The coronavirus pandemic has derailed everyone's financial plans, including students who had been aspiring to go abroad for higher education. Faced with uncertainty and safety issues, these students also have to grapple with the post-pandemic scenario when they will finish their course and possibly join the workforce or set up their own enterprise. Considering the uncertain future, these students are looking for smarter ways to fund their education overseas now so that when they are done with their studies, they are not too burdened by the loan amount.
Some of the ways that allow students to borrow money easily are listed below.
1. Scholarships And Grants
Some foreign universities provide scholarships based on merit or some other criteria. There are also various organisations that provide scholarships to study abroad based on their need, the student's merit or to ensure diversity on their campuses. If you are planning for a scholarship, you must begin your research for the right one a year before admission.
2. Sponsorships Or Soft Loans
Finding a sponsor is also a good option to study abroad. It may not take care of all your expenses but will surely take a lot of burden off your shoulder. Another way is convincing a potential sponsor to give you a soft loan, at an affordable (low) interest. Find agencies and websites online that provide such sponsorship or you can approach local agencies or people for financial assistance. Usually, sponsors help students with their tuition expenses, but you can also take their help in securing an education loan.
3. Systematic Investment Plan (SIP)
If you have planned ahead and have a few years before you apply to a foreign educational institution, you can open a SIP to gradually accumulate the wealth needed for it. This option is ideal for working people who wish to pursue higher studies abroad. SIP requires a person to invest a predetermined amount in a mutual fund scheme on a regular basis. It is a smart way to set aside money for future requirements.
4. Alumni Network
You can also tap the alumni network of a university to raise funds. After a person applies to the network, the alumni evaluate the applicant's grades, past performance, and the reasons for seeking funding. When they find an application genuine, they provide support to the applicant. Again, this may only partially help in covering the expenses.
5. Flexibility In Fee Structure
Given the devastation caused by the pandemic, you can seek flexibility from the university management in paying the tuition fee. You can request them to allow you to pay in easy instalments and not upfront. Some foreign universities are extending financial assistance to students' families if parents have lost jobs or face medical emergencies.