International students look forward to studying in highly developed countries and world-renowned universities. You might be one of them. But heading straight for dream without planning can cost you more than imagine. This is where the need for proper management of funds comes in. Let’s first analyse the cost of education for overseas education.
The average cost of study in Australia is between AUD 24000 and AUD 36000 per annum and USD 15,000 to USD 55,000 per annum in universities of the USA. In Canada, it is between CAD 14,000 and CAD 26,000 per year for under-graduate or post-graduate courses. Talking about the living expenses, house rent in the USA can cost you USD 700 to USD 3500 per month whereas the annual living expenditure in Australia is AUD 21,041. Certainly, students need funding options for overseas education to arrange such enormous finance. What are these funding options and how can you manage them while studying abroad? Let’s go through it in brief.
Scholarships
Several scholarships are granted every year to meritorious and needy students. A few scholarships are given based on nationality and academic excellence, also. A student can apply for one or multiple scholarships, if allowed, abiding by certain eligibility criteria.
Scholarships that you can aim for the academic year 2020 while enrolling to Australian universities are Monash International Merit Scholarship, Curtin International Scholarships, Macquarie University India Scholarship, etc.
A few foreign universities offering scholarships particularly those in USA are Oregon University Scholarships, Amherst College Scholarships, UC Global Scholarship, etc. The programmes offering scholarships to meritorious non-US students are Tunisia Undergraduate Scholarship Program, Study of the U.S. Institutes, Global Undergraduate Exchange Program (Global UGRAD) and few more for under-graduates.
Fulbright Foreign Student Program and Fulbright Visiting Scholar Program offer a maximum of one-year scholarship to international students for research and post-graduation degree. The scholarship may cover full tuition cost or a part of it.
You can earn through part-time jobs and internships during summer simultaneously with your studies. With this, you can pay off your wee expenses and learn to be responsible as well. Another funding option is education loan.
Education Loan
Indian nationalised and private banks and non-banking financial companies provide a handsome amount of education loan to high-calibre eligible students. For overseas education, a maximum of INR 2 Cr. is sanctioned by the nationalised bank for an entire period of degree programme. Imagine, if you have been given an amount of 40 lakhs, given a choice, would you spend it responsibly or irresponsibly?
- Prepare a cost sheet or Statement of Expenses with the help of an education loan advisor. It helps you to break-up the total estimated expense into tuition fees, living expense, health insurance, laptop, visa fees and airfare.
- Check whether the bank is offering concession on rate of interest or not. A few banks do offer a concession to girl child and students enrolled in one of the listed premier education institutions abroad.
- Also, a student can choose an auto-debit option to avoid delayed EMI payment. If you forget to pay the EMI within the stipulated period, it continues to accrue over time and is added to the principal loan amount. An overdue in EMI for more than 90 days is considered as default.
Hope you got an overview of how effectively money management can be done while studying overseas. For more information on popular scholarships to study overseas and procedure involved in education loan, you can reach out to studies abroad consultants and loan advisors.
