Planning to study abroad? Here, are 5 ways to finance your studies

Have you always dreamt of studying abroad? Thought of all the ways possible to fund your education? It’s okay if you haven’t, we’ve got you covered on that! Globalization has now made it possible for almost every student’s desire to pursue higher education abroad to come true. No child should give up on their dreams because of the fees required to study overseas because funding won’t be a barrier anymore. Continue reading this if you really want to pursue your higher education abroad and want to know how you will fund it.

5 brilliant ways to finance your studies abroad

Firstly, whilst studying abroad there are a lot of expenses you need to take care of. Expenses like accommodation, food, tuition fees, conveyance, etc., are some of the basic expenses that need to be funded. When you consider living alone at a younger age, you’ve got to manage several expenses on your own and be doubly sure of the mediums of payment and the modes you’re using to transact. Every student aspiring to study abroad must have to evaluate all options available to fund his education in the most secure, inexpensive and convenient way.

Here are 5 ways to finance your studies overseas.

1.   Scholarships and grants

●        University Scholarships: Numerous universities allow international students to apply for their courses. They also provide scholarships to students who desire to study at their university. Almost every program held in foreign universities provides financial aid through study abroad scholarships. To acquire the financial benefit, students need to submit some of the required documents mentioned on the website. University fees generally include stationery, accommodation expenditure, and tuition fees.

●        Government Scholarships: Students studying overseas are offered Indian government scholarships every year. Scholarly students can apply for this program on the official website which is easily available online. The Indian government funds cover almost all the expenditure of the trip needed for studying abroad. 

●        Other Scholarships: You can find various resources to fund your study abroad. There are private institutes that are known to give financial assistance to students. You can find them in countries like the United Kingdom, United States of America, Australia, Germany, etc.

2.   Loans

●        Student loan: A student loan is probably the most reliable way of funding your study overseas. Many banks and financial institutions offer student loans that cover chief expenses. The bank offers to grant about 90% of the expenses. A student loan also has a comparatively low-interest rate which is great for the candidates. To get a study loan abroad, there are a few documents students need to submit:

●        Identity Proof

●        Academic Proof

●        Address Proof

There are also a variety of educational loans available from with assets to without assets that can aid a student’s study abroad dream.

●        Personal Loan: Few courses are not eligible for educational loans, students can opt for a personal loan. Personal loans are only for individuals who earn, hence to apply for this type of loan you must be earning or approach a guardian. These loans comparatively have a higher interest rate.

3.   Crowdfunding

Crowdfunding refers to raising money for a particular objective. There are crowdfunding portals available online which help students to collect funds for their study overseas. You can spread awareness through registering on educational portals and share the word on social media. Your family and friends are the major potential sources for crowding. Popular Hollywood celebrities like Eden DeGeneres, Beyoncé, Nicki Minaj, Jay Z, etc. are some of the popular donors of crowdfunding.

4.   Sponsorship

Sponsorship is another option that can be considered. It may or may not benefit you completely but will help you to an extent. There are some websites and agencies online that give scholarships to study overseas. The sponsors generally assist students with their tuition fees. Sponsorship is a great source that can help to fund your studies. They can also give you a copy of proof of funds on the basis of which you can also secure a study loan.

5.   Savings

Savings are the most favourable type of funds to study abroad. If you have a steady income you are most appropriate for this option. You can also apply for schemes in banks that guarantee to help you save. Savings can also teach you about cost management. Many Indian banks have schemes that motivate individuals to set a goal and help them reach their goals.

Many courses abroad also require you to have a certain number of years of work experience, there are a fair number of students who opt to fund their own fees through their savings.

How can WSFx help you while studying abroad?

While you may secure the funds to study abroad, it is also important to take note that you send this money overseas from India at the most cost-effective mechanism, securely and on time.

Whether it is the payment of international university fees, or transferring money abroad to fund a loved one’s living expenses, WSFx is well-equipped to handle these outward remittances from India in a jiffy.

WSFx comes with 30+ years of handling international student transfers across the country to the world with its strategic network of branches pan India and digital solutions that aid the transfer money abroad from India in close to real-time. 

WSFx also has a series of other student-friendly solutions like the WSFx Smart Currency Card-best forex card in India, customized travel insurance and also lends competitive priced foreign currency notes to students.

With WSFx one, can also avail a complimentary ISIC card that is known to be every international student’s saving card for all things, travel, accommodation and general expenses.

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