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How to Finance Your Studies Abroad

Being a student, one is faced with many challenges including payment of fees. One may not have parents or those that have may not be able to get substantial support from them. This does not mean that one kills their dream of getting a decent education because of lack of money. The following are ways of how to finance your studies abroad.

Scholarships that are merit based

education fundsThese are awarded to different students based on exemplary performance in the various field. The criterion is often based on talent, academic achievements, hobbies and even being affiliated with a certain group. They may be offered by the state or federal governments, universities, business corporations, and even professional organizations. Each of the scholarships awarded by these organizations has got its legibility criteria. The scholarships may cover the full fees including accommodation while others cater for tuition fees only. The most common criteria used by most organizations is knowledge of a certain language and meeting the entry requirements for a certain university.

Specific scholarships

This type of scholarships is given mostly to students from a certain background ethnically or certain affiliations. They are mostly meant for the ethnic and gender minorities. They may be from a different country. They help this kind of students to pursue their education in areas where they have been underrepresented historically. Some give these scholarships to those who are physically challenged or have learning disabilities or other debilitating conditions health wise.

Grants

This is basically free money given to students to help them pursue their dreams. A student given this grant needs not to repay it. They are usually given on merit basis. They may also consider other factors but mainly the financial circumstances are considered. They are also available for the physically disabled people.

Student loans

These types of loans are given to students but they are expected to repay them like any other loan from a financial institution. The loan is given by the bank or a bank owned privately. The bank may be in your home country or foreign country. The student may be required to cosign with their parent or guardian since most are mainly teenagers who do not have a credit history to enable them access this type of loan. The student’s loans given by the government tend to be cheaper than those given by the private banks because of lower rates.

After completing their studies, one is given a grace period of six months before they commence repaying. Most of the loans should be repaid within ten years at most though some countries allow up to fifteen years. Those taking the loan to cater for tuition fees only, they will only repay the loan once they are earning a certain income that suits the recommended repayment threshold.

Student prizes

This may not be considered as a better source, but it may give one some money to support financing their education. The prizes are usually in monetary form. Students may be awarded this prize if they perform well in academics. It may be at different levels, on different subjects taught or even on the thesis that earns the best marks.