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How to Afford Studying Abroad in 2023: Tips and Strategies for Indian Students

07 Aug 2023


Studying abroad can be an exciting and enriching experience for Indian students, but it can also be expensive simultaneously. So, if you have the opportunity to do so, you should. Studying abroad can truly change your life. The fact is that studying abroad has a tonne of amazing benefits, from helping you find a job that suits you to boosting your social life, earning potential, and the ability to make an online money transfer to India.

However, let's start with the basics regarding your plan to pursue an international education: a study abroad application requires a lot of preparation. What is the best time to study in a foreign county? Are you able to afford it? How do you apply, and which nation should you choose?

These questions can have a variety of answers. Additionally, there are particular financial considerations for Indian students who travel abroad for their academic studies. Create the best money-saving strategy possible to manage the costs of your studies as effectively as possible. 

Setting up a budget, following it, and matching spending to priorities is crucial. Indian students can manage their finances while studying abroad by keeping thorough spending records. Here are some advice and tactics for Indian students.
 

Tips & Strategies for Overseas Indian Students to Afford Studying Abroad

 

Scholarships

Scholarships are often an excellent source of funding for tuition and living costs while studying abroad. Excellent academic credentials, coming from a low-income background, or working in a specialised field can open up a wealth of opportunities, depending on the university, the country, and the course.

If you're considering studying in the UK, most scholarships are for postgraduate programmes rather than undergraduate ones. However, funding for undergraduate and graduate programmes is abundant in nations like the US and Germany. You can look into some of the scholarships that are available to you on various websites.

Working Part-Time

Even though it may seem obvious, it's simple to forget that you can usually work at least a part-time job while you are attending university in the rush of organising your studies abroad. Depending on the nation, there may be different visa requirements, but most international students with a student residence permit are able to find employment. 

Working part-time may help with some living expenses, but it won't be enough to pay your tuition, so it's best to combine work with another source of funding. Check your visa carefully to see exactly what kind of work you are permitted to do. You can start a career and send money to India online wherever you study.

Loans

To ensure that they can continue their education to the university level, Indian students frequently have to make financial sacrifices like taking out loans. Bank loans and other financial assistance require you to repay the money, frequently with interest and within a set timeframe. Globally, student loans for international study are both common and well-liked.

Although some nations provide financial incentives to lure international students, students use bank loans more frequently to finance their studies abroad. If you register directly with them and can show that you have a sufficient command of Portuguese, countries like Brazil will provide free higher education to international students.

Similarly, public universities in Iceland, Greece, and France provide all students, including those from abroad, with free public tuition (less a few relatively small registration fees).

Search For Distance Learning Programmes

You can search for distance education programmes abroad if getting an international education is more important to you than getting the experience of studying abroad. Some universities also offer online courses with only a few weeks of on-campus instruction. You will get the best of both worlds as a result. Make inquiries about these programmes and determine whether they meet your needs.

Exchange programmes

The most affordable method of obtaining the worthwhile experience of international study may be to study abroad in conjunction with a university back home. The variety and financial stability of exchange programmes frequently mean that they present the chance to travel. They differ according to where you live and the connections between your home university and other universities worldwide.

The most well-known international exchange programme for students in Europe, ERASMUS, includes most of the higher education institutions in the EU's member states and the EU's member countries. But for semesters or years abroad, US colleges frequently have great connections abroad. 

Fortunately, many states permit Indian students to work part-time while in school and provide excellent educational systems that enable them to support their families through money transfers to India.

Choose Locations With Affordable Costs Of Living

Both the destination and the location within the nation impact the overall costs. The cost of living is low, for instance, in Greece. London is significantly more expensive than other UK cities, which should be noted if you plan to study there. You must decide where to study to save money while attending a top-notch university.

Create a plan right away. Less money shouldn't impede you if you have what it takes to earn an international degree. Your goal will undoubtedly be attained if you start with small steps.

Sponsorships

Depending on your degree or area of specialisation, it's occasionally possible to have a business, organisation, or institution pay your tuition. There are three varieties of these sponsorships:

Corporate Sponsorship

In this scenario, a business that you are familiar with pays your tuition. Perhaps you currently work there and would like to continue doing so during your studies or after graduation. You would need to contact the company to find out if it would be possible because it depends heavily on them.

Sponsored Degree 

You don't need to be connected to the company, which makes this slightly different. This kind of sponsorship is typically used by businesses to find top talent for their workforce. Typically, you consent to work for the company after graduation for a predetermined amount of time in exchange for them paying your university tuition fees.

Company Scholarship

This is a subsidy to your tuition offered by a company in exchange for you earning a specific degree, typically along with other work experience and mentoring. You can look for ways to find a job abroad

You are given a once-in-a-lifetime opportunity; your study abroad adventure does not end when you graduate from college. A job and a career will eventually come your way, and the chance to study abroad might be a once-in-a-lifetime experience. Benefit from travelling the world without commitments other than learning about and studying other cultures.

Bottom Line 

Make sure you thoroughly consider your options by finding out what kind of assistance is provided by regional government agencies and academic institutions in the country you want to visit. And select the top online money transfer company, such as ACE, to send money to India.

FAQs

What are the common expenses for studying abroad, and how can I budget for them?

The common expenses for studying abroad include tuition fees, living expenses, travel costs, health insurance, visa fees, and books and supplies. Budgeting for these expenses should involve researching the specific costs in your desired country, considering options like part-time work if permitted, and exploring scholarships and financial aid options. Utilising online budgeting tools specifically designed for international students can also be helpful in planning and tracking your expenses.

Are there any scholarships or financial aid options available for Indian students wanting to study abroad?

Yes, numerous scholarships and financial aid options are available for Indian students. They may be provided by the Indian government, foreign governments, universities, or private organisations. Examples include the Fulbright-Nehru Master's Fellowships, Commonwealth Scholarships, and university-specific scholarships. It's advisable to start researching and applying for these early, as competition can be fierce, and some have specific eligibility requirements.

Can I work part-time while studying abroad to support my expenses?

Working part-time during studies can be an option, but it highly depends on the country and the type of student visa you have. Many countries allow international students to work a certain number of hours per week, but there may be restrictions. It's vital to consult the embassy or consulate of the country you're planning to study in and understand the rules and regulations concerning part-time work on a student visa.

How can I manage my living expenses while studying abroad?

Managing living expenses can be achieved through careful planning and making wise choices. Some strategies include choosing affordable housing (such as university dorms or shared apartments), cooking at home instead of dining out, using student discounts, and utilising public transportation. It can also be beneficial to create and stick to a monthly budget to keep track of your spending.

What are the financial considerations for the visa application process?

The visa application process includes certain financial considerations such as visa application fees, proof of financial stability, and, sometimes, a mandatory medical insurance policy. Requirements can vary by country, so it's essential to consult the embassy or consulate for specific guidelines. Usually, you'll need to show proof that you have enough funds to cover tuition, living expenses, and return travel for the duration of your studies. Some countries may also require you to open a local bank account with a minimum balance.


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