Are you planning to study abroad? Then you’ll know that you should handle your finances well to get that international degree.
Below are some effective ways you can finance your plan of chasing your degree abroad.
These are awarded to select individuals depending on eligibility criteria such as their academic performance, affiliations, and talents. Merit-based scholarships can be granted by:
- the government
- local businesses
- professional organization
Accommodation, travel, and health insurance can be covered depending on the type of scholarship. Others even include a living allowance in addition to tuition coverage. However, if you have a lack of money for your living expenses, you can apply to online lending systems such as those of Payday Depot.
The following are the usual criteria:
- Academic excellence
- Suitable age
- The degree you’re getting
- Educational qualification required by the institution
- Language capability
Sports scholarships usually require you to be a member of the university team that represents the school. Other times, it can be offered by organizations or local committees.
These scholarships depend on a specific ethnic background or affiliation of the individual’s family. They are given to benefit the marginalized such as that of gender or ethnic minorities.
Grants, Gift Aids, Bursaries, or Need-Based Scholarships
Gift aids are called so because they are the type of scholarship that doesn’t require anything in return. Individuals who received grants don’t need to pay or give anything back to the grantor.
Compared to the previous financial aid types, grants are not based on merits but usually depend on an individual’s financial situation, mental or physical disabilities. Grants hope to assist those living with disadvantages in achieving a fairer playing field.
On the other end of the spectrum are student loans – those that need to be repaid at a particular time and have an interest rate. These types of loans can be granted by the government and normally count up to rather big sums. Yet student loans from the government tend to be more forgiving since the rates are lower, and you can repay them within a longer timeframe.
When you choose to get a loan from a bank, you can choose whether to get it from your country of origin or in the country where you plan to study. You can have a co-signer – such as your parents or your legal guardian when you get a loan since you’re a student and you’re not expected to have a credit history. Loans can be based on credit score or financial need.
Rewards and Prizes
When you excel in your studies or a specific examination, some organizations and educational institutions can give you rewards that often come in the form of money. You can use this prize money to finance your study abroad.
What’s the Best Way to Finance Your International Degree?
Among the ways listed, you can either choose the one that fits your situation best or combine several funding sources. No matter what you decide to pick, keep in mind that an international degree is an investment into your bright future.