Studying at a university abroad is a life-changing experience. From experiencing different cultures and creating lifelong friendships to gaining new skills and life experiences, there are so many different benefits to come from attending uni overseas.
That said, making the move to another country to study at university doesn’t come cheap. In fact, Spark estimates that 42% of prospective students wanting to study overseas are unable to due to financial constraints.
While it can be difficult to scrape together enough to fund your dream exchange trip, there are a few different types of financial aid for Australian students studying overseas that you could take advantage of to help fund your degree.
Understanding the cost of studying overseas
Before we dive into the different options when it comes to financing your overseas study, it helps to understand the costs that come with studying abroad.
Some of the main expenses you’ll need to budget for include:
- Tuition fees: Tuition fees tend to vary by country, course, and institution.
- Living expenses: You’ll need to budget for accommodation, food, utilities, and transportation.
- Travel costs: This includes travel to and from your destination, as well as any additional trips you take during your stay.
- Health insurance and visa fees: Depending on where you plan on travelling to, you’ll need to account for health insurance and visa costs.
Additional expenses: Don’t forget to budget for study materials and day-to-day activities like social outings, gym memberships, and entertainment.
Options to finance your overseas study
Once you’ve got a grasp on how much your international exchange is likely to set you back, you can start exploring the different financing options available to you.
Scholarships
Many universities and philanthropic organisations offer scholarships to students to fund their overseas studies. While some scholarships are merit-based, others are awarded on a needs-base.
There are often a number of different scholarships available based on your academic achievements, interests, and career goals, so be sure to check out what’s on offer at your current university.
Grants
The Australian government often offers a range of grants designed to support students with overseas study. In some cases, overseas governments have incentives on offer to encourage international students to study in their country.
Employer Sponsorship
If you’re currently working for an employer in an industry that aligns with your area of study, it could be worth approaching them to see if they have any programs to support students with international study.
In return for this type of assistance, employers will often ask that you return to your employment for a specific period of time. Otherwise, you might have to repay their support in full.
Part-time work
Depending on where you plan on travelling to, you might be able to line up a part-time job to support yourself while studying overseas. Just be sure to check the visa requirements before you take on a job.
Government Study Support
Both the Australian and New Zealand governments offer financial support for students studying at university. In some cases, you might be able to get support to help cover the expenses that come with studying overseas. Eligibility requirements apply, so be sure to familiarise yourself with the criteria.
Private Student Loans
Some financial institutions, like Spark, offer private student loans to fund overseas study. These loans are often repayable after graduation and come with flexible repayment terms. Just be sure to consider the T&Cs and the interest rates before applying.
At Spark, we offer fast and flexible student loans to make your dreams of studying abroad a reality. Get in touch to learn more about how we can help support you with your overseas study.
