The most important factor when you choose to study abroad is the part wherein you need to plan the study abroad budget in a succinct way. Budget is essential to cover all aspects to make your journey to study abroad a successful one.
When it comes to selecting the study abroad budget, balancing out the quality of programmes and the cost it entails is extremely crucial. We have seen many of them worrying about the cost it takes to pursue studies abroad and have seen students and parents not opting even though there are ways in which one can go about finding it.
When it comes to budgeting for the study abroad program, it needs to be a personalized one depending on how you spend and your living lifestyle. It is also important to save more than you spend.
In this article, let us look at some of the smart ways in which you can budget and different ways that you can fund your overseas education. We realize that it is a no-brainier that money plays an important factor in the quality of the experience for your study abroad programme and we do not want anyone to miss out on the prospects of making your study abroad dream come true.
First let us look at the different types of study abroad budget plans that one can avail:
These are grants given to students so that they are not weighed down by a load of worrying about paying the tuition fee. This also makes budgeting easier. Scholarships can be given to students in different instances or circumstances.
If you are academically well-performing, then the Universities grant scholarships for you. Scholarships are mainly need-based. Different Universities will have different parameters to check if you are eligible for the scholarship.
Scholarships may also be given to those who have excellent achievements in sports or other co-curricular activities. Your local government too may have certain schemes for scholarships. It is important to thoroughly research and consider all options while opting for the scholarship.
Loans to study abroad:
Loans are given by banks or other licensed loan granting firms against collateral. Different banks have varied schemes while granting education loans. You will have to speak to your bank’s manager and check for a possibility for an Education loan abroad. Reading loan documents and understanding each aspect while opting for loans is essential.
Colleges that you are part of right now may have student exchange programs where you will be able to spend a semester or a year in a different college outside of your country. In some instances, the college pays for the entirety of the exchange program or sometimes you will have to pay the money on your own. This is a great opportunity for you to gain the benefits of studying abroad.
In simple terms study abroad budget, budgeting is the estimation of the expenses and planning the division of money accordingly. Below are the different expenses that occur during the period of studying abroad.
College Fees to study abroad:
This is the tuition fee that you pay for the college. College fees can vary depending on the college, the country, and the course that you have selected. While STEM courses may have high fees, arts & humanities courses might have less. Along with this, you will need to bear in mind the costs of books, supplies, and other reading materials provided by the college for which you may need to pay extra.
If possible, you may also rent the study materials if such an option exists. For students who get scholarships may not worry about college fees but it is important to take note if it is a full scholarship or partly paid.
Commute and Rent study abroad budget:
Depending on where you live while you study, commuting factors a lot. If you live on campus, then this can be ignored. But you are renting a house elsewhere, then you need to budget the expenses according to the house rent and commute expenses that you may incur.
It is always advisable to live on the campus or nearby where you can commute by walking. You can also check to see if a subsidized public transport system is available to and fro from campus to the place where you live.
Food and Health:
Food and health are most important for survival. Having healthy meals and staying healthy is important when you are partaking in an important journey of your life, i.e., studying. Check to see if the college offers meals on a semester-wise basis or a local restaurant where the meals for students are offered at discounted rates.
If you are planning to join a gym, the colleges usually have a gym facility that you can take the benefit of or join a local gym where students are given priority discounts.
Exploring and Entertainment:
Let us not forget that ultimately to take the benefit of studying abroad, one needs to enjoy and take part in leisure activities. Travelling in a different country and exploring its culture adds to the studying abroad experience. And sometimes you may also plan weekend getaways as well.
For this purpose, it is better to keep aside some amount at the budgeting stage itself as it does not hamper your studies later.
We understand that budgeting is not an easy task and taking an expert opinion is advisable based on the college and country that you want to go to for your studies along with different experiences that you want to be a part of while you are there. If you want detailed information on how to manage Study Abroad Budget do visit the skylark overseas education consultant.