When the time comes for your child to start college, it is essential to be prepared. Educating your child in an overseas university is a big financial decision. Apart from tuition, it involves significant expenditure for books, living expenses, and transportation. And so, it is always advisable to start early and save in the long-term to fund your child’s dream of studying overseas.
Our first thought is education loans whenever we think of funding college education. However, few people know that loans are not the only option. There are many ways to finance overseas education without saddling your children with education debt.
Here are seven ways to finance overseas education for your child –
- Scholarships –One of the most well-known routes to arrange funds for studying abroad is scholarships. However, a misconception is that only the most academically-gifted kids can avail scholarships. International schools offer scholarships for students gifted in sports and arts also. Scholarships usually call for a lot of paperwork, but it’s always worth the trouble. Spend time going through the fine print to find out which countries/universities can help you get the most out of your scholarship. Many countries offer free higher education to international students if you get in touch with the government and demonstrate fluency in the language of instruction.
- Loans – Perhaps the most apparent option is personal loans for education. Student loans get a kid through college, but they may pay off their student loans for many years after that. Explore your options for education loans thoroughly before choosing one financer. There are many different kinds of student loans but if you plan to apply to universities in Europe, take a look at the Erasmus+Masters loans scheme. In the United States, you can apply for Federal loans that offer many benefits to make it easier to repay the loans.
- Sponsorships – Sometimes, you may receive sponsorship from an organisation, community, or corporate to study a particular degree or specialisation. Most of these sponsorships come with terms and conditions, so students should be careful when using them. Suppose the applicant already works for a company that can use their expertise. In that case, they may also talk to them about the sponsorship.
- University Jobs – In many countries like the United States, UK, Australia, and Canada, allow people on a student visa to work part-time on the university campus. It could vary from school to school and from country to country. The UK also offers a post-study work visa for international students. Your ward could find an excellent job in the administration or research department of the university. They can work a limited number of hours there.
- Part-Time Work – Depending on the visa regulations of the country your ward is studying in, they can plan to join a part-time job in the vicinity of their university. Usually, part-time jobs are enough to fund living expenses but not much more. Combining your part-time job with some other type of funding may help you tide over any extra costs. Most students opt for waiting tables, working in supermarkets, coffee shops, and other small businesses near their university campus.
- Exchange Programs –Studying abroad with your university’s support back home is cost-effective to gain overseas education experience. It will fulfil your child’s ambition of studying abroad without draining your finances. Depending on your home country and their relations with foreign universities, you may find well-funded and valuable exchange programs in your university.
- Grants – Grants or gift aids are usually need-based scholarships conferred on deserving students from a low-income background. They are a type of financial aid that does not need to be paid back. Even though most grants are based on the student’s economic background, sometimes they also consider other factors such as physical disabilities, refugee status, etc.
Planning for your child’s education beforehand can help create a debt-free future for your children. Partner with an expert to avail of the most lucrative education financing options to enable your child to study abroad.
With the advent of the fintech industry, there are several options that can help with any additional expenses that you might have to bear – such as, tickets, unplanned bills, rent, online purchases and so on. Based on your situation and your eligibility, you might be able to get a quick online personal loan, loans for salaried, or even choose from various flexi personal loans available. It is a good idea to do your research and keep a list handy of such fintech lenders, so you can quickly avail of funds, if a situation arises.
Author Bio: Tanvi Kaushik specializes in Content Marketing and works with the Digital Team at KreditBee – India’s fastest personal loan platform where self-employed and salaried professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on personal finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn’t stop her from pursuing her hobbies of hiking, trekking and going on adventurous trips.
