Studying abroad is an incredible way to gain life-changing experiences, build relationships, and develop new skills. But, it can also be a costly endeavor. To help make studying abroad more accessible, it’s important to create a budget and plan ahead. Here are four of the best ways to budget for your degree while studying abroad and make the most of your experience.
Studying abroad is no joke. There’s much more to just studying as international students need to manage their expenses independently. Maintaining your budget and spending responsibly is a big challenge. But budgeting becomes more manageable if you know the costs and ways to prepare for them accordingly. Let’s find out study abroad tips – the 4 best ways to budget for your degree!
Here’s how you can budget for your degree and enjoy your study abroad journey with little to no worry about expenses.
#1 Choose your study destination wisely
As finances are one of your major concerns about studying abroad then you must choose a study destination that offers lower or free tuition fees. Countries like Germany provide affordable education to international students with free tuition and minimal student service fees. Also, Germany offers some of the best programs such as MBA, medicine and engineering.
You may also like: Best countries with free education for international students
#2 Look for financial aid and scholarships
Many study abroad aspirants don’t realize that they can apply for financial aid in almost every university. Students must check the official websites for the universities they are applying for to make sure they don’t miss out on the opportunity to apply for a scholarship. Financial aid is intended to help students with exceptional academic records to make their study abroad journey hassle-free.
You may also like: Study Abroad Scholarships for Indian Students
#3 Work while studying
Many countries such as the UK, Canada, Australia and New Zealand allow international students to work part-time for a set period. Working part-time helps students to manage their expenses and also save money for the future.
You may also like: Value of part-time jobs while studying abroad
#4 Check out the living expenses
The cost of living has a major effect on your budget. This is the reason why you must choose a study destination that offers a lower cost of studying. For example, if you select London for higher studies then you must prepare for a budget of more than INR 1 lakh per month while Lancaster is considered the best city for international students as it is more affordable.
You can also check out Leverage Edu’s Cost of Living Calculator to find out living expenses for top student-friendly cities across the world.