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‘Studying overseas’ is as exciting as it sounds. There are many challenges that come your way. One of the major stumbling blocks that students come across are finances. But don’t let these hurdles stop you from chasing your dreams. There are ways to tackle these issues. Hence, it is essential to have alternatives for your funding.
1. Financial Challenges Faced By International Students
Stepping out of your comfort zone evolves you exceptionally. It allows you to travel, get top-notch education and be the best version of yourself. However, undeniably, there is an outstretched list of obstacles faced by foreign students. Below listed are some of the financial burdens that candidates face:
* Rising Tuition Fees
We live in a global era where there are endless options to pick from. The vast variety of choices have increased enrollment and, hence, the fee. Along with this, there are other factors also that contribute to the increasing cost of education, such as new and improved infrastructure and unique teaching styles.
* Increasing Living Expenses
Going abroad is one thing, but sustaining a living in a new country is another. You spend more in another country than in your own. When you are in a far land, everything adds up. Be it groceries, rent, transport or other utilities. The bottom line is that living abroad is expensive, but it is manageable.
* Constant Currency Fluctuations
One of the immediate and direct effects of currency rate fluctuations impacts students. Changes in exchange rates result in increased tuition fee and living expenses. Many students rely on student loans. These fluctuations would result in increased interest rates. The candidates will need to spend more to cover the figures.
2. How the Aspirant Can Overcome These Financial Challenges
Although monetary stressors seem impossible to cover, but there are ways to minimise them. Students can explore options like grants and scholarships, part-time jobs and loans to alleviate financial burdens. Other than these, they can:
* Track Budget and Finances
The first task for study abroad students is to track all the expenses. Apart from that, plan a budget keeping in mind the expenditure and finally spend accordingly.
* Avail Scholarships and Grants
Various universities offer scholarships and grants that students can avail and ease their worries about finances. With scholarships, students can decrease their dependence on loans. Instead the resources could be used in other utilities.
* Explore Part-Time Work Opportunities
The extra income that you get from working part-time could help you cover the living expenses. Besides, managing work with studies could be a great experience. It will teach students valuable skills like time management and, in turn, make them responsible.
* Crowdfunding and Sponsorship
Crowdfunding is raising money from investors. Some might need repayment, and others could be donations. A sponsorship is when an organization pays for tuition fees for a student. Both of these are a great source of funding.
* Grab Education Loans
You may take loans to cover your expenses. Short-term loans can be paid without stressing your financial budget. These have low interest rates and especially designed for educational purposes. The flexible repayment options makes it easy to be paid.
* Enrol in Exchange Programs
Enrolling in exchange programs allows students to experience another country’s culture while remaining in the original course. It allows the students to pay their tuition fees in their home town. This way the student will only have to manage the living expenses.
Conclusion
To be frank, there will be hurdles in your journey, but there are solutions to cope with these issues as well. Hence, it is vital to know about these fundamental problems. This will help you plan your alternatives, and you will have nothing to worry about during your study abroad journey.
