Alternative Ways to Finance Overseas Education

For some individuals, overseas education can be thrilling, and for others, it is a dream that has turned into a nightmare. Speaking of nightmares, that is tuition fees, accommodation, and living expenses once you are abroad. However, with appropriate planning and information from various funding sources, your dream of studying abroad is bound to come true. Here, we will talk of alternative ways to fund overseas education without applying only for educational loans!

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6 Best Ways to Finance Overseas Education

We have curated a list of alternative ways to finance your study abroad dreams. Let's have a look at that.

1. Look for Scholarships and Grants

The best way to fund overseas education is to study abroad with scholarships. Almost every foreign University tends to offer scholarships, support systems, or grants to students in need. Example: Chevening scholarship program- Completely finance studying at any university in the UK (UK fully funded scholarship) for an eligible master's degree.

So, check out the available options and call for assistance related to study abroad scholarships or grants.

Read Also: Scholarships and Financial Aid for International Students

2. Work Part-Time During Work-Study Programs

Proven alternative ways to finance overseas education without relying on education loans, such as working part-time during studies abroad. There are different work-study programs in universities abroad for part-time jobs to help students financially study abroad. The program gives part-time, paid on-campus employment to those qualifying undergraduate and postgraduate students of the campus.

For those interested in work-study programs, finding an internship or on-campus job that corresponds to your enrolled area of study is the way to go.

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3. Start Saving Money and Spend Accordingly

Next, preferably, should have an investment such as any FD or personal savings, and do not use them by any means unless it is an emergency. This would take the form of figuring out how to save these for your tuition fees. Next, you will need to assess some kind of investment or savings to know how much amount you can spend against your tuition fees. This is one of the best ways to fund overseas education without relying much on education loans.

You can also go for potential return on investment (ROI) and liquidation of assets as well.

See also: 9 common myths about student loans

4. Research Destinations with Lower Tuition Fees

If you are aspiring to study abroad, then the best way to fund your study abroad dreams is to look out for foreign universities with lower tuition fees like universities in Spain, Germany, etc. Find universities with lower tuition costs, countries/areas with affordable housing options abroad, and career opportunities are diverse.

University databases and more should be scouted to understand the potential costs of destination vis-a-vis obtaining the degree of choice. Moreover, contacting any international student or education consultant can help you frame an estimated budget for different study destinations.

Read this also: How to Choose the Right Study Abroad Destinations for International Students?

5. Seek Employer Sponsorship or Tuitions Fee Reimbursement

If you are seeking international education, then one of the best ways to fund your overseas education is by looking out for tuition fee reimbursement. You are readied for all students in employment who are currently in jobs abroad. Ask your employer about the sponsorship schemes and fees paid at the University for their further education towards getting a degree from a foreign university.

To do otherwise, create the correct communication with your company's HR so he or she will understand the policies regarding employer education sponsorship or reimbursement.

6. Seek Financial Assistance from Your Home Country

If all else fails, there is still one more alternative left for you to fund overseas education: engage with your country's local communities, religious groups, or organizations to request their financial aid in your study abroad journey.

Network and talk to people; share your story with them in the hope of getting some form of financial help or sponsorship to shed light on your journey abroad.

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Conclusion

Nothing is impossible if you're on the right path along with the support you have on a journey in the world. Keep dreaming big and count on experts to assist you, as there will be invariably a smooth path to this beautiful journey.

Reach out to SIEC for Application inquiries and assistance.

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