Money is a big issue when you want to study abroad…

Thursday - May 16, 2013

So far, we have been introducing to you many Business Schools and Universities offering high standard academic programs …

But unfortunately, receiving such a high class education is not exactly the cheapest thing to do. We all know that.

And let’s not forget about all the expenses for travelling, renting a flat and of course visiting all the new and exciting places you will want to visit in your new country where you will study.

We do not want you to end up begging for money on the street, so we have collected some ideas which will help you to finance your education. Most students know about the traditional financing options such as scholarships, grants and loans, but how, where and why do you get them?

Find out: Scholarships

Poor student, Scholarship

Scholarships are a great resource that a lot of students neglect simply out of laziness. While you may be overwhelmed at the thought of more applications, you should absolutely take the time to scour scholarships. A standard Internet search can yield a lot of results, and speaking with an advisor at your school’s abroad office is important too. Talking to an advisor ensures you getting the information you need from a reliable source.

Advisers may also refer you to smaller scholarships that may not offer as much money but are much less competitive, thereby upping your shot for earning more money. In some cases, universities award scholarships to students just by writing a genuine essay on why studying abroad is important and what you hope to accomplish in a semester abroad.

Financial Aid

Then there’s the option of financial aid, but be careful because each university is different. Semesters abroad are becoming more and more popular for students, and now many schools offer students their existing campus-based financial aid package for their study abroad program. This means, the deal you worked out with your financial aid office at home remains relevant for your study abroad experience.

If your school doesn’t have that policy, your best bet is to be proactive and go to your financial aid office. Ask them if there is anything you can do and how you can apply for any special aid packages that might be available. You may end up lucky, you may not. The only way to be sure is to ask and work with the financial powers that be to get more money.

Loans

And lastly, loans can also be a viable option. However, any time you consider loans, be cautious about it. Remember, the difference between financial aid, and scholarships and loans is that you will have to pay back every dollar of your student loans after you graduate.

For the most part, getting a government loan mid-year, after you are awarded your financial aid package, is near impossible. Of course, it never hurts to double-check and see if there are any Stafford or Perkins options, but it is very slim. Depending on your credit or the credit of your co-signer, you can always look into a private (bank) loan. However, bank loans come with the unfortunate slap of high interest rates, but many students turn to private loans when they need money and accept the fact that it comes with an added cost.

Doing your homework and researching the right bank for you can shave off some of those high interest rates. But fair warning, those rates will generally be the same across all institutions because of the Federal Reserve and the current state of the economy setting the borrowing standard.

As you can see, you have different options to consider, but we highly recommend you to get very well informed before going abroad. Not only about how to finance your studies, but also about choosing the University or Business School that most meets your expectations. Still don’t know where to study? Have a look at our upcoming webinars, hopefully you find exactly what you have been searching for!

Source: studyabroad