How To Plan Your Finances Studying Abroad?


Pushpinder Bhatia
Alumni Said Business School, University of Oxford, UK

How To Plan Your Finances Studying Abroad?

There is nothing as hard as getting out of your comfort zone; more than being in a foreign place with strangers and language and gestures that mean close to nothing to you. So all of a sudden, simply getting through these days becomes the ultimate boot camp of accommodation. Abroad consultancy in Delhi helps you through all.

In order to successfully maneuver in this foreign place, you must use internal knowledge while incorporating the new matter around you and push yourself to really assimilate into the culture and make these foreign grounds making familiar. Working or studying abroad will both challenge you and strengthen your interpersonal skills. Students often cite how the experience has led to building intellectual, cultural, and personal development. Learning this adaptability factor from Study abroad consultants in Delhi will allow you to grow in your personal and professional endeavors.

Education from an international university is more valuable than from any other university. But for that value, you have to pay some cost both in terms of hard work and money. For the very first to take admission in this university you have to clear certain exams and once you are selected then you have to pay some money as tuition fee. But this fee is not as ordinary as your school or college fee. To pay that either you have to split it with your parents or there are several other ways by which you can pay that amount:

1. Job: It is the first thing that comes in the mind of every graduate who is willing to study abroad but due to some financial issue is facing a certain problem. Also, it is a good option but not that easy as one thinks because no one will pay you enough that you‘ll be able to pay the fee. Of course, you cannot just save 20%  and get going but a great proportion. There are many companies offering jobs to young graduates - all you have to do is search thoroughly and select the one that suits you the best. Studying overseas not only allows you to improve your employability, or increase your job prospects abroad but also helps you to have personal growth.

2. Scholarship: If you are thinking that if you‘ll be awarded by some scholarship then you‘ll study at free of cost, however, this is not true. You will have to pay but a very less amount in comparison to others. But there are many terms and condition included in scholarship, so it is better to check carefully and then select the right scholarship for you. Most of the specific scholarships are given to students with a particular ethnic background or family affiliations. These type of scholarships are made to benefit both gender or ethnic minorities. For this reason, you will find a number of such scholarships specifically dedicated to Asian-Americans,  African-Americans,  or Hispanics. 

3. Students loan: There are many students who clear exam but have not secured much higher ranks that can make them eligible for scholarships. In case one is unable to arrange it, there is nothing to worry much about as there are many government and private agencies offering students loan to such talented students at a very low-interest rate. For those who are willing to take admission but are unable to arrange money, they can apply for such loans. Also, they are very much secure and safe.

If you have taken out a student loan for tuition fees, then you don't have to repay the loan until after you have finished your studies and you are earning over a certain level of income, known as 'repayment threshold'. Study overseas consultants helps you to understand better about major information necessary and allow you to develop a greater focus on career prospects allowing them to take risk and challenging situations.

4. Tax benefits: If you are earning in your college and you had filled W-2 Form then you can expect to get a decent size tax return halfway through your study abroad semester. Choose to study abroad in spring and enjoy a nice influx of cash when you get your tax return around April. 

5. Cheap living style: We all know for college students enjoying with friends, parties matter a lot but when it comes to studying abroad you will have to sacrifice many things. This is the only thing that will help you to save a huge amount, giving you temporary sadness but permanent relief. The biggest advice one can take in is for paying to study abroad on your own is to start planning before, where before means a year in advance at least, or possibly more.
Knowledge is power and you need to know exactly what is expected of you financially when the time comes to start paying the fees. The worst feeling would be getting all amped to study abroad and then you have to withdraw because you were not prepared financially.

If you are ready and have come down to the final decision of studying abroad, there’s no turning back then. Take the big decision and hop on for a leap. If you are still confused and need to know about study overseas Australia/USA/Canada, don’t worry – Map My Study has got you covered! With Map my Study, you can unravel the opportunity and boost career prospects with wider options. What are you waiting for? Cover all your doubts and get all the answers from Map my Study for any queries on studying abroad USA/Australia/Canada.

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