Studying abroad is a unique experience that can shape the future of an individual, both personally and professionally, in numerous ways. It allows an individual to immerse in a new culture, gain international education and build an exciting network. However, it’s no secret that this endeavour comes with a significant financial commitment.
The expenditures of overseas education, including tuition, living expenses, and travel, can be significant. It is precisely this cost component that often stops young students from following their ambition of studying abroad.
But with proper planning and funding, this ambition can become a reality. And with the support of the best study abroad counsellors, we are ready to help you traverse this complex but worthwhile process.
In this blog, we will learn how abroad consultancy can help you understand the important role of financial planning and scholarship to make your study abroad dream come true.
Financial Planning
Studying abroad comes with a hefty price tag but usually has a good return on your investment. Before you begin your journey of overseas education, it is crucial to do strong financial planning. To estimate the overall expenses, we can categorise them into three primary areas:
1. Tuition fees: Tuition fees hold a major portion of the expenses associated with studying abroad. However, these expenses can vary greatly depending on factors like destination, university or the city in which you wish to study. For instance, the United Kingdom and the United States have higher tuition fees, while Germany, Taiwan and many other places have lower tuition fees. Therefore, do thorough research and comparison of tuition fees and find the option that aligns with your budget.
2. Accommodation and other expenses: Moving to a different nation involves a lot of other expenses like accommodation, food, transportation and personal costs. The location majorly influences these expenses. Families and students must do financial planning, keeping these factors in mind to ensure a comfortable experience while studying abroad.
3. Miscellaneous: Apart from tuition, accommodation and living expenses, there are other things that one must take into account while planning for overseas education. These miscellaneous expenses include visa fees, flight tickets, health insurance, and study material, to list a few.
Scholarships
In India, some organisations and institutes offer financial aid and scholarships to help students pursue their higher education abroad. These awards are based on different factors, and it is crucial to do research and apply for these opportunities to minimise the financial burden.
1. Country-Specific Scholarships: Countries like the United States, Japan, India and Canada offer scholarships to their native students. Funding can be specific to countries, universities or category-specific.
2.University-specific scholarships: There are universities around the globe that offer scholarships to international undergraduates. You can reach out to an abroad consultancy to provide you with detailed scholarship information.
3.Merit-based scholarships: Based on academic excellence, universities offer scholarships to reward high-achieving students.
4.Government scholarships: Along with the Indian government, some foreign governments offer scholarships to Indian students.
5.Educational loan: Banks in India offer flexible repayment and competitive interest rates that make them a practical option for funding overseas education expenses.
Start your overseas education journey with MSM Unify, the ideal platform for all aspirants. From multiple financial options to scholarship options and accommodation assistance, it stands by the individual’s side to make their journey effortless and worthwhile.