Desire to study abroad but confused as to how you will fund it? I know how you feel.
The idea of studying abroad can be extremely exciting and yet nerve-wracking because it tends to be expensive. From the tuition to flight tickets, on-ground transportation, housing, feeding and all other living expenses, the financial commitments add up very quickly and leave students who wish to study abroad feeling very stressed and frustrated.
Paying your bills is a huge and valid concern. Luckily, you don’t have to write off your dream. There are ways you can successfully raise the money you need and without much stress.
Here are 7 proven ways to do it, including those you hadn’t thought of yet.
1. Sell your stuff
If you look closely, you probably have a bunch of stuff in good condition you either don’t use or under-utilise. From clothing and gadgets to furniture and decor, you have things just sitting and taking up space in your home or office that you would be better off trading in for cash. Sell these items and use the proceeds to fund your study abroad.
You can take it a step further by selling your non-essential property if needed. Make the sacrifice and live lean in the time being. Most of these won’t be making the move with you anyway.
2. Get a part-time job or side hustle that helps fund your study abroad
You need every penny you can get and so scouting for work that can boost your income is in order. It can be dedicating some extra hours doing things in the field you are already in. Working overtime with pay. Engaging in remote gigs you can manage alongside your job. Working a business. So long as you don’t run yourself into the ground, boosting your income in all possible ways should be entertained.
3. Apply for scholarships
Many schools come with scholarship opportunities, especially at the post-graduate level, and people who have excelled academically or hail from a low-income background do apply and are successful. From the popular Chevening Scholarships in the UK, to the Fulbright program in the U.S. The drawback here is the load of paperwork required but hey, if you must get that funding somehow, you have to put in the work. Explore some of the common scholarships here.
4. Apply for grants and bursaries
Though less spoken about, grants and bursaries are great ways to fund your study abroad. They are awarded on a needs basis as opposed to a merit basis. You would need to speak with the necessary parties of the intended school and apply early as these are given out typically on a first-come-first-serve basis.
5. Seek Out Sponsorships to Study Abroad
It is possible that your study abroad dream gets sponsored. By a company you work with currently and would like to continue working for (Corporate sponsorship), or a pure Company scholarship which helps to subsidise your fees. Heck, you could even get an individual benefactor, or family member to help out! You won’t know this until you ask.
6. Get influencer friends to help you study abroad
Sign up your influencer friends to help your cause by conducting special fundraising for you within their communities. If you’re well connected to people of influence and have been someone who gives value instead of solely taking it, your friends and their audience would be happy to help you out significantly. I have seen this happen.
7. Get a loan to study abroad
This is a popular way to get the money to fund your education. The loaning institution/individual such as a bank gives you what you need and requires that you pay back in time. Most of these loans come with interest, but if you can land a zero-interest loan, all the better.
Just be sure to look at the fine print and understand the terms of the agreement amongst other due diligence. I personally advise that this be your last resort considering the long-term cost it puts on you.
As you can see, the money for you to study abroad is available from a variety of sources.
With a little planning and some effort, you can secure the funding you need and make the most of your experience abroad. I’m rooting for you. Good-luck.