Posted by Rishabh Sharma on January 30th, 2017

study abroad

Whether you are funding study abroad yourself, looking for a way to help your parents save some cash or splitting with your parents, here are some tips and tricks to saving to study abroad on your own.

  1. Don’t settle for minimum wage: Just say no to a minimum wage job. You won't be able to save even a fraction of money you want to save to study abroad at a minimum wage job. It’s not possible unless you start saving about 3 years in advance. There are plenty of jobs that do not pay minimum wage. Do your research, hop online, ask your friends. For this, you need to be prepared to sacrifice a lot more of your time and effort.

  2. University Chosen Program: Some universities offer specific programs that encourage students to got to more than others. Research all the programs your university offer and look into whether or not one is subsidized or sponsored by your  school.

  3. Crowd funding campaign: There is a recent trend that has emerged among students which is creating online crowd funding campaigns to garner donations from family, friends and anonymous donors who believe in what you are trying to accomplish. If you are paying to study overseas yourself, you would probably have a different story to tell.  Email it out to everyone. Post it/Tweet it/Instagram it.

  • Do your research: You should know what percentage the website platform will be taking from the donations,

  • Set an achievable goal: If you don't achieve your goals, platforms may take a higher percentage.

  • Promote your campaign:Reach out to blogs and publications as well that may be interested in featuring your campaign.

     4.   A Parent Loan: Take a private loan from your parents. Make an official document  that

outlines a set of amount that will be loaned and the time frame you will be granted to make monthly payments to pay off the loan. You can start paying the moment you get back from being abroad.

     5.  Tax Return: Choose to study abroad  in spring and enjoy a nice influx of cash when

          you get your cash return around April. Or you can request that your parents not claim

          you as a dependent and this way you will get a little extra cash.

     6. Scholarships: There are many government and privately funded scholarships that can

         be obtained for studying overseas. Many university study abroad counselors can

         provide a list of popular popular scholarships for you to consider. Don’t forget to some

         Personal research.

     7. Choose a Cheap Cost of Living: One of the most important thing to consider when

         choosing to study abroad is the cost of living in that city. Countries with a less

         valuable currency have a lower cost of living.

If you are thinking to study overseas and pay on your own, it's better your start planning early, a year in advance at least. You should know exactly what is expected of you financially. If not financially prepared, you would have to withdraw, which would be the worst feeling.

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Rishabh Sharma

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Rishabh Sharma
Joined: August 31st, 2016
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