Saving Money While Studying Abroad

Candidates who opt to study abroad will, for the most part, focus on the expenses that will be incurred during the course. While choosing a university, candidates often look for city institutions with lower living expenses. It is an important factor, along with the cost of attendance, for the course candidates are applying for. The locality the candidate is in will decide most of the financial aspects of their stay in the chosen country.

The most common expenses incurred by students who travel abroad for education are tuition, rent, transportation, food, basic amenities, healthcare, etc. Candidates will have to research the expenses they will incur in the city they will live in since the cost varies from country to country and city to city.

General Areas of Expenditure

The expenses that candidates have to research before moving to a different country for higher education start from the cost of attending the course. While most candidates will apply for financial aid along with their college application, they should realistically calculate the amount of money they will require, which will fall outside the scope of the financial aid.

• University expenses: Other than the tuition fee, universities and colleges will often have additional expenses apart from the cost of attendance, depending on the league or institution the candidate is applying to. The additional costs will be higher if the candidate has chosen private universities. The extra fee can be a mandatory campus fee, lab fee, equipment fee, or sports fee.
• Housing expenses: Finding a place to live can be challenging for international students who have no kin in the country they are moving to. Students admitted to universities can get on-campus accommodation, for which they will have to pay a nominal fee. On the other hand, candidates who cannot receive on-campus accommodation often share an apartment with other college students at a location close to the college they go to.
• Living expenses: Living expenses incurred by the student will be in the form of food, clothing, basic amenities, and other miscellaneous activities the student may be part of. It will be ideal for students to have supplies like lamps, vacuums, refrigerators, etc., if they plan to reduce their subsequent expenses. In their first month of stay, they can find cheap stores for clothes and grocery items within the locality instead of opting for malls and similar spaces.
• Transportation expenses: Depending on the location the student is staying, they will have to spend a minimum amount on their daily commute. If the locality they are in is bike-friendly and doesn't require them to traverse through high traffic, it will be ideal to invest in a decent bike that will last the entire duration of their stay in the country. Students who live close to their college will also have the option of walking to the institution. If the student has to take more than one form of transportation to reach their institution, they can also walk the shorter distance to save whatever money they can. Transportation expenses, though small in number, will add up to a substantial amount at the end of the month.
• Book Expenses: Depending on the course the student has taken, they will have to spend an estimated amount of at least $1,200 on books and other stationery. The books they will have to buy will range from the different textbooks and the notebooks they will require to study. Students will always have the option of finding cheaper options for both these books. They can opt for second-hand books or even borrow books from libraries if they are available. Sometimes, students will also find that their colleges are e-book friendly, letting them use the soft copies of the books without having to purchase the book.
• Insurance expenses: Many countries require that international students have health insurance before being issued a student visa. This measure prevents the students from seemingly large health bills and covers them in case of emergencies. Students need to make sure that they can meet the insurance costs. Most often, students will try to choose the cheaper options among insurance policies. However, more affordable options will usually not cover the medical expenses they might incur in a year. Hence, it is always advisable to go for options suggested by the university and research thoroughly before taking it.
• Entertainment expenses: Though highly underestimated, students might end up spending a substantial sum on movies or theaters or hanging out with friends. Students need to have room for entertainment expenses in their budget. The expenses in this category can range from watching a favorite movie to traveling in the country. While students may feel that spending a minimal amount now and then is harmless, it is essential that they choose cheaper options to do the same so that the amount doesn’t add up.

While the exact amount spent on these aspects will differ from person to person, students can substantially reduce their living expenses if they create a budget.

Managing Finances through Budgeting

Creating a budget is the easiest option for students who have not previously taken a vested interest in saving money. Budget creation starts with an awareness of the expenses one might have, including an approximate amount one spends every month on necessities and extra expenses one usually incurs. Students can keep an online or offline journal to jot down their main monthly expenses and the money they have on hand every month. The money can be in the form of an allowance or financial aid/salary they receive monthly. The amount they spend should be drastically cut down to match their income.

While adding the amount they have to spend, students should ensure that apart from their fixed costs, they should keep a monthly allowance for health emergencies and other activities they might have to be part of while socializing and traveling within the country. The amount set aside for extra expenses must be carefully charted out and should always have a percentage that will go toward savings. If the amount they have to spend monthly exceeds the amount they earn, students should either look for other sources of income or cut down their expenses by knowing what they can live without.

Study Abroad Scholarships

International study scholarships are financial awards designed to support students from various countries in pursuing their education abroad. These scholarships can cover various expenses, including tuition fees, living costs, travel expenses, and other related educational expenses. Here are some key aspects to consider when discussing international study scholarships:

Types of Scholarships

• Merit-Based Scholarships: Awarded based on academic achievement, extracurricular involvement, or other talents.
• Need-Based Scholarships: Given to students who demonstrate financial need.
• Country-Specific Scholarships: Offered to students from specific countries or regions to promote cultural exchange.
• Program-Specific Scholarships: Available for students enrolled in particular programs or fields of study, such as STEM, arts, or humanities.
• Institutional Scholarships: Provided by universities or colleges to attract international students.

Eligibility Criteria

• Academic Requirements: Minimum GPA or standardized test scores may be required.
• Language Proficiency: Non-native speakers may need to demonstrate proficiency in the language of instruction (e.g., TOEFL, IELTS).
• Field of Study: Some scholarships may be restricted to certain disciplines.
• Citizenship: Many scholarships are limited to students from specific countries or regions.

