For many students, studying abroad is a major career goal, and it’s no wonder that international studies open up a wider and more rewarding career path. Unfortunately, the price of a college degree rises by 6% per year. As a result, most students, especially in third-world countries, find it difficult to obtain funds.
You will find out that the majority of international students that are interested in going to the UK are not able to support themselves. Hence, they need to look at other options with which to fund their studies. So, for the student with no clue as to how to get funding for their studies; let’s take a look at some common sources of financial aids.
Ways to Get Sponsored to Study Abroad
First and foremost, there are many costs to consider while studying abroad. Expenses such as tuition, housing, transportation, food, clothes, and other necessities are necessary while living abroad. When it comes to living alone at such a young age, there is a lot to manage and experience. Every nation has a different estimate of how much money will be spent on total spending. Before applying to foreign universities, any aspiring student must evaluate the figure/value of studying abroad. There are numerous options for study abroad funding; the options mentioned below are some of the options you can consider for your higher education.
- Scholarships and Grants
University Scholarships – Many universities welcome foreign students to enroll in their classes. They’re also known for offering scholarships to students interested in attending their university. Almost every program offered at a foreign university receives financial support in the form of study abroad scholarships. To qualify for this special funding, students must meet some of the requirements listed on the website.
Hundreds, if not thousands, of scholarships are available to students who choose to study abroad. The majority of scholarships cover tuition and other living expenses. Of course, not all scholarship is the same. Some only pay the cost of living, while others have a partial cash grant. Still, some grants cover anything from tuition to living expenses, as well as travel costs, textbook allowances, insurance, and other expenses.
Fully–funded scholarships usually provide most, if not all of your total costs for studying abroad.
Here’s a comprehensive list of some fully – funded scholarship programs
Fulbright foreign student program
British Chevening Scholarship
Endeavor Postgraduate awards
Swiss Government excellence scholarship
Swedish scholarships for international students
New Zealand development scholarships
Gates Cambridge Scholarships
Clarendon Scholarships at University of Oxford
Warwick Chancellor’s international scholarships
Westminster international scholarships
University of Bradford Global Development Scholarships
Adelaide Scholarships International
University of Sydney International Research Scholarships
University of Maastricht High Potential Scholarships
Amsterdam Excellence Scholarships
ETH Zurich Excellence Masters Scholarship Program
International Leader of Tomorrow award at university of British Columbia
Lester B. Pearson International Scholarship Program at University of Toronto (Canada)
2. Government Scholarships
Every year, the Nigerian government offers students scholarships to study abroad. Students can apply for this funding program on their official website, which is easily accessible online. The Nigerian government has issued certain guidelines that must be followed by any student applying for a scholarship to study abroad. Government funds pay almost the entire cost of a Nigerian student’s study abroad journey.
Many citizens are unaware that their home country can be a valuable source of financial assistance for studying abroad. Governments at the local, state, and federal levels, as well as countries based in your home country, maybe the source of this information. You should check with your state or local government to see what’s available.
After that, you should contact large corporations in your country to see if they have any funding opportunities. Nigerians are sponsored for international education by federal government agencies such as the NDDC, TETfund, and PTDF. Also, the Nigerian federal government, through the Ministry of Education, has a Bilateral Educational Agreement (BEA) program in place with several countries. This allows them to provide free international education to a number of their students.
Some of these countries include Russia, Serbia, Hungary, Turkey, Romania, Ukraine, Macedonia, Turkey, Cuba, China, Japan, South Korea, Morocco, Algeria, and Egypt. The partnership provides a study scholarship for Nigerian students to study for undergraduate and postgraduate degrees.
3. Family
Although the country’s financial condition may seem bleak in this ostensibly post-recession era, it is not entirely hopeless. Students who want to pursue a foreign education will also seek financial assistance from family members.
In reality, your family is the first and best place to look for financial assistance. Inquire of your parents, uncles, aunties, cousins, and even siblings. I strongly advise you to seek financial assistance from your family and close family mates to study abroad.
According to the Institute of International Education (IIE), approximately 65 percent of all international students are sponsored by family and relatives. This is correct; foreign students’ primary source of funding comes from their own families.
4. International Organizations
Many organizations, such as the Fulbright Commission, provide financial assistance to students all over the world.
Here’s a list of other large organizations that provide students with funding:
The United Nations
AMIDEAST
World Council of Churches
Soros foundation
World Health Organisation
You would need to apply from your home country for these organizations, so make sure you plan.
5. Universities/ Schools
To entice international students to attend their institution, several foreign colleges and universities provide limited financial assistance. The best way to find out more about this and the financial aid criteria is to contact the school directly.
When you submit an application form from the institution’s admissions office, make sure to ask for financial assistance. You may be able to participate in a formal exchange between your home institution and the institution you wish to attend in some cases. More information on such exchanges can be obtained by contacting the foreign student offices or the corresponding office at your institution. In certain cases, this type of person-to-person transaction may help save money.
