The idea of studying abroad sounds very tempting for a lot of current or future students. The chance of learning abroad, meeting new cultures, making new friends and new memories in a foreign country is a dream for a lot of people.
If you are one of them, wondering how to study abroad, how to get a student loan and if you qualify for scholarships. You’re gonna find out today!
How to study abroad?
Let’s start with the sentence that in this world, a lot isn’t possible without money. People always have to pay for traveling, learning and living. Therefore, studying in a different country means you have to prove you have enough money to survive in a different country without struggling financially.
Before you move to a different country there are lots of formalities to do, like finding a place to live, get a ticket, apply for a visa or passport, get insurance and the whole process of applying for a school. Sounds a little overwhelming? Well, if you want to enjoy your time abroad some things have to be sorted. But don’t worry, when everything will be done, you will be proud of yourself and ready for your life journey!
Why are sufficient funds required to study abroad?
Part of the process of applying for your travel documents might be showing proof of your financial stability. It can be bank statements or sometimes will be enough to prove you have a credit card account.
The country you plan to go to wants to be sure that you have enough money to survive the whole period of your studying time without asking your parents for help or doing bad things to get them. While you have to learn, having a job or a few jobs might cost you a lot of energy and lead to not having enough for studying.
In short, it means that you need to provide enough money to last for the duration of your trip.
Be sure that you have read the specifications for the country you want to go to. Requirements vary depending on which destination you choose and how long you plan to stay there.
What financial support can I get for studying?
Depending on the country you choose to study in, rules might be different. Some offer student loans that cover the cost of your studying period – living and learning. In some countries, education is fully free, even for international students if you know the language.
Another option is traveling with international student exchange programmes, e.g. Erasmus in the EU. Check which programmes you can join and with money provided from your school or university you can go for the whole semester or for an internship on holiday.
If you already graduated with good results you can apply for study abroad scholarships.
Many students don’t know about them because they think they aren’t eligible but we recommend to take a look at them as they may prove to be quite useful.
Types of financial support for students
Maybe you think that studying abroad is not for you just because you don’t have enough savings. Studying abroad can cost you the same amount of money as in your homeland or sometimes can be even cheaper.
Depending on the country you want to move and learn in, there are slightly different opportunities to get money. However, the most popular options are:
- Grants – available if you satisfy a given school’s criteria.
- Bursaries – available for students with lower-income backgrounds, care leavers or earmarked for specific expenses. However, bursaries are sometimes awarded on a first-come-first-served basis so consider applying fairly early.
- Scholarships – mentioned before, scholarships go to high achievers but that doesn’t mean only geeks can get it. It’s also a grant for e.g. sports awards as well. Find out at your future uni/school what you have to achieve for a scholarship.
- Sponsorships/ Apprenticeships – usually, it works like professional schools so you can get a degree but it takes longer because you also have to work during the time.
How to travel with student funds?
If you manage to find out how to get money for your study abroad and you know how to prove your required sufficient funds, you might wonder what is the safest way to travel with money.
Maybe you’ve been in a situation where one of your family members (usually the old-school one) gave you advice about traveling with cash saying that it is safer than with a credit card. Their willingness to help, especially grandparents’ for their grandchildren, is not questionable but you have to know that now times are different than those in which our elderly relatives grew up. That means, passing all the check-ins, changing transport, carrying luggage and thinking about many banknotes somewhere on the bottom of your backpack that can be way more stressful than having a card in your wallet!
Especially going to a country with a different currency might be a little difficult considering exchanging and transferring prices. So it is good to do research on what will be the best option for you, basically, to not lose money.
There are some companies which work like bank transfers and can help to send money internationally. Also, you can make an account in different currencies and use the same bank card when you move to a different country. Very often, banks give students or young people with first bank accounts good offers.
Try it and travel without worries!
