How to fund overseas education: Are you qualified enough to get admission to one of the best universities abroad, but lack of sufficient funds is what is stopping you from moving with your dreams of studying abroad? Well, this is the case with most meritorious students who come from ordinary family backgrounds. The problem is genuine but all thanks to universities, banks, financial institutions, and individual fundraisers who offer a helping hand to students to raise funds for higher studies.
Raising funds for higher education abroad has always been a major concern for most students studying abroad. The problem however has become even more challenging after the outbreak of the coronavirus pandemic. Even those students who were easily capable of handling the financial expenses to study abroad faced a lot of problems to raise funds due to additional personal expenses like treatment of Covid-19 disease or other expenses. In such a case, the funds' providers come into the picture. This article is for students who wish to know how to raise funds for higher education abroad.
The study abroad can be very costly and one needs to prepare ahead of time with financial backup. Our experts are here to guide you with various ways to collect funds be it in form of loans, scholarships, or aids.
Get Free Expert Guidance on Scholarships to Study Abroad!
Most universities abroad offer academic scholarships to meritorious students from a foreign country. They understand the potential of students and know why offering scholarships to them can be beneficial not only for the student but also for the university and society in the future. So, whenever you apply to universities abroad, be sure to check the list of scholarships offered by the university and apply. University scholarship is the best way to raise funds for scholarships as it covers partial or full tuition fees.
Some scholarships are also available for current students at the university based on their performance in the semester exam. Hence, funds can also be raised after getting enrolled at the university.
Loans from Banks and NBFCs
Education loans from banks and NBFCs are considered the primary source to raise funds for higher education abroad. Education loans facilities for higher education abroad are available in almost all public and private sector banks. Registered Non-Banking Financial Companies (NBFC) also offer a wide range of education loans for higher education across the globe.
Want to learn how to apply for an education loan at banks or NBFC? Check out the list of documents required for education loan to study abroad.
Alumni Network for Financial Help
The alumni network of most universities across the globe is doing a great job by offering financial support to students who need it. They have turned into a boon for many students, especially after the outbreak of the Covid-19 pandemic. Approaching the alumni network for financial help is always a good idea, as you can find many successful people who have graduated from university and wish to study. They connect easily with students and are often ready to help deserving candidates to study at a college where they have graduated.
Look for Payment in Instalment
Usually, universities require students to pay full tuition fees for a year. However, things have changed in the past two years and universities are considering instalment payments. You can look for an instalment payment option so that there is no burden to make all the payments in one go. In case, there is an instalment payment option in the beginning. You can always connect with the concerned person of the university and request payment in instalments. In most cases, the request is accepted with certain terms and conditions. The instalment has become common in most universities after the outbreak of the coronavirus pandemic, looking at the needs and requirements of students.
Apply for Part-time Job
Students who are in their mid-studies at a university abroad can apply for a part-time job in the country. Most countries allow international students to do part-time jobs while studying at university. The duration and rules for part-time jobs may vary depending on the rules defined by the country. Obviously, things have changed and you need to find the most suitable and convenient job. Part-time jobs are the best options to manage expenses and raise funds while studying abroad.
You can check the links given below to know more about part-time for international students abroad:
How to Arrange Money in an Emergency?
While we have mentioned the different ways you can arrange money before travelling to another country for higher studies, we all know that emergencies call for immediate availability of funds. As students, it is inevitable that our bank balances will be on the smaller side, however, there are certain methods for our parents or guardians to transfer money. For those looking to transfer funds into their account from another in an emergency, listed below are some of the ways we can do so.
Credit Cards: If you have access to one, credit cards are an option that you can look to immediate use funds to take care of your emergencies. However, it should be noted that excessive surcharges and currency conversion fees will most likely be applied to every transaction you make with your credit card. Therefore, we recommend keeping credit cards as a last resort, reserved only for emergencies.
Wire Transfers: Another option you can choose if you need funds on a deadline is using wire transfer services. In most cases, you should receive your funds within two days of initiating the transfer. However, the process from any notable wire transfer services will be a lengthy and tasking process. Your parents would have to provide information regarding the reasons for the transfer, details of the beneficiary and more. Additionally, other documentation such as PAN card, passport, and address proof must also be submitted, however, all of the processes can be completed online.
ATMs: If you have a debit card that is powered by either Mastercard or Visa, you should be able to withdraw money from international ATMs. However, charges on overseas usage on debit cards will also be applicable, which includes a 3.5% cross-currency markup over and above the 3% ATM withdrawal fee.
Forex Cards: The most optimal and pocket-friendly option for international students in need of emergency funds are forex cards. Forex cards help save a lot of money when it comes to transferring money from one account to another. Additionally, all processes can be completed online.
Bank-to-Bank Transfer: The most traditional of all methods, bank-to-bank transfers should be the last option for you. Bank-to-bank transfers usually come with the worst exchange rates added to high transfer charges. Moreover, bank-to-bank transfers can sometimes take up to a week to finally reach your account. Bank-to-bank transfers would work best if your parents’ banks are offering some kind of special offer.
In other words, if you are looking for emergency funds, your best option is to apply for a Forex Card, which can be renewed on need bases. For those who are preparing or planning to study abroad, we recommend finding out everything about the financial aspects of funding your studies abroad.
To receive the best guidance on everything related to studying abroad, you can reach out to our study abroad counsellors and raise all your queries at firstname.lastname@example.org.
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