Executive Education

5 Ways You Can Fund Your Education Abroad

A torn dollar bill

You do not have to investigate deep to know that tuition fees across the globe are rising at a significant pace. This means many students, especially those who come from weak socio-economic backgrounds, will find it difficult to arrange necessary funds for education. The situation gets only more challenging if you plan to move abroad. But, as they say, where there is a will there is a way and there are tons of ways to fund your education abroad.

I think you must have already guessed a few of those sources by now. Regardless, there is no harm in knowing more about them. Today, we are going to discuss briefly the various ways you can pay off your tuition fees and other expenses throughout education. I have listed down 5 of these sources for you to consider.

  1. Scholarships
    I bet, you must have thought of scholarships in the first instance. They are indeed the first viable source of money for a student abroad. Merit-based scholarships are awarded to students with excellent academic credentials and skills. Many such scholarships are highly renowned and attract intense competition such as the Rhodes Scholarship and Fullbright Scholarship Programme. The university you have applied to may offer its scholarship to a select number of students such as the University of Auckland and the National University of Singapore. You should note, however, that the coverage offered in the scheme may vary. For example, many universities restrict their scholarships to residents of the country or only offer partial coverage of the expenses. Some schemes are highly specific so students may end up applying for multiple scholarships to secure greater coverage. Hence, there are many dynamics of scholarships across the globe and you should thoroughly read about them.

  1. Student Loans
    Nobody wants to take up loans. We all know the tragedies of several college students who ended up dropping out because they couldn’t pay off their burgeoning debt. Of course, blame is to be imputed to educational institutions and the governments as they have failed to offer any significant succor to students. But, keeping these aside, if your financial health allows, you may want to take up loans. Many banks all over the world have begun extending concessionary treatments to students, particularly those who join top-tier global universities such as Harvard University or Cambridge University. Generally, banks extended as much as 90% of the amount and the rest is expected is to be arranged by the student.

  1. Crowdfunding
    Crowdfunding has become quite a popular tool for students to fund their education. Only recently I got to know that a former batchmate of mine won a seat at Oxford University and initiated a successful crowdfunding campaign. The sheer volume of positive responses shows that people are willing to donate for the cause of education. Many websites are legit platforms for crowdfunding and can assist you in this process. Ensure that there is full transparency in the process so that people do not feel that they have been hoodwinked. A few suggested websites are GoGetFunding, Kickstarter, Patreon, Fundable, and Crowdcube. You can spread the word and surely people will come together to contribute. However, when you post your campaign, provide complete details of your background and credentials.

  1. Use the help of a good friend
    If you are uncomfortable in getting a loan or asking for donations, you should consider borrowing from within your social circle. While this suggestion presumes that you have resourceful peers around you, you should approach whoever you can talk to comfortably and ask for help. One advantage of such lending is that you are not burdened with the dread of interest payment. Personally, I know a friend whose relatives came together to fund his education in the United States and he has been doing well. So, if you can manage this, then it is quite a good thing for you.

  1. Part-time campus employment
    It may happen that you cannot arrange for funding from any source and have already started your education. One thing you should do is to check whether your institution allows part-time employment schemes. Yes, you will have to pay your tuition fee but that can be offset with the income from part-time employment you can secure. It was long back but when I was considering applying to the National University of Singapore, they asked in the admission form whether I would like assistance in getting a part-time job in Singapore. There are similar programs in many universities so check whether yours has one of them.

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Sophie Ireland
SVP for News and Editorial Director. As CEOWORLD magazine's senior vice president for news and editorial director, Sophie Ireland oversees CEOWORLD magazine's journalism and journalists around the world and across platforms. She leads an award-winning team of journalists and newsroom executives who are committed to excellence, innovation and the highest quality reporting and storytelling. Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at sophie@ceoworld.biz.