Studying at an overseas university is a life-changing opportunity. It can allow you to experience different cultures, gain new skills for your future career and create lifelong friends. However, the cost of such study can be a massive barrier. So much so that Spark estimates that 42% of prospective students wanting to study overseas don’t because of the high costs. Fortunately, there are several options available to help finance an overseas study.
- Scholarships: Universities and philanthropic organizations offer scholarships to students to help cover the costs of studying abroad. Some scholarships are merit-based, while others are need-based. Students can search for scholarships that match their academic achievements, interests, and career goals.
- Grants: Your local governments or even the government of the country you intend to study in, may offer grants to help cover the costs of study. These grants are typically need-based and are often awarded to those who demonstrate financial need.
- Employer sponsorship: Often an employer may offer to cover the whole or part of your overseas study. This is often the quickest and simplest way for some students to obtain funding. However, not all employers offer this assistance and, if they do, they will ask for you to return to their employment for a certain period of time after your study. If you fail to return you would have to repay them. It’s best to ask your employer about such programs.
- Part-time work: Students can also work part-time while studying abroad to help cover their expenses. However, there are often country limits on their visa to how much a student can work while overseas and it may not be feasible given the workload of some degrees.
- Crowdfunding: Crowdfunding is a popular option for students who want to study abroad but do not have the financial resources to do so. By creating a crowdfunding campaign, students can ask for support from friends, family, and strangers who are willing to help finance their overseas study. Spark has seen a number of successful crowdfunding campaigns for students and these students are often highly motivated to excel in their studies.
- Student Loans: Certain financial institutions, including Spark, offer student loans for overseas study. These loans are typically repayable after graduation and have flexible repayment terms. It is important for students to carefully consider the terms and conditions of the loan, as well as the interest rate, before applying. While there is a cost for this option, Spark tries to ensure it is available to as many students as possible – those who would otherwise be unable to get financing.
In conclusion, there are several options available for you to finance your overseas study. You should carefully consider your options and choose the one that best suits your needs and goals. If you would like to learn more about financing options, including study loans, please feel free to reach out to Spark.