After deciding to study abroad, you should check all the available funding options and pick the one that matches your needs and goals. These could range from low tuition colleges, scholarships, grants and many more.
Even if you benefit from low tuition fees or don’t have to pay for tuition at all, you need all the financial support you can get to pay for your monthly living costs and other expenses.
Here are options to finance your studies abroad in 2022;
Student loans for studying abroad are funds that you have to pay back. They function like any other loan, with a few differences. You can get a student loan from the government or a private bank; it can be a bank from your home country or a foreign bank, in the country you wish to pursue your studies.
Co-signing (along with parents or legal tutor) is very common for private student loans since most teenagers don’t have the credit history to get a loan of such a size.
However, student loans that you can get from the government tend to be more favorable, as the rates are usually lower.
Need based scholarships and grants
Basically, they are a type of financial aid that doesn’t have to be repaid. Most specific scholarships are given to students with a certain ethnic background or family affiliation. These scholarships are designed to benefit gender or ethnic minorities. For this reason, you will find a number of scholarships specifically dedicated to African-Americans, Asian-Americans or Hispanics.
Merit-based scholarships (fellowships)
The merit-based scholarships are awarded based on a number of criteria including academics, achievements, hobbies, talents, affiliations with various groups or career aspirations. These scholarships can be offered by the federal and state government, large corporations, local businesses, professional organizations or universities.
some of the scholarships cover the following:
monthly living allowance
economy class return airfare to and from the intended country of study
additional grants and allowances to cover essential expenses
Work and Study
There are many flexible ways to earn extra cash while you’re studying abroad. Working while learning is an easy and quick way to fund your tuition abroad and also help avoid debt from loans. Although the laws in many countries prevent foreign students from finding full-time employment on a student visa, but allows them to seek part-time jobs, this will be a great opportunity to freelance and find multiple remote jobs.
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