The idea of studying abroad can simultaneously be very exciting and very nerve-racking. Many people find the prospect of moving to a new country, experiencing a new culture, and possibly even learning a new language to be overwhelming; however, paying the bills can often be their primary concern. Students spend an average of USD99,000 to pay for their university education, taking into account living costs, textbooks, and tuition. Only 23% of parents have a strategy for education or investments, despite the fact that 73% of parents say they will contribute. The best way to pay for an education is to start early and save for the future, but not everyone can do this.
Many students have devised novel and creative ways to pay for their overseas education, some of which are more practical than others. Nevertheless, there are numerous choices accessible.
Scholarships-
The highly competitive and merit-based Fulbright Foreign Student Program for graduate studies may be the most well-known scholarship. But there are many more, so you don't have to be the best student or the best athlete in your class. The criteria for a scholarship can be based on merit or on needs. It could also be related to your major, your nationality, or even your gender. Do you doubt it? Look up "weird scholarships" on Google to see how your interest in a plant-based diet or working underwater could help you pay for school. Scholarships do necessitate a great deal of paperwork, which frequently discourages applicants. But the effort is well worth it. You can apply for as many scholarships as you want, and they can be a great way to pay for school.
Similar to scholarships, grants and bursaries are considered "gift aid" and do not require repayment-
Students must apply very early because these are frequently offered on a first-come, first-served basis. Grants and bursaries, on the other hand, are typically needs-based forms of financial aid, in contrast to scholarships, which typically come from a variety of organizations or individuals and are typically merit-based. Check with the school's financial aid office to see if you qualify.
No matter how much you save, start saving early for bigger rewards-
Start saving and planning as soon as possible. There are numerous considerations here. How much will you contribute to your child's education? Are you also saving money for your future? A mortgage or even your own student loan debt could be among your other financial objectives and responsibilities.
Talking to a financial advisor can help you figure out how much money you need to save and how to reach your goals. Keep in mind that it's nice to be able to help your child avoid a huge student loan debt, but not if doing so requires you to spend your retirement savings.
Most interest-free loans are paid off over about five years-
To be eligible for a loan with no interest, students typically do not need to meet the usual credit requirements. Applications can be serious, notwithstanding, and in view of need. If a loan with no interest seems too good to be true, read the fine print carefully. Before the student even graduates, you may be required to begin repaying this loan by some lenders.
To gain some more knowledge regarding HOW TO FUND YOUR OVERSEAS EDUCATION you may read
TOP 5 WAYS TO FINANCE YOUR STUDIES ABROAD IN 2023.
Education Loan Abroad :- Don’t let your financial situation come in the way of your education goals and building a secure future to study abroad.
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