Funding Your Higher Education – Know Your Options
Higher education is no longer a privilege reserved for the elite; it has become the standard. Having an international degree, on the other hand, will put you ahead of the competition. The costs of studying abroad may be a barrier to earning an international Bachelor’s degree. Don’t worry; we’ll show you a variety of options for funding your study.
Scholarships are the most popular type of student funding as they don’t require to be paid back and are earned by the student. Applying to institutions where you have unique features that they desire is a money-saving technique that does not necessitate deferring education. For example, you may have an ethnic background that a school seeks, a compelling intellectual background, or you may participate in a sport or play a musical instrument that distinguishes you. There are so many different types of scholarships available that we can safely state that there is one for everyone. Some of the types of scholarships available are:
- Merit-based scholarships
- Sports scholarships
- Targeted scholarships
- International and independent organisations scholarships (also known as fellowships)
- Student Loans
If you seek financial aid from banks or other financial institutions, you will be required to repay it within 30 years of graduation. However, be aware that these loans have interest rates, which means you will have to repay more money than the cost of your courses. The best student loans are those provided by government agencies, as they have flat or low interest rates and are easiest to repay.
Some companies offer private loans and some companies offer international student loans, so it’s important to do your research and see which company and loan would be best suited for your needs.
- Student Grants
Student grants (or bursaries) are similar to scholarships, however they are solely awarded based on financial need. You are not required to repay them, but you must meet certain financial requirements, such as having very limited or no sources of income. Federal subsidies are frequently granted to students who select four-year study at universities, community colleges, or vocational schools in the United States. To be eligible for a grant, you must have financial need, be a U.S. citizen or eligible non-citizen, be enrolled in an eligible degree or certificate program at your college or career school, and more.
While you’re going to school, you can look for employment to help fund your education. You can always take a job while studying abroad if you run out of other possibilities for paying for your studies. The majority of international students having a student residence visa are allowed to work part-time.
This will allow you to attend the majority of your classes while also helping to defray some of the costs of living overseas. This, however, will not be sufficient to cover tuition or all living expenses.
- Student Prizes
Student prizes are exactly what they sound like: a sum of money that, while not formally supporting your studies, can be regarded as a type of financial aid. Student prizes are one-time incentives that can range in value from a few hundred dollars to thousands of dollars. Prizes for students can be awarded in the following ways:
- for academic achievements
- to reward performance in undergraduate examinations
- awarded based on the results of coursework and public examinations
- for the best paper in a wide range of subject areas
Funding your education shouldn’t be hard, so use these tips to make the experience and transition a smooth one.