Financing Your Education Abroad | What After College

Getting a Master’s degree or a normal UG degree from abroad may seem like a pipe dream for most of us Indians. Due to the enormous tuition fees, exceptionally high of cost of living in other countries and our poor financial value of the Indian rupee just adds more fuel to our inability to bear the expenditures.

Of course, if you are born with a silver spoon in your mouth then it’s a completely different story altogether. But for those of you who aren’t born with any silver spoons, you still have a lot of hope, I mean a lot!

First things first, you must have the will, determination, knowledge, and eligibility to study in a foreign university. I mean obviously, you need to have good a GPA score and clear all the entrance exams.

Once you are done with your exams, which stream to choose, which college to opt for and in which in the country you need to get your Master’s, it’s time for financing your education.

There are quite a few methods to get financing but the most effective and stress free way would be getting a scholarship. In the USA more than 46 billion dollars are paid towards scholarships, while in Europe it’s 13 billion dollars every year, and that’s not even half of the world’s scholarships available. Getting a scholarship is not an easy task either, in fact, you must excel in something to get a scholarship.

Types of scholarships include:

Merit-based scholarship

Merit-based scholarship

The title speaks for itself. If you are good academically then you will get this type of scholarship for sure.This type of scholarships are given by private colleges in most countries.

It is also so possible to get a sports-based scholarship which is also merit but in sports and granted you must play the game representing the college that offered you the scholarship. These can also be offered by some other organizations. Mostly, these type of scholarships will cover your tuition fees and in some cases your cost of living as well depending on the country and college.

Need-based scholarships or grants

Need-based scholarships or grants

Leaving the merit part aside these are scholarships that are usually offered for the people who are desperate for scholarships based on their financial situation,race, country, merit etc.; it’s not specific but only limited to some sets of people.

Grants are money donated or gifted to a person or a group of people. Since they are free, there is no need for paying them back, neither will they expect a repayment.

Student Loans

Loans are not free but will help you to get that college degree, much like any other loans. Student loans are one of the best ways to finance your education. Of course, you have to pay the loan with interest which is usually low for students and a time period of 5-10 years or more will be given.

If you are looking for a student loan it’s better to get a loan from government banks since they have very low interest rates.

You can also get a loan in the country that you are planning to study in, with a parent or a guardian or a professor’s co-signature.

Part-time jobs

Part-time jobs

These are mandatory in some countries. For example, if you started studying in the USA you need to do a part-time job to earn some money so you won’t get bankrupt from your expenditure for your expenses.

Apart from that, if you work in some kind of a job or even an internship that which will give you stipends, that will be of much use since you will be gaining work experience which is also a prerequisite for most of the job interviews and you will also have some money to use for your  personal purposes.If you made a large sum of money then you may only need 50% of the original loan which increases your chances of getting a loan and with lower interest rates.

Same goes for the prize money that you may have won in some competition or other which will definitely decrease your financing burden.

In conclusion, there are a lot of ways to get financing for your studies abroad with a much greater chance than you ever imagined, but it all boils down to your determination and skills. Because even if we’re able to get the money it’s impossible to clear your debt if you are not able to get a degree.