Application Process

• Documentation: Applicants must typically submit transcripts, letters of recommendation, personal statements, and proof of language proficiency.
• Deadlines: Scholarship applications often have strict deadlines, which may differ from general admission deadlines.
• Interviews: Some scholarships may require an interview as part of the selection process.

Notable Study Abroad Scholarships

Prominent International Scholarships for Study Opportunities:

• Fulbright Program- Sponsored by the U.S. government, the Fulbright Program offers scholarships for international educational exchange. It aims to increase mutual understanding between the people of the United States and other countries.
• Chevening Scholarships- Funded by the UK government, Chevening Scholarships enable outstanding students from around the world to pursue one-year master’s degrees in the UK.
• Erasmus Mundus Scholarships- This program offers scholarships for students to pursue joint master’s degrees across multiple European universities.
• DAAD Scholarships- The German Academic Exchange Service (DAAD) provides scholarships for international students to study in Germany at various academic levels.
• Rhodes Scholarships- One of the oldest international scholarship programs, the Rhodes Scholarship allows exceptional students from around the world to study at the University of Oxford.
• Gates Cambridge Scholarships- Funded by the Bill and Melinda Gates Foundation, these scholarships are awarded to outstanding students from outside the UK to pursue postgraduate study at the University of Cambridge.
• Commonwealth Scholarships- These scholarships are aimed at students from low and middle-income Commonwealth countries who would not otherwise be able to study in the UK.
• Vanier Canada Graduate Scholarships- The Vanier Canada Graduate Scholarships are designed to attract and retain world-class doctoral students and to establish Canada as a global center of excellence in research and higher learning.
• Schwarzman Scholars- The Schwarzman Scholars program is designed to prepare the next generation of global leaders by providing a one-year master’s degree in Global Affairs at Tsinghua University in Beijing, China.
• ADB-Japan Scholarship Program- This program, funded by the Asian Development Bank and the Government of Japan, provides scholarships for students from ADB's developing member countries to pursue postgraduate studies in economics, management, science, and technology at selected universities in the Asia-Pacific region.

Getting a Source of Steady Income

Most students will ideally have access to financial aid even if it does not cover much of their educational expenses. Every scholarship or grant a student can receive will ultimately count toward the total monthly income the student will have. While most scholarships cover only the cost of attendance, others may also provide candidates with a stipend to help with their living expenses.

Applying for internships

Irrespective of the course the student is taking, they will always be able to find internship options. Doing an internship will not only provide candidates with a source of income but also allow them to showcase the internship as part of their work experience. Some internships provide candidates with credits or points they will require as part of their course apart from the salary they provide.

Taking up assistantships

Candidates who are doing graduate programs at universities will be able to take up assistantships at their respective universities. This will provide them with teaching experience and lab research experience, depending on the course they take. While assistantships provide students with experience, they also pay them well, depending on the field of study they have chosen.

Taking up job opportunities on-campus

Taking up smaller jobs on campus is an excellent way for international students to dip their toes in the job market in a new country. Some countries require that students can only work on campus. Even if the job is low-paying, it gives the student a chance to acclimate well to their university, work without worrying about transportation costs, and work in the safety net of the university. This is an ideal option for the first semester.

Taking up part-time jobs

Depending upon the country the student is going to, they can take up part-time jobs. Students must be well aware of the work restrictions imposed on their visas. Not following these rules can result in visa termination and deportation. Most countries offer candidates a set number of hours they can work every month and the base salary they will be able to receive while doing any job. These jobs needn’t pertain to the field of study the candidate has chosen. While candidates should look for jobs that can aid them in their future career prospects, any job they can find will help them pay their bills on time as long as they don’t clash with their study schedule.

Tips for Saving Money

While saving money can seem to be a hard task due to its unfamiliarity, students will still be able to start saving by keeping a journal and recording their possible expenses. Categorizing the needs and wants one might have and spending thoughtfully are a few methods that can help students in this endeavor.

Some other tips that can help students are-

• Textbooks can be very expensive and a major drawback in a tight budget. Go for used textbooks that can be rented from the campus library, online sites, or seniors. Students can also get the necessary books to be sent to them from their country if it is cheaper.
• Make a budget chart and stick to it. Students will be able to track their expenses through online apps made for this purpose and also notice when they exceed the limit that they have set for themselves.
• Students who plan to live outside the campus will have to start by looking for nearby locations that will reduce their duration of commute and have a reduced amount of rent.
• Sharing apartments and carpooling can dramatically reduce the cost of living.
• Cut down electricity and water bills. While electricity charges are quite cheap, every little bit will count.
• Avoid eating out at expensive places on a large scale. Home-cooked food is not only cheaper but also good for health.
• Try not to keep cash in hand and instead save the cash electronically. It is safe and prevents splurging.
• Don't invest in dry-cleaning. Go for clothes that can be easily washed.
• Downplay impulsive shopping sprees. Buy only what is required.
• Opt for free entertainment and services in the form of DVDs and books from the campus library, free gym memberships in the University, and free sports activities. Make maximum use of these advantages.
• Buy all the necessities in bulk. This will save money in the long run. Also, look for discount coupons, they will make grocery purchases a lot cheaper.