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Financial planning

We cannot deny the fact that University education can be quite expensive. We have to look at the education cost itself, day- day living expenses and a host of other expenses. What if we tell you there’s a way to make it easier! Yes!! And that is to plan ahead. It’s important to plan early to limit financial strain. Not only can University education both Locally and Abroad be expensive, but it can also be difficult to estimate its cost accurately. However, here are few ways you can get financially prepared;

Expenses to consider include:
First off we would list some expenses that cannot be avoided :

Application fees and tuition and books
Passport, travels and visa-related costs
Medical fees
Insurance, including travel insurance
Accommodation
living expenses


You want to start by Creating a Budgeting Timeline. This way you are not hit with all the cost at once:

12 months before departure

  • Keep topping up your savings & apply for funds like scholarships and grants
  • Meet with a study abroad adviser. They help to come up with a comprehensive list of schools within your budget
  • 9 months before departure

  • Ensure your child’s chosen course of study and a university fits your budget.
  • 7 months before departure

  • Ensure all paperwork is in order and applications have been completed fully before submission.
  • Ensure your child has an updated passport.
  • 3 months before departure

  • When your child has secured an admission, start ticking things off your list, such as health and travel insurance, flights etc.
  • 1 month before departure

  • Ensure all payments and documents have been submitted.
  • Open a bank account for your child ahead of arrival and deposit some funds.
  • Consider forms of credit such as student credit cards.
  • 

    Upon Arrival
    Certain loans or scholarships will be available to international students once they are enrolled and on campus. Ensure your child searches for such opportunities. Some can even off set travel expenses and offer paid living expenses for a certain period of time.

    Did you find this article helpful?
    You can take advantage of this information and start your college admission process today with GECCA.

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