Studying abroad isn’t just for those with big budgets. While it might seem unattainable if you can’t currently afford it, there are plenty of options to help you make your study abroad dreams a reality.
Thousands of students use Studee to find, apply, and enroll at universities that fit their budget. Many universities around the world are eager to welcome students from diverse backgrounds and offer financial aid to help break down the barriers to international education.
In this guide, we’ll break down the various ways you can fund your studies as an international student. We’ll cover financial aid options such as loans, grants, scholarships, bursaries, work placements, and discount schemes to help you find your best route to studying abroad.
Student loans
Many universities require international students to cover the cost of studying their chosen program. However, tuition fees can be one of the most expensive parts of studying abroad.
Countries like the USA, UK, Australia, New Zealand, Canada, and Hong Kong may be some of the most prestigious places to attend university, but they also charge some of the highest tuition fees of anywhere in the world. For example, in Australia, an undergraduate degree could cost international students up to $40,000 AUD, a doctorate degree up to $42,000 AUD, and a postgraduate degree up to $52,000 AUD on average each year. On the other hand, countries like Germany, Austria, and Norway are more financially accessible as they allow students to study there at a low cost.
In locations that do charge tuition fees, student loans are often available to make this cost more affordable, but this process can be complicated for international students. Before you apply for a student loan, be aware of the following:
Although many governments offer student loans, these are mostly only available to citizens and long-term residents, meaning that most international students can only apply for a loan through a dedicated lender, bank, or loan company. You could also be able to receive a government loan from your home country to study abroad, or financial aid from the university that you apply to. Make sure to thoroughly research your options to make an informed decision before committing to a student loan.
How much you can borrow will depend on a number of factors, including the cost of your program, the country you are studying in, who you are borrowing money from, and your average household income. Your university may have resources available to help you calculate how much you are eligible to borrow.
In countries like the USA, most international students will need a co-signer in order to apply for a student loan. Your co-signer must be a citizen or resident of the country you want to study in, must have a good credit score, and will be legally required to repay your loan if you fail to pay yourself.
When you pay for tuition through a student loan, you are borrowing money. This means you will be expected to pay this money back after graduation. How, when, and how much you repay will depend on who you borrowed from, what the conditions of your loan are, and how much income you earn. You could be required to pay back your loan immediately after you complete your studies, or have the option to gradually repay your loan in installments.
A student loan is a significant financial commitment and there is a lot to consider before you take this step to fund your studies abroad. Resources such as government websites, your university’s financial department, and student financial advisors can all help you to navigate your options and make an informed choice based on your budget.
Grants, bursaries, and scholarships
International students can receive financial support for their studies through grants, bursaries, and scholarships. Most of these don’t have to be paid back afterwards – as long as you meet the criteria, the money is yours!
It’s important to understand the difference between each so that you know which you may be eligible for and what works best for your financial situation.
Grants: These are offered to students by governments, charities and trusts all around the world to provide financial support based on specific circumstances. Some notable examples include disability grants, childcare grants, carer grants, housing grants, and cost of living grants.
Bursaries: These are offered to students from low income households with distinct personal circumstances such as students living with a disability, carers, single parents, or based on your region and country. Bursaries are offered directly by universities and colleges as a one-off payment to aid with living expenses and other education-related costs.
Scholarships: These are usually awarded based on excellence in certain areas such as academics, sports, arts, or music. They may be made available to you by your university, school, college, employer, or through a foundation. Scholarships can cover or reduce costs such as tuition fees and living expenses and are paid in one-off, termly, or annual payments.
Before you apply for a grant, scholarship or bursary, make sure to research who is providing the funding, how much you could expect to receive, and how you will receive it. Also make note of what criteria you need to meet to be eligible, what the application process looks like, and when the deadline is to apply.
Sponsorships
International students can be sponsored to study at university by a company, employer, government body, charity, non-profit organization, or individual. It is up to your sponsor as to how much money they choose to contribute, but in the majority of cases, sponsorships will cover most or all of your university fees.
In order for a student to be sponsored to study abroad, an agreement is reached between the student, the sponsor, and the university to ensure that everyone understands the terms of the sponsorship, how much funding will be available, how long the student will be funded for, and what the conditions of the sponsorship are.
Sponsored students can be required to fulfill certain responsibilities, such as achieving a minimum average grade, completing a work placement or internship during your program, or committing to work or volunteer after graduation. Make sure you know exactly what may be required of you and get written permission from all relevant parties before you fund your studies abroad through a sponsorship.
Travel discounts
International travel isn’t always cheap, but it is a necessary part of studying abroad. To help fund your journeys between home and campus, see if your university has any travel packages or initiatives in place.
Some universities have partnerships with airlines to provide discounted or free flight tickets for international students. This can often also cover any connecting transport such as buses, coaches, and taxis taken between the airport and your university.
Airlines sometimes offer frequent flier programs so that students who fly regularly with them can save money on fares and receive perks such as additional baggage allowances, seat upgrades, and discounts on in-flight dining.
Before you pack your bags and begin your study abroad journey, get in contact with your university or airline to find out what resources are available to help you save on traveling abroad.
Work-study programs
Work-study programs let students work part-time while studying at university. This allows you to earn money during your time at university and gain valuable work experience, which can help you find job opportunities after graduation.
Bear in mind that you’ll need to prove that you have adequate funds to cover your first year of tuition and living costs during your university and visa applications, so don’t rely on a part-time job to completely cover your expenses.
Universities often offer on-campus jobs for students, helping them gain valuable work skills, earn money, and become more integrated into the campus community. Local businesses may partner with the university or actively seek student workers, providing opportunities to learn new skills and possibly start a career in that field after graduation.
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