The prospect of studying abroad can be both exciting and terrifying simultaneously. Moving to a new country, with a new culture, and possibly even learning a new language can be an overwhelming concept for many students. Along with the huge lifestyle change, paying the bills is often the most pressing problem in the UK. While considering the cost of living abroad, the location, groceries, transport, food, tuition and accommodation are some of the main expenses that you might incur and can differ vastly. For example, the cost of student accommodation in London could cost you more than student housing in other cities. Hence as a university student, you will eventually devise many novel and innovative ways to finance your studies abroad based on the expenses that you come across daily. Nonetheless, this blog will walk you through the most common ways used by students to cover up such expenses and finance their study abroad trip more effectively.
Effective Ways To Finance Your Study Abroad Journey
Scholarships can be an excellent method to support tuition and living expenses while studying abroad. There are numerous opportunities available for students with good academic credentials, from low-income families or working in a specialised field (depending on the university, country and course.) If you want to study in the United Kingdom, the vast majority of scholarships are for postgraduate rather than undergraduate programmes. You can look into some of the scholarships that are offered to you through the numerous scholarship platforms based on your eligibility.
Loans are frequently the financial sacrifice that students need to make to continue their education at the university level. Banks and other financial organisations expect you to repay the money, often with interest and within a set time frame. Student loans for studying abroad are widely used and popular all around the world. Bank loans are more commonly utilised by students to pay for their education abroad, however, some countries provide financial incentives to attract international students. Brazil, for example, provides free higher education to international students who register directly with them and demonstrate an adequate understanding of the Portuguese language. Similarly, Iceland, Greece, the UK and France have options of free public tuition (with only minor registration fees) for all students, including international students at their public universities.
This may sound simple, but while organising your studies abroad, it’s easy to forget that it’s frequently possible to work at least part-time while attending university. Visa regulations differ by country, however, most international students with a student residency visa are permitted to work. It is advisable to combine work with another source of support because, while a part-time job may assist pay some of your living expenses, it will not cover your tuition. With the UK work visa, it is now simpler for overseas students to obtain a part-time job in the UK. A student can work up to 20 hours per week at the degree level if they hold a full-term visa while studying in the country. Part-time work in industries such as marketing, accounting, healthcare and education is the most famous work choice among students in the UK.
Studying abroad in partnership with a university in your home country can be the most cost-effective method to gain relevant international study experience. Exchange programmes are diversified and well-funded, which means that they frequently provide the opportunity to spend time abroad. However, they differ based on where you live and the connections between your university and overseas universities. ERASMUS is Europe’s most well-known international exchange cooperation for students, covering the majority of EU countries and their higher education institutions.
You can even fund your study in the UK through research assistantships. This type of student finance is for students pursuing higher education in the form of a PhD degree or any other related PG degree in the UK. Students are usually compensated based on a fixed number of hours, a set salary or a fee waiver through scholarships.
Depending on your degree or specialisation, you may be able to obtain your costs sponsored by a corporation, firm or institution. These sponsorships are classified into three types:
- Corporate Sponsorships
Corporate sponsorship is when a firm with which you have a connection covers your expenses. For example, if you work for them and wish to continue working for them while studying or after graduation. This is highly dependent on the company and you need to contact them to find out if it is possible.
- Sponsored Degrees
Sponsored degrees are different, in this case, you do not need to have a relationship with the organisation. This type of sponsorship is typically utilised by businesses to attract talent to their workforce. Usually, in exchange for the corporation paying for your tuition fees, you promise to work for them once you graduate for a particular amount of time.
- Company Sponsorships
A company scholarship is a financial subsidy granted by a corporation in exchange for finishing a specific degree, usually with added job experience and mentoring.
As you can see there are many ways to finance your study abroad journey in the UK, whether your approach might cover your entire tuition fee or the cost of your student accommodation in Birmingham, you can always resort to different ways to fund your higher education. This lessens the burden of fulfilling all your financial needs at once and spreads them over a range of options that can use to support your future.