budget for study abroad

Are you worried about your budget for study abroad?

Do you want to study abroad but lack the funds? Or not sure about your study abroad budget? This article will help you get over the dilemma of whether to go to that foreign institute and how.

Studying abroad is expensive but that shouldn’t stop you from going to your dream institute and pursue a course you love. People who study abroad help not only themselves by learning and evolving at a foreign land, but also represent their homeland and get a chance to shine in front of their peers from different nations. While making suitable arrangements is going to take efforts, it sure is going to be worth it. The repetitive thoughts of how everything will work out can be overwhelming but with the right approach and a positive mindset, you too can pursue an affordable study abroad. Follow these steps to set out on your journey of studying abroad without getting apprehended to hopelessness.

Budget

Budgeting is the first step that will take you closer to having sufficient money for studying abroad. If you are poor and want to study abroad budget plan is something that you can’t and shouldn’t escape.

There is a cost to study abroad and you gotta prepare a study budget to turn your dreams into reality. While preparing and maintaining excel sheets might seem overwhelming at first, it gets easier with time. Mention every expense that might occur during your stay. Try to see through your journey, use terms like “study abroad expenses”, “study abroad fees”, etc. in the excel columns to remind you of your reasons and motivate yourself to earn/save more.

Choose your destination wisely according to your study abroad budget

Some places are inherently costlier than others. If you are low on money, then going to London or Zurich can hurt you financially. While even there are some inherent benefits to living in these expensive cities, one can enjoy a lot of other conveniences at different study destinations that are a lot cheaper. If it helps, consider studying in a country that is near to save flight expenses.

Plan out your study journey to make study abroad budget

If you are serious about going outside the motherland to study, you need to be thoroughly aware of what you are going to need and what course of events will possibly take place during your study period. This should include every single detail of your possible expenses there including local commute, occasional partying, rent to name a few. If you are considering taking a loan to fund your education, then plan the steps you will take to repay the loan. Knowing about ways you will be paying for your degree well in advance will save you from a huge amount of stress in the future. Work hard and score good grades as these will not only help you with getting your application accepted, but will also open doors for different financial aids.

Get that Scholarship

Scholarships are the reward that is earned by ambitious and bright students. Even if you have sufficient money to fund your education, you should still consider getting the scholarship. There are different types of scholarships available that can benefit an individual. Even if it is a $500 scholarship, consider taking it as it can help in a lot of ways when you’ll need that money.

Use other financial aids 

When it comes to getting financial help for education, scholarships are not the only option available at your disposal. There are other financial aids namely grants, work-study jobs, and student loans. Each helps a student differently. While grants are the financial aids that usually don’t need to be repaid, student loan needs to be paid back to the financing institution. Work-study jobs allow you to earn by working while you are pursuing your education. This is also a great way to sustain yourself while you are studying.

Appeal for support

If you are reading this, you are likely connected to the internet. Well, why not use the internet to fund your education, right? There is plenty of different fundraising platforms that you can use to source funds for your education. Also, you can log on to social media and use the power of networking to raise funds.

Make use of your skills to prepare your study abroad budget

Last but not least, make the best use of your acquired skills and start making money. Look out for available work in your neighborhood or on the internet. Do jobs that can get you paid. If you have to walk dogs or babysit, so be it. Remember that no job is small, and you will be doing it for a short period and for a purpose that is studying abroad. Put your hard-earned money into savings that will be used for your studies.

Studying abroad is not easy, not only does it require financial planning, but it also requires emotional control and grit to make it to your dream institute and excel after you make it. Use the above tips and implement them to get over the fear of budget for your study abroad. Schedule a free counselling session with one of our international education experts.

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