Do you want to study abroad but don’t know how? Have you considered what it will cost and if you can afford it? Many students are not aware that the opportunity of studying overseas is open to them. It is an excellent opportunity to retrieve a high-quality education and see the world at the same time.
You just need to do your research and find out where the best place would be for you. We have listed some helpful tips on how to study abroad on a budget so that this experience doesn’t break your bank account!
1. Selecting A Payment Scheme
Tuition can seem like an overwhelming expense, especially for those who are just starting out. There are many payment options to choose from and they all work differently! You could spread the cost over time with interest rates attached or make one large down payment so you don’t have any payments due until after school starts, or you can choose ‘after-payment,’ where you can collect some money while you are studying abroad, and cover the debt afterward.
Whichever is best suited to your needs will depend entirely on what’s right at this moment for YOU as a student–and maybe even more importantly: how much money has been set aside already towards college expenses?!
2. Consider Miscellaneous Expenses
When it comes to studying abroad, there are many ways you can save money. But even with all of these savings measures in place and careful budgeting at every step along the way – Miscellany expenses may come up which were unforeseen before departure or while researching your desired destination location.
Textbooks, notepads, sports clothes, psychology writing services to help with homework and other necessities for the study process should be listed in your budget in advance.
3. Reach For Financial Aid
Financial obstacles are not an easy thing to overcome, but the government and various organizations have come up with ways for you. Programs like USAID’s Educational Opportunity Program (EOP) or other similar programs can help fund your studies abroad experience while providing funding if needed.
The United States Agency For International Development offers federal grants that provide financial assistance in order to cover educational costs overseas as well as transportation fees incurred by academically qualified applicants who will be studying at post-secondary institutions outside their country of origin.
4. Discover The Cost Of Living
Living somewhere where the cost of living is lower can help you save money. If your favorite place to live costs quite a bit more than what’s affordable, consider going abroad and studying in another country with cheaper housing expenses or even Asia which offers educational opportunities as well! Research different locations so that you know which ones make sense for both budgeting needs along with those who might want an advanced education.
5. Get Health Insurance
It’s true that health insurance may seem like an unnecessary expense for some people, but it could be their lucky ticket to financial stability. In countries such as Canada and the UK where medical costs can add up quickly if you need treatment or something goes wrong while studying abroad- having this type of coverage is more beneficial than not having any at all!
6. Adjust Your Lifestyle For Studying Abroad
It doesn’t mean you have to spend a fortune on entertainment and various daily whims. On the contrary, aim for an affordable lifestyle while still getting what matters most in your life quality time with family or friends; cooking at home will save money by cutting out unnecessary restaurant bills as well as improve health through healthier food choices!
Commute by bike, you will save money and keep fit easily. Spend free time on outdoor activities, you will save money and add to your health by having fun with your friends. If you really wish it, you will manage to live a bright life on a tight budget with no hurdles.
7. Check Out Bank Details
No matter what business you have with your bank, you’d better check out all the details prior to making any decision. A credit card will be your safety ring while you are abroad but care to check out the terms of giving the money back. Besides, if you need some money to be transferred from your parents, review the commissions you will pay to receive the funds.
Mind that ATM operations will also charge you for withdrawing funds. So, no matter what transactions you are to process with, remember that you are in a foreign country and the policies and fees may differ from the ones you are used to. The best option is to get an international bank card and make all operations through it.
8. Benefit From Student Discounts
The more you use your student status, the easier it is for spending money. The benefits of being a college student can extend from discounts on museum admission and flight deals all the way to free breakfasts at university canteens! Take advantage while these opportunities last because they won’t be around forever.
You will be surprised how much you can get for peanuts or completely of no charge. If you are not sure whether you have a right to a certain discount, approach your program coordinator for clarifications.
9. Manage Your Budget
Even if you won the grant to pay for tuition, have a free room at your disposal, and use discounts on meals or transport costs; it is important that students still manage their personal budgets properly. Students should track all expenses in order to establish how much they need each month while also planning ahead with pre-determined amounts allocated towards various expense categories such as food/transport etcetera.
This way you will avoid financial difficulties and may even save some costs for extra fun. Studying abroad on a tight budget is possible, but it’s wise to plan ahead so that all your needs are met without any hiccups along the way! Your only task now becomes research – do thorough research into where exactly would be best suitable for you.