Learn How To Fund Your Education Abroad in 2020 – Complete Guide

how to fund your education abroad

Who doesn’t dream of studying abroad? 

We all do. And we do it with passion, dedication and devotion, yet we fail. But why do we fail? Its simple – the financial aids that we lack. And drop off the thoughts of going out, becoming something and contributing to the development of our nation. 

However, new techniques and possibilities do not ever end. Similarly, learning how to fund your education abroad is another way of giving your dreams a chance. If you choose to learn the possibilities, rather giving up, nobody can stop you from reaching the destination you set for yourself.

But then how? How do I fund my education abroad?

Well, what am I here for? Let me tell you how. 

Ever heard about government giving student awards? Obviously, all of us have. But how many do you know? Just a scholarship right? Well, there are many and that’s what I am here for- to help you fund your education abroad with top 6 ways.

Let’s see them in detail.

1. Student loans

A student loan is one of the types of loan to help students fund their education. This type of loan’s policy or rules and regulations differ from country to country. And basically, the rate of interest is indeed lower to support oneself.

What are the types of student loans?

There are in general three types of student loans – Federal loans, Private loans and Refinance loans. 

1. Federal Loans – Federal Loans are the government loans which are considered to be more flexible than other loans. It allows the student to borrow the loan directly from the government. 

In federal student loans, there are again certain types of loans – Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct Plus Loans which are based on its different policies as per the need of the student. 

2. Private Student Loans – Private student loans are provided by private lenders. These lenders can be a bank, an online lender, a national bank, etc. However, to apply for private student loans you will require a good credit score and income proof which can be accompanied by somebody who will be a joint member responsible for the repayment of the loan. 

On the other side, the private loans will help you fund your higher education expenses as such enrolled in post graduation or graduation program.

The types of private loan are as follow –

  • Bar Exam Loans
  • International Student Loans
  • Medical Student Loans
  • student Loans For Bad Credits
  • Student Loans without a Cosigner
  • State Loans
  • Credit Union Loans

3. Refinancing Student Loans – Students are allowed to refinance student loans after they have created a good payment history. In this type of loans, qualified student is allowed to take a new loan that pays off his existing educational loans and private lender schedules a new repayment and lower interest rate. 

2. Scholarship

A scholarship is an educational reward provided by institutes, government or organizations. The student is required to apply for the scholarship that suits his needs the best. However, for applying for the scholarship, the student is asked to write a scholarship essay according to the description mentioned by the scholarship provider. If the student stands perfect for the financial aids, he/she is rewarded with the scholarship.

The types of scholarship include –

1. Merit Scholarships – Merit scholarships are generally rewarded by schools and institutes based on your performances, skills, scores, etc. Nonetheless, they do not provide scholarships based on your financial need, but your grades.  

2. Private Scholarships – Private scholarships are provided by private sector like businesses, organizations, clubs or agencies to help you fund your education. Then it may be during college, graduation or post graduation program.

There are certain types of private scholarships –

  • Local scholarships – Available for high school students.
  • Regional scholarships available for specific city, country or state students.
  • National scholarships are available for public online. That means for every student in the country.
  • Workplace scholarships are provided to students whose parents work as employees. 

How to apply for scholarship?

  1. Do the research – Most important of all is to find the one that suits your requirement. No wonder there are many scholarships and different scholarship providers but finding the right one is quite time-consuming.
  2. Eligibility – If you find the one you are looking for or too many that suits your requirements, check whether you fit in their requirements or not. In other words, check if you are eligible for the particular scholarship
  3. Go through the description thoroughly for it will help you in putting out your words to providers.
  4. Write scholarship essay – Since you have gone through the description thoroughly, now you know what all is required to write a stand out scholarship essay
  5. If required, go through sample scholarship essays that you would find easily on internet. 
  6. Include all required, appropriate information, references, and authentic data
  7. Save a copy of it to use if for another scholarship form by reframing it according to the description
  8. Lastly, remember the last date to submit it to not miss on the opportunity. 

3. Student Grant

Student Grants are another way to fund your education abroad. Alike to scholarships, student grants are provided by federal government and state governments which doesn’t require a repayment. Basically, student grants are provided in accordance to financial needs or merit list. 

Here are the types of student grants –

  • Merit Student Grants are provided to students whose performance in the school matches the policy of the fund providers. In general, the merit students are provided student grants to fund their education.
  • Need based student grants are provided by the government to students who are not financially well to fund their education. 
  • Similarly, there are other grants for women, minorities, individuals, etc.

4. Support yourself

Support yourself generally means to earn for yourself. Since you have completed a bit of your education, you can look for a part-time work that would suit you the best and save the money you earn from it. Otherwise, you can do the work side by side and study as well to fund your education abroad. 

There are many types of work that can be done part-time if you invest time in doing the research for the place where you want to complete your education.

What are the type of works to support myself?

1. Freelancing – Freelancing is a process of working for individuals or companies on demand, without a permanent employment terms. It may include a duration for completion of work, but doesn’t guarantee a full time job. For example, a freelancing writer, freelancing artist, freelancing designer, etc

2. Internship – Internship is generally a process of learning by doing method. In this process, an individual works at a place or an organization under the supervision of an expert. He works as per the work assigned and gets paid accordingly, which continues for a period of two-three months at the most. 

3. Part-time jobs – Part-time jobs are another way to earn for your living and support yourself. For doing part-time jobs you can check on Google Maps, inquire in your surrounding, do the research on internet and find the one that suits you and your institute.

4. Earn online – This is the best times to include earning online. Social media is the hype in everybody’s life. Selling something online, making videos, creating graphics, writing contents will help you earn a good amount monthly, but will require too much consistency and hard work to get the results. 

5. Consider Family Support

Generally, when we look for ways to fund our education, is when we do not have enough financial aids or lack finance. In such times, we should consider closed family members who may help you fund your education and assure them on repaying the amount as soon as possible.

6. Sponsorship

Sponsorship is similar to asking for a family support. You can look for people and close friends or family who would like to sponsor your education abroad. You can also do research on institutes and organization that sponsor for student’s education. But that will be again in the form of scholarship, loans or grants. 

Lastly, education is the right way to build a career and to get the education, it’s equally important to give it some importance. We have covered the ways to help you fund your education abroad. It’s your duty now to do the remaining part and achieve all that you desire. Thank you.