I Want to Study Abroad but Have No Money! How Do I Fund My Studies?
If you want to study abroad but have no money, there may be some options for you. The cost of studying abroad can be quite high, so it is not uncommon for international students to not have disposable income lying around to invest in their overseas study and travel plans. Although you might have parents who are wealthy, you can still comfortably save enough if you want to study abroad but have no money.
Every time we hear the message that international students want to study abroad but have no money, we always recommend proper planning in advance, open a bank account, and update your curriculum vitae because anyone can study abroad. It need not be intimidating.
Finding out how to afford to study abroad is certainly a challenge, but just think of it as a learning process considering all the benefits of studying abroad. It takes commitment, persistence, and enthusiasm to succeed at fundraising and travelling.
I want to study abroad but have no money. What should I do?
If you want to study abroad but have no money, consider applying for a scholarship, undertaking fundraising and applying for part-time jobs. Additionally, you will need to plan ahead before embarking on studying abroad. Finding out how to afford studying abroad takes some work. You need to modify the way you earn and save money in order to make your study abroad trip a reality.
Studying abroad on a budget may be feasible, but no one ever said it was easy. The reward for your sacrifice will be substantial, and before you know it, you will be wandering through the medinas of Marrakech or studying animals in South Africa. If you stay committed, you will succeed in going abroad.
Choose your destination objectively
No matter what currency you use, some parts of the world are quite expensive. You should avoid places such as Zurich, London and Singapore when on a tight budget.
Finding inexpensive study abroad destinations is just a matter of conducting a little research. While you may have your heart set on a destination with a reputation for being tough on travellers’ wallets, you can still find cheaper options in countries like Spain, Finland and Norway.
Choose a destination closer to home to save a few hundred dollars that you can use elsewhere. Flight costs can be a significant expense when planning a trip abroad. Make sure you check out several options before booking your flight since there are many tips and tricks for finding cheap airfare!
Find out how much it costs to study abroad
The cost of studying abroad can be expensive, but how much does it cost? Rather than panicking by thinking you must save a lot of money, do your research, so you better understand the expenses of studying abroad. Remember that costs can differ greatly from programme to programme, and there is usually an explanation for why one programme is more expensive than another.
Some programmes cover only tuition and registration, while others will require you to pay for things like housing, utility bills, national health service and airfare in advance. It can be advantageous to have these expenses included, but generally, opting for a programme that requires you to organise your own logistics can be more cost-effective.
The best way to decide what inclusions are most important is to ask yourself: what is the price of things like food and rent in the country where you intend to study? How well do you know the language? Is it easy to arrange logistics for a foreigner with limited local contacts?
When you answer the above questions, you can decide what you prefer to pay for in advance and what can be arranged after arriving.
Search and apply for scholarships, bursaries and grants if you want to study abroad but have no money
Free money, did you hear that? Indeed, scholarships are not precisely free cash, but they can be a great way to offset the costs of studying abroad. One of the best ways to study abroad if you don’t have money is to apply for scholarships.
There are scholarships that await you regardless of where you attended secondary school, your career background, your destination, or your financial situation. Paying attention to details when applying for scholarships will determine your acceptance.
So make sure you do your research, read the fine print, and get a friend to proofread it. Even a $700 scholarship can make things easier, even if it does not cover all the costs of study. While they may require a little time to research and apply for, scholarships are among the best options for international students who want to study abroad but have no money.
Consider financial aid if you want to study abroad but have no money
Are you aware that financial aid can also be used for studying abroad if you are a refugee or currently displaced? You may be eligible for financial aid if you are an international student.
You may also be able to use your existing loans toward study abroad tuition payments if your school’s study abroad office approves it. It is always a good idea to check into various types of loans if federal financial aid isn’t available.
Studying abroad can often be funded with private loans, but before you sign anything, make sure you understand the terms. When mapping out your savings strategy, remember that private loans can have much higher interest rates than federal ones.
Set up fundraising if you want to study abroad but have no money
You may be able to maintain a steady flow of earnings into your savings account through a part-time job, but fundraising is another way to increase your balance and achieve your savings goal faster. You can raise money online through crowdfunding.
Choosing what works best for your trip may take a bit of trial and error, but if you maintain motivation and creativity, fundraising can be an effective way to raise money. Setting up an account on FundMyTravel is a great way to reach out to your personal network online. Keeping track of donations with this travel-focused crowdfunding platform is easy.
Secure a part time job to fund your studies if you have no money to study abroad
Perhaps you already have a job, but if not, it’s time to get one! Search for overseas jobs and apply. This is what you’re working towards as an international student, after all. You can do jobs such as social media manager, to babysitting, working in customer service or a photographer when you are studying abroad because every paycheck brings you closer to your dream.
How do you spend all these extra paychecks while studying abroad? Be sure you have a system to prevent your newly earned income from being wasted. You can stash that money away in a dedicated savings account for travel, and as you watch the balance grow, your mental state will also improve.
