Planning to Study Abroad? Make Better Financial Plans This Way

Going back to college and earning that well-due degree can be life-changing and open doors to some great career opportunities. However, while it can be exciting to pursue higher education in a foreign country, it can also be financially taxing. And, without a proper financial plan, it can lead to significant challenges. 

On average, the cost of college and study abroad programmes, including the tuition fee, excluding room and board, transportation, textbooks and other daily expenses, have increased by 4.11%*. And without a clear financial plan, getting a college education abroad can easily become a financial burden.

And much like anyone else, individuals going back to college have the same options as young adults when it comes to paying their college fees. While personal savings can be useful, depending only on your savings can significantly impact your long-term financial standing. Therefore, it’s important to put together a strategy and plan ahead of time.

Understand the Cost

Before reapplying to a college, it’s always best to put the right foot forward and understand the educational cost. This may vary from the institution, choice of course, cost of living in a new country and other miscellaneous expenses. For example, if you are planning to study in the UK, consider enrolling in colleges that are well-known for their educational system and provide opportunities for advancements in your desired course of study and whether they offer opportunities to schedule courses related to your industry. Prefer a college with a trajectory that best benefits your future goals. Research tuition rates for the programmes and check for any additional fees applicable, including the cost of books and supplies, accommodation costs, and more. Also, consider available resources and financial aid options.

Scholarships and Grants

Financial aid, scholarships or grants can significantly ease the burden of relying on personal savings. As a returning student, knowing what scholarships are available to you can be extremely helpful. While most scholarships and grants are offered to first-time students, there may be some speciality scholarships and need-based grants geared towards individuals going back to college. Research institutions and consult admissions counsellors or financial aid officers to understand your eligibility. It’s also essential to prepare a compelling scholarship application that includes a strong personal statement and expertise.

Private Education Loans

An educational loan for abroad studies can be a considerable financial solution to fund your studies. Education loans are a vital asset for helping students afford the cost of a higher education. These loans come with their own set of terms but can be hyper-personalised as per individual financial needs. Most reputed lenders offer these loans at preferential interest rates, better borrowing limits, minimal eligibility requirements, longer repayment periods, quick sanctions and a straightforward application process. 

Consider Work Study Offers

Balancing work and studies is an acquired skill, and when the job helps pay your tuition fee, there’s no better alternative. Many companies across the globe employ educational assistance programmes that allow individuals to pursue further education related to their field, as returning to college could potentially add to the employee’s skill set. 

Going back to college is often worth the expense. However, it’s always better to plan your finances ahead of time to avoid any unnecessary financial stress in the future.