abroad
Here are some broad angles our financial counselling program covers for students aspiring to study overseas, and so should you:
Plan effectively
Planning effectively for the financial demands of a study abroad program is a must. Start your financial planning well in advance – maybe 18 months prior. The more time and effort you invest in the process, the more your chances of stumbling upon breakthroughs that will make your study abroad curve easier.
Identify universities for study abroad
Identify universities that match your financial capabilities and academic aspirations. This involves an in-depth exploration of both reputed and lesser-known institutions. Having an experienced mind at this stage can be a make-or-break for your study abroad ambitions, so don’t shy away from asking for help.
Maximize scholarship opportunities
Maximize scholarship opportunities to reduce the financial burden during your stay abroad. Deploying innovative tactics and techniques with your study abroad ‘application assets’ such as essays, SOPs and LORs can help you crack difficult scholarship targets and accelerate your study abroad aspirations.
Explore loans for study abroad
Explore banks and financial organizations who offer student friendly loan schemes : Fintech startups tend to be innovative with study abroad services and solutions, so explore their offerings in depth. Many students seek substantial scholarships at the undergraduate level to save funds for their master’s degree.
Research budget options
Research low cost stay options that will help optimize your budget. On-campus accommodation, shared-spaces and dorms / residence halls, hostels and homestays are all worth checking out. There’s always a surprise or two tucked away, so keep searching.
Supplement your finances
Supplement your finances by finding the right part time job : One that helps support your expenses without putting too much pressure on your studies. Finding something that’s aligned with your subject area or hobbies and passions will ease the feeling of being overburdened. Here’s an idea > LINK TO OUR RECENT GUMROAD ARTICLE
Medical insurance
Make sure you have adequate medical insurance during your erseas education stay so that your out-of-pocket expenses are minimized in case of medical emergency. Familiarize yourself with the insurance landscape of the country you are planning to visit.
Bonus tips
Some other ways to manage your finances wisely during your overseas education tenure in a foreign land is to avail student discounts and benefits (get a student card), shop only during sales, controlling your eating out sorties and using public transport as much as you can.
A sensible approach towards managing finances – aided by intuitive and personalized financial counselling – not only eases the money burden during a study abroad stint, but also lets students concentrate on the core reason they have chosen to park themselves in a foreign country in the first place : Studies. It also frees up time for extra-curricular pursuits and co-curricular exercise, adding fun and diversity to the growth path, and ensuring a truly rewarding learning experience.
At EdElevate, our personalized financial counselling helps students who want to study abroad make smarter decisions, and master the tricky balance between financial well-being and educational outcomes.
For a quick discovery call on how our financial counselling can help you plan your study abroad finances better, get in touch at [email protected].