6 Funding From Private Organizations
Private organizations are another choice for foreign students seeking sponsorship. For key positions, several businesses can look for foreign students. They may also provide them with scholarships. They usually want to foster international cooperation. Some businesses may want to open up new channels for untapped talent. Private companies can do this for a variety of reasons, including becoming potential employers.
When a company’s priorities are tied to a country’s goals or economics, it is common for them to do so. They can also impose very strict guidelines in this regard. Before choosing this choice, students should learn what the company’s aim is. They may have very clear goals in mind for the student after they finish their studies. Missions and principles should also be in line with the aspirations of the students.
The rules for where these funds will come from are usually set by these types of private organizations. It also specifies how the funds will be spent. Conditions may also bind a student to a private institution for years. Many aspects of the student’s experience may be under their influence. Some organizations can pay all of a student’s expenses, whether they are part-time or full-time. This covers tuition and textbook expenses. Funds for relocating to the country of study can also be included. Some programs can include internships as part of the curriculum.
7 Sponsorship
Sponsors are another viable option; while they may not fully benefit you, they will undoubtedly alleviate some of your financial burdens. Any organizations and websites that offer support or sponsorship for studying abroad can be found online. Other options include approaching local organizations or individuals that you believe might be able to assist you financially. Sponsors also assist students with their educational costs. Sponsors are also considered to be a valuable source of assistance in obtaining an education loan; they can provide you with a copy of proof of funds, which the bank can use to award you student loans for studying abroad.
8 Loans
Loans are possibly one of the most popular ways for students to finance their studies abroad. Since certain courses are not funded by banks, you may need to look for a different form of loan for your higher education. Some of your loan options for studying abroad are mentioned below.
Student Loans
The most secure source of financing for your study abroad is potentially education loans. Student loans are available from a variety of banks to fund basic expenses. Student loans are designed to help students pay for their higher education costs. The bank has agreed to fund approximately 90% of the costs, with the remaining 10% estimated to be covered by the borrower. Student loans also have a low-interest rate, which is an excellent deal for students. Other advantages of applying for a student loan include receiving expenses for an extended stay in a foreign country, which is normally granted to job seekers.
To acquire a study loan for abroad, students have to submit the following documents –
- Identity Proof
- Address Proof
- Academic Proof
For obtaining education loans from banks, there are also some eligibility criteria; read about the entire process and conditions.
Other student loan agency include Prodigy finance, Mpower. These loan agency such as mpower does not require cosigners to grant international loan for their education. Interest on these loan are usually below 15% which could span for up to 12.5 years. You only get to pay the interest on the loan after 2 months the loan has been disbursed to you.
Personal Loans
Students opt for a personal loan since certain courses are not available for education loans. Personal loans are only given to people who are employed, so to qualify for one, you must be employed or be able to approach your parents or a guardian. Personal loans have a higher interest rate than other types of loans. One may select a loan repayment plan that is most convenient for them.
International Loans
International students may apply for international student loans. This form of financing is particularly common in the United States. Foreign students are given international loans, which are considered to be a viable source of funding for many Nigerian students. The loan is normally used to pay for tuition, housing, insurance, and stationery.
9. Crowdfunding
By listing the specifics of your motivation, you can share your story and desire to study abroad. You will raise a significant sum of money to support your education abroad by attracting the largest possible audience. Crowdfunding donation is common among celebrities such as Don Jazzy, Beyoncé, Jay Z, and others. You must have authentic documentation that demonstrates the need for financial assistance to apply for crowdfunding.
Crowdfunding is a form of fundraising that is used to raise funds for a specific purpose. Students may use online crowdfunding portals to raise money or funds for their education abroad. For many aspirants, crowdfunding for education has proven to be effective. By registering on crowdfunding for education support and sharing them on social media, you will help to raise awareness. Strangers, family, and friends are all considered to be possible crowdfunding sources.
10. Student prizes
Prizes for students usually range from $5000 to $15,000. They are academic programs designed to recognize and reward exceptional students’ efforts and achievements. Prizes can be provided to students from any discipline and at any standard. Financial assistance can be found in the form of student prizes. It eventually motivates young people to study abroad as part of their post-secondary education. This is important for them to learn about new nations, cultures, and languages.
The global study awards are an example of a student prize award program. It was launched in August 2015 in collaboration with the ISIC and the British Council. It provides students with the opportunity to earn up to £10,000 to study abroad and broaden their horizons. For several students, studying abroad is a life-changing opportunity, according to the Global Awards. It will broaden their horizons in terms of personal life and professional endeavors. Tolerance and intercultural understanding will also be encouraged.
Conclusion
There’s no need to be concerned with money when it comes to studying abroad. Start looking into classes, applying to universities, obtaining financial aid, and preparing for this once-in-a-lifetime opportunity!
