5 Ways to Finance Your Studies Abroad

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5 Ways to Finance Your Studies Abroad

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Are you wondering how to fund your studies abroad? Scholarships are usually the most common form of financial aid. However, even with your tuition fees covered, other associated costs like monthly living expenses can still be a financial challenge.

Choosing how you fund your education abroad is a pivotal decision that shapes your lifelong finances. To help you make an informed choice, in this blog, we have compiled the most practical ways to finance your studies abroad.

Let us explore these options and see how you can benefit from them –

Scholarships

Scholarships are recognized as the most widely acknowledged means of financial support for students. Their popularity lies in offering a cost-free educational journey, alleviating the burden of tuition, books, transportation,  and other associated costs with studying abroad. Below, we have compiled a comprehensive list of scholarships available for international students, for a smoother application process –

Australia

Here is a list of fully funded scholarships in Australia for international undergraduate students:

  • Australia Awards

  • Deakin Vice-Chancellor’s International Scholarship

  • Monash International Leadership Scholarship

  • UTS Vice-Chancellor’s International Undergraduate Scholarship

Canada

Some popular scholarships in Canada for international students are:

  • Brock University Scholars Award

  • Ontario Tech University International Entrance Scholarships

  • North Island College Financial Awards

  • Georgian College Entrance Awards

  • Thompson Rivers University Scholarships

  • Vancouver International University Worldwide Entrance Award

  • University Canada West Entrance Scholarships

  • Lakehead University International Undergraduate Entrance Scholarship

  • Partnership Grants by the Social Sciences and Humanities Research Council of Canada

UK

Some of the top scholarships in the UK for international students have been listed below:

  • Chevening Scholarships

  • Commonwealth Scholarships

  • DMU International Scholarship 2022-2023 (De Montfort University)

  • Chancellor’s Global Academic Merit Scholarship 2022-2023 (University of Portsmouth)

  • International Scholarships Award (University of Greenwich)

USA

List of popular scholarships in the USA for international students:

  • Fulbright Foreign Student Program

  • Rotary Peace Fellowships

  • The Hubert H. Humphrey Fellowship Program

  • Ritchie-Jennings Memorial Scholarship Program

Malaysia

Discover the scholarships available for international students in Malaysia:

  • Malaysian International Scholarship (MIS)

  • Malaysian Technical Cooperation Program (MTCP)

  • Khazanah Global Scholarship Programme

  • Shell Malaysia Scholarship Programme

Malaysia

Research and University Selection (4-6 Months Before)

  • Begin researching Malaysian universities offering undergraduate programs.

  • Identify courses and institutions aligning with your academic goals and preferences.

Application Submission and Document Preparation (2-4 Months Before)

  • Complete and submit online applications directly to the chosen universities.

  • Prepare necessary documents, including academic transcripts, letters of recommendation, and a personal statement.

Visa Application and Pre-departure Planning (1-2 Months Before)

  • Upon receiving admission offers, initiate the student visa application process.

  • Plan for accommodation, ensure financial readiness, and gather information about living in Malaysia.

Student Loans

Student loans for international studies are a way of financing your education, requiring repayment i.e. similar to standard loans. These loans can be obtained from either government or private banking institutions, either domestic or foreign. However, government-backed loans often offer more favorable terms with lower interest rates.

Notably, if the loan is used for tuition fees, repayment typically commences once your studies conclude and the borrower reaches a specified income level, referred to as the ‘repayment threshold.’ This approach provides flexibility to students, aligning repayments with their post-graduation financial stability.

Part-Time Employment

Embarking on part-time work as an international student demands meeting a plethora of visa regulations, which further differ from country to country. It is really important to take note of these specific restrictions. Below is a compiled list of the updated visa regulations in place, across popular study destinations for international students, working part-time abroad:

Australia

As of July 1, 2023, student visa holders in Australia are limited to working 48 hours every fortnight during their course sessions. This equates to approximately three days of work per week.

Some popular part-time job opportunities in Australia include:

  • Tutoring

  • Tourism and Hospitality Industry

  • Retail Industry

  • Regional Australia (DAMA program)

Canada

International students with a valid study permit in Canada are typically allowed to work part-time during their studies. The standard work limit is 20 hours per week during regular academic sessions. However, during scheduled breaks, such as winter or summer holidays, students are usually allowed to work full-time.

