Self-Funding your Education Abroad

Although most colleges abroad have many resources for funding students’ scholarships to study, work, and research, college funds cannot pay for all of the expenses apart from these experiences. Plus the fact the competition is really high to get scholarships and even bank loans. Therefore, for many international students, self-funding might be a necessary approach to making such study abroad opportunities possible.

It is important to remember that before considering the option of self-funding, students should explore all other resources. While self-funding is a viable and valuable approach to fund living costs abroad, students should always first consider scholarships, grants or other sources of funding to fully fund such costs. This research will take effort but it will be worth the time spent.

Research different locations to see what fits into your budget

The first step in determining whether you can self-fund or not is to do your research. This research should involve researching various locations where you could potentially study or work and determining what can realistically fit into your budget.

• Research the cost of living in various cities within the country of choice. Some locations within the same country might be cheaper than other areas.
• See how accommodation costs compare in staying on campus or in an apartment.
• Don't overlook accommodation options in nearby suburban areas, which are more affordable than living in the city centre.
• The cost of living with friends or relatives might be more difficult to estimate, so be sure to plan your expenses with them accordingly.
• Look for part time jobs, such as teaching, volunteering, internships.

Get a part-time job

Working in a part-time job while studying is the perfect way of financing your lifestyle. By making a plan and thinking ahead students who are considering a self-funded lifestyle can raise a significant amount of money to cover their costs and expenses by working.

Please note that you need to follow the regulations set by the visa authorities. Most international students are allowed to work for 20 hours per week on-campus. During summer holidays, they are allowed to work for unlimited hours.

Ask for help from family and close friends

The main thing you need to do is to show enough funds in your account to the college and visa authorities. For that purpose, you need to have enough cash in the account while getting the bank-statement. Immovable assets like Fixed Deposits are also to be shown as the proof of funds.

You could ask your parents or extended family to help fund your studies. They can pool in their money in your account. Be prepared to be turned down. But don’t take this rejection to heart, not many people are willing to invest their money without the guarantee of an interest rate in return.

You might want to understand the difference between education loan and self-funding to study abroad before you decide to self-fun or apply for an education loan. You may also seek guidance from our industry experts on the entire process of studying abroad. For this, you may refer to the following reads:

• Indian Banks offering Education Loans for Studying Abroad
• Eligibility Criteria for Education Loan
• Top Education Loans Providers in India for Study Abroad