Studying abroad is undeniably thebest experience for students to get accustomed to different cultures, lifestyles, and to traverse through new lands and topographies. With an eye on reaching the next level in their career, today anyone with enough financial support or access to abroad education loans can get the opportunity to go for higher studies from a university of their choice.
Managing finances abroad can be a tricky task. However, you can educate yourself about responsibly managing your money early. After all, you would never want to drown yourself in debt and repayment issues.
Let’s discuss some of the top tips to manage your money while studying abroad.
Start planning in advance
The first and foremost tip to save funds for abroad is to look for the lowest education loan interest rate. The way to do this is to choose a loan scheme with collateral if possible. Other than that you can make a budgetary analysis through various financial tools available online which will provide you a basic idea of the expenses to plan accordingly. Studying abroad also includes the currency and with fluctuating rates, it is smart to compare the different forex rates available in the market.
Spend less once you’re there
During the first month when you are there, experiment with your food, conveyance, and other services to get a clear idea of how much the cost is for every need of yours. After one month, create a tentative budget including a buffer for emergency cases. Re-evaluate and resize the budget for the month. You can try cooking on your own. It will be a healthier option which will also save your money and you will not miss the flavors of home a lot. Pick an accommodation that is near to your college. It will not only save your time but will also cut down your travel time. Lyft and Ubers are nice options but can be expensive. Switch to public transport and if your room is in the vicinity, try cycling or walking.
Open an account in a local bank
With every use of a debit or credit card, an exchange fee or an international convenience fee is charged. It is a smart option to open a bank account in a local branch using documents such as your passport, local proof of address, and enrolment verification letter.
Look to earn while you learn
Saving money from your living expenses can manage your finances to a certain limit. To amp-up your finance management to the next level, you can look for other ways of income. If you are skilled at something or have a hidden talent, you can use it to earn pocket money. Indian students usually prefer taking part-time jobs such as research assistantship or teaching to earn extra income. Check your visa regulations first and look for income sources accordingly.
Consider the long-term approach
In general, you get a window of 5-7 years to repay your education loan. However, a better way out is to start paying it early. Prepaying the interest amount while studying can save you a lot of money in terms of total repayment made after the completion of tenure. A way to do it is by saving a portion of your part-time earnings. In a matter of time, these savings will form a sum that you can use to prepay your loan.
An opportunity to pursue abroad studies should be a euphoric experience and must not let the financial strain ruin your journey. To save money on an abroad education loan, you can get in touch with GyanDhan. It is an education loan marketplace that provides free loan assistance and helps you get secured/unsecured abroad education loans at the best possible interest rates.
Thinking in terms of new currency can be hard in the beginning and thus, it is important for you to keep all the above-mentioned tips and tricks in mind to manage your finances in a practical way!
Guest Blog by GyanDhan
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Start by listing all of your income sources and all of your expenses. Then, prioritize your expenses and allocate funds accordingly. Make sure you include some room for unexpected expenses, too. Scholarships and grants are a great way to fund your study abroad program.
Start by listing all of your income sources and all of your expenses. Then, prioritize your expenses and allocate funds accordingly. Make sure you include some room for unexpected expenses, too. Scholarships and grants are a great way to fund your study abroad program.
Non-scholarship options may include a study abroad grant, which doesn't have to be paid back. Depending on the program, students might also qualify for some level of study abroad financial aid, which typically includes loans that accrue interest and require repayment.
Studying abroad can be a priceless experience, but it's not free. The average semester abroad costs between $7,000 and $15,000 in total, while a one-month summer program runs from $3,500 to $6,000, according to the University of Louisville.
A semester abroad through a third-party provider will cost between $15,000 and $22,000 depending on location. These programs usually include housing and sometimes meals. Study abroad can be cheaper if you enroll directly in a foreign university.
Nearly everyone who graduates without studying abroad regrets it. But the truth is, missing out on study abroad in the name of a tight budget is unnecessary. If you're already paying for college, study abroad is a chance to get more for your tuition. It can even offset your expenses depending on where you go.
Scholarships can be the best way for international students to fund their studies abroad. Possibly the most well-known scholarship is the highly competitive and merit-based Fulbright Foreign Student Program for graduate-level studies.
First and foremost, money management education can help students understand the value of money. Students who learn about budgeting, saving, and investing at a young age are more likely to make sound financial decisions in the future. This knowledge can help them avoid falling into debt or overspending.
To apply for financial aid, prospective international students may be required to fill out the International Student Financial Aid Application, or ISFAA, or the CSS Profile, which is used by private colleges. Some universities may also have their own forms.
Many college students and study abroad participants use financial aid to defray the overall expense. Some options include taking out loans, applying for scholarships and grants, enrolling in payment plans, and more. It all depends on which part of the program you need help paying for — so let's break down the cost.
Studying abroad is an excellent way to make your resume stand out. International education demonstrates to potential employers that you have confidence, worldly knowledge, and are up for new experiences. If you're interested in gaining real-world experience, check out our global internship programs.
One of the biggest study abroad benefits is gaining independence. Being away from your familiar support network, family, and friends back home encourages self-reliance and personal growth.
If you don't have any debt, and you feel comfortable taking on a little, it might be worthwhile to borrow for this potentially life-altering experience. If you're already deeply in debt for college expenses, it's probably best to make do with the funds you have.
The study abroad process will ideally start around one year before your student intends to start their program, however, it is always best for your student to speak with their academic advisor earlier rather than later.
Introduction: My name is Chrissy Homenick, I am a tender, funny, determined, tender, glorious, fancy, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
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