How-to-manage-your-finances-if-you-are-planning-to-study-abroad

How-to-manage-your-finances-if-you-are-planning-to-study-abroad

 

Don’t rush to get into the university once you’ve passed the exam for admission to a foreign university. Take some time to reconsider everything before leaping. Because you are new to the area and most of your relatives and friends do not live there, even universities give you ample time to contemplate and engage yourself in detailed planning for finances. The college fee and related expenditures are covered by the education loan, but there are other charges such as food, lodging, travel, etc. Many students are not aware of the costs of studying abroad and wind up incurring unneeded expenses. Let’s look at managing finances if you are thinking of studying abroad

 

Scholarship

A scholarship for studying abroad can be applied as scholarships are provided for Indian students who want to study in another country. It is a stipend paid by a university or a trustee to pay tuition, housing, and other expenses. You are not required to repay the university or the trustee once you have completed the course. A student must be an Indian national, have passed board exams or be a graduate of a recognized Indian university, and have received at least 60% in the academic examination to be eligible for the award. The scholarship is open to students in their final year or awaiting results.

 

You should conduct some preliminary research on several colleges in your study abroad location by visiting university websites and attempting to learn more about the scholarships available. Also, make sure you’re eligible for any scholarships. If that’s the case, don’t hesitate to apply for scholarships ranging from a thousand dollars to full tuition waivers. Even if you only get a few dollars, it would help you to save money on schooling abroad.

 

Have adequate foreign currency in advance

The acquisition of foreign currency in India is also something to consider. For immediate and lesser expenses like meals, travel, and so on, one should carry a suitable amount of currency in cash. Authorized foreign exchange dealers can be found online, and some may provide discounts or cashback. You’ll save money this way. Buying cash in India is preferable to exchanging it at airports or banks in other countries. Exchange rates are greater when done in a foreign country. 

Account in the local bank

Students should open a bank account once they have settled in. If your education lasts a year or longer, getting a bank account should be your primary priority. One should conduct a thorough study before choosing a bank with which to create an account. You might be lucky and come upon a branch of an Indian bank while travelling. You will be able to manage your funds more easily as a result of this.

Insurance Policy

Some foreign universities have essentially made insurance coverage a requirement for international students. Before travelling overseas for study, financial experts advise purchasing a medical insurance policy. It is common knowledge that medical costs in other nations are extremely excessive. However, you must select the appropriate insurance coverage for yourself. Student travel insurance covers the loss of bags, passports, and other important documents in addition to accidents and medical situations. It should be mentioned that Indian insurance companies charge lesser premiums than foreign insurers. 

Education loans

Once you have got an offer letter from the institution, you can go to the banks and inquire about school loans with lower interest rates. This is a better method to spend money on education than investing our parents’ resources because loan repayment constantly encourages and pushes us to get the most out of our education abroad while also reminding us of our responsibilities. It also instils in us the consciousness of being in charge of our own lives and becoming self-sufficient. Free aid with course/university selection, scholarships, visa and financial assistance, and education loan for overseas study is provided by the Abroad consultancy in Delhi or any other consultancy that you want to choose.

Help from Government 

You can look into the federal and state government’s programs for funding international education. For example, the Indian government offers study abroad scholarships on its own and in conjunction with various international organizations and universities. Also, see whether your state government offers a program to subsidize international education. For example, in India, the states of Telangana and Andhra Pradesh each provide funds of around ten lakh rupees per student per year to those students who want to go for abroad education for a certain group.

Part-Time Jobs

Though part-time work may appear challenging and hard at first, it can help you save up to half of your study abroad costs if you have the patience to do it. You must be cost-conscious. You must be not only frugal but also aware of the need to conserve money in order to prevent unnecessary spending and focus on your studies.

Proper Planning

From the start, you must conduct considerable research for precise and reliable information on everything from funding arrangements to living and study expenditures while overseas. There are numerous options for arranging finances through banking institutions and planning your stay there, including help from friends, websites, or consultancy. You can speak with any study abroad advisor because it will be beneficial to speak with a study abroad advisor or consultants at your home institution. They will be able to help you and guide you thoroughly by narrowing down program choices by evaluating your best academic, cultural, and financial fit based on your personal preferences.

Make a monthly budget

Last but not least, make and stick on the budget. When planning weekend excursions, creating a budget is necessary because those details how much you’ll spend on food, souvenirs, travel, and housing each week.

 

Conclusion

As you have read the above-mentioned points, that will help you in saving as well as help you to control your finances while studying abroad. For some students, we can perhaps say that staying abroad will be costly; however, if you will plan everything in advance with a rational mind, then you will be able to live there not only for studying but also to enjoy your college days. Good luck with your future, and don’t forget to use these tips for your fabulous career.   

 

Author Bio 

How-to-manage-your-finances-if-you-are-planning-to-study-abroad Abhyank Srinet is a passionate digital entrepreneur who holds a Masters in Management degree from ESCP Europe. He started his first company while he was still studying at ESCP, and managed to scale it up by 400% in just 2 years. 

Being a B-School Alumni, he recognized the need for a one-stop solution for B-School to get in touch with schools and get their application queries resolved. This prompted him to create MiM-Essay, a one-of-a-kind portal with cutting-edge profile evaluation and school selection algorithms, along with several avenues to stay informed about the latest B-School Updates.

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