Tips to Finance Your Education Abroad

Studying abroad offers personal and professional benefits, but is often seen as financially out of reach. However, students from middle-class backgrounds can pursue international education through scholarships, education loans, and part-time jobs.

Studying abroad offers an amazing experience for students. It helps students to personal growth, enhances career opportunities, and provides a broadened global perspective under the guidance of experienced professionals. Undoubtedly, studying abroad can be a luxury, often affordable only to those with substantial financial resources to cover tuition and living expenses. However, education loans and scholarships are two effective ways to fund higher studies abroad.

With the help of study loans and scholarships, students from any financial background can fulfil their dream of studying abroad. In this article, we will tell you the tips to fund your higher studies abroad.

Also Read: How Students Are Paying for Study Abroad in 2025 [Insights from 1,630 Students]

Scholarships For Abroad Studies

First and foremost way to fund your higher education abroad is securing a scholarship. Basically, there are three types of scholarships, which can help you cover your tuition fees, living costs and other expenses:

1. Government Scholarships
2. University Specific Scholarships
3. Scholarship Offered by Private Organisation

Government Scholarships

Government scholarships to only for meritorious students. These scholarships are for those Indian students who dream of getting their higher education out of India, but might worry about the cost. Some of these are fully-funded scholarships. It means it can cover your tuition fee and other costs related to your higher studies abroad. So, if you want to study outside India, remember that the Indian government might help make it happen! Here are some popular scholarships offered by the Government.

1. Fulbright-Nehru Master's and Doctoral Research Fellowships
2. Fulbright-Kalam Climate Fellowships for Doctoral Research
3. National Overseas Scholarship (NOS)

University Specific Scholarship

Other than this, some top universities in the world, offer financial aid to students on first come first-served basis. University-specific scholarships are often the most reliable and substantial. Always check the official university website for dedicated scholarship pages and apply to all relevant opportunities, not just the well-known ones. Some of them are mentioned below:

1. Reach Oxford Scholarships by University of Oxford (UK)
2. Yale University Scholarships by Yale University (USA)
3. Gates Cambridge Scholarship by University of Cambridge (UK)

Scholarship Offered by Private Organisation

Some private organisations offer financial support to those students who are good in academics but are facing financial issues. Some of the popular scholarships are mentioned below:

1. JN Tata Endowment Loan Scholarship
2. Felix Scholarship
3. Tata Scholarship (Cornell University)

Education Loan for Abroad Studies

The second most popular option is to borrow education loan for abroad studies. There are many banks and NBFCs that offer study loans to students who have a good academic profile and fulfil eligibility criteria. Such loans cover tuition fees, living expenses, and travel costs. However, choosing a demanding course and a reputed university is important to ensure repayment is manageable.

By borrowing an education loan, students can focus on their studies without worrying about financial burden. However, interest rate, repayment conditions, and loan amount can vary based on education loan providers in India.

Read More: 

• Education Loan Interest Rates
• How to Repay Student Loans Faster?

Type of Education Loans

Basically, there are two types of education loans in India: Secured and unsecured student loans.

1. Secured Study Loan: These loans require collateral, such as property or fixed deposits. They offer higher loan amounts and lower interest rates. Approval takes longer due to verification processes, but they're ideal for students seeking large funding with a strong asset backup.
2. Unsecured Education Loan: Unsecured education loans don’t require collateral and are granted based on academic merit and co-applicant income. They have higher interest rates and quicker processing. Suitable for students with strong profiles but no assets to pledge, these loans offer flexible repayment terms.

Top Education Loan Providers

Banks (Private or Public sector) and NBFCs are some popular loan providers in India. Students can borrow up to INR 3 Cr for studying abroad, which can cover nearly every expense of higher studies. Here is the list of 10 best education loan providers in India. Check the list. 

1. State Bank of India (SBI)
2. HDFC Bank
3. Axis Bank
4. Punjab National Bank (PNB)
5. Bank of Baroda
6. ICICI Bank
7. Federal Bank
8. Union Bank of India
9. IDBI Bank
10. Avanse Education Loan

Part Time Jobs Abroad

Working part-time while studying abroad can help you cover the financial pressure. Students can get part time job within a university campus. They can work up to 30 to 48 hours in a week. The average hourly pay is USD 15 in developed countries in the world. So, students can earn up to USD 2000 to USD 2400 per month. Students can easily cover monthly expenses up to USD 1000. University campuses typically offer more work opportunities than smaller colleges, making them a smart choice for students seeking financial support through part-time employment.

Here are tips to find perfect part time jobs in abroad.

Shiksha Study Abroad Poll: 85% Students Choose Scholarship

Shiksha conducted a poll in which we asked, “How Do You Plan to Finance Your Education Abroad?” In this poll, more than 1600 students participated. More than 85% of students mentioned that they plan to finance their higher education through scholarships. 11% of students indicated that they would rely on education loans to fund their academic dreams. Here is the breakdown of the Shiksha Study Abroad Poll:

If you have any queries or want to ask anything related to this, feel free to connect with us. Also, you can mention your query in the comment box below. Also, you can Apply for education loan through Shiksha Study Abroad.