Some popular options for international students include:

  • Retail Positions (Sales, Customer Service, Cashier Roles)

  • Tourism and Hospitality

  • Tutoring

  • Co-op Programs

UK

The standard part-time work restriction for international students on a Student Visa (Tier 4) in the UK is 20 hours per week during term time and full-time during vacation periods.

Some popular part-time jobs for international students include:

  • Tutoring

  • Tourism & Hospitality Industry

  • Retail Industry

USA

International students in the USA on an F-1 visa are generally allowed to work part-time on campus for up to 20 hours per week during the academic year. However, during school breaks, students can often work full-time (up to 40 hours per week) on campus.

Some popular on-campus part-time work opportunities include:

  • Teaching Assistant (TA)

  • Research Assistant (RA)

  • Tutoring

  • Freelancing

  • Internships

Malaysia

The permission for international students to engage in part-time work for up to 20 hours per week in Malaysia is only applicable to master’s students. This allowance is only applicable during semester breaks or holidays lasting seven days or more, as sanctioned by the Malaysian Immigration Department.

List of popular part-time jobs for international students in Malaysia

  • Restaurants (Waitstaff, Kitchen assistants)

  • Mini Markets or Convenience Stores (Cashiers, Shelf stockers)

  • Petrol Pumps (Customer service roles, Fuel station operations)

While this is a great source of financing your studies, it is crucial to remember that part-time employment only supports a fragment of the finances (mostly living expenses) required for studying abroad.

Sponsorship

Securing sponsorships is a viable avenue for financing your studies abroad, especially if your field aligns with corporate interests. Corporate sponsorship entails a connection with a company, often one you may be employed by, supporting your fees.

Another option is a sponsored degree, where companies sponsor your education to attract talent to their workforce. This form does not require a pre-existing connection. Additionally, company scholarships are available, offering financial support tied to completing specific degrees, often coupled with valuable work experience and mentoring.

Exploring these sponsorship options can be a strategic way to offset the costs of studying abroad.

Personal Savings

Relying on personal savings emerges as a highly promising means to fund your studies abroad, especially if you have a stable income. Success hinges on setting realistic goals and adopting direct methods. Before embarking on this financial journey, consult with the University’s financial aid department to understand education costs and living expenses, facilitating the creation of practical budgets for your studies.

Given the substantial costs of studying abroad, initiating savings well in advance is crucial. Exploring bank-sponsored initiatives designed to assist with savings proves beneficial, offering not only a financial strategy but also a valuable learning experience in budgeting.

To Summarize

In short, studying abroad unfolds an exciting chapter in your life that comes with its shared set of responsibilities as well. Financing your education overseas is a major financial decision that impacts your finances for life. However, it does not have to be such a difficult decision that takes away the excitement of your dream.

The five funding options outlined in this article are certainly worth exploring. While we recommend you explore them, you can definitely make the process a lot easier by seeking help from our education consultants, here at PFEC Global. So, begin your journey now. Explore courses, apply to universities, secure financial aid, and get ready for this unique opportunity that comes once in a lifetime! Please reach out to us at 096 09 800 300 (Dhanmondi), 096 09 800 700 (Banani), 096 09 800 400 (Chittagong), every Saturday to Thursday from 9:30 AM to 5:30 PM, for more details.

Frequently Asked Questions

Why is budgeting important for students?

Answer: Budgeting is crucial for students because it helps set both academic and financial goals by providing a roadmap for managing and tracking expenses.

How to get a student loan in Bangladesh?

Answer: To get a student loan in Bangladesh, you will need to provide salary certificates and other required documents.

Which is the cheapest country to study for Bangladeshi students?

Answer: Malaysia is the most affordable option for Bangladeshi students, offering low-cost higher education for bachelor’s, master’s, or Ph.D. programs.

Can you pay your tuition fees with a part-time job in the USA?

Answer: Yes, many students in the USA work part-time jobs to cover expenses like – a portion of their tuition fees or extra income for personal needs.

What is the best time to apply for study abroad?

Answer: The best time to apply is from August to December, the preceding year when universities accept applications.

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