Do you want to study abroad? Here are some smart ways to get funding amid the COVID-19 crisis
The coronavirus pandemic has derailed the financial plans of everyone, including students who aspired to go abroad for higher education. Faced with uncertainty and security issues, these students also have to contend with the post-pandemic scenario when they complete their degree course and eventually enter the workforce or start their own business. With the uncertain future, these students are looking for smarter ways to finance their studies abroad now so that when they finish their studies they are not too burdened with the loan amount.
Some of the ways that students can easily borrow money are listed below.
1. Scholarships and grants
Some foreign universities offer scholarships based on merit or other criteria. There are also various organizations that offer scholarships to study abroad based on their needs, the merit of the student, or to ensure diversity on their campuses. If you are considering a scholarship, you should start your search for the right one one year before admission.
2. Sponsorships or subsidized loans
Finding a sponsor is also a good option for studying abroad. It may not cover all your expenses, but it will surely take a lot of burdens off you. Another way is to convince a potential sponsor to give you a subsidized loan at affordable (low) interest. Find agencies and websites online that offer such sponsorship or you can contact local agencies or people for financial assistance. Usually, the sponsors help students with their tuition fees, but you can also take advantage of their help with obtaining a student loan.
3. Systematic investment plan (SIP)
If you have planned ahead and have a few years to apply to a foreign educational institution, you can open a SIP to gradually build up the wealth for it. This option is ideal for active people who wish to pursue higher education abroad. SIP requires a person to regularly invest a predetermined amount in a mutual fund. It’s a smart way to save money for future needs.
4. Alumni network
You can also use a university’s alumni network to raise funds. Once a person has applied to the network, alumni assess the candidate’s grades, past performance, and reasons for seeking funding. When they find a genuine claim, they provide support to the claimant. Again, this can only partially help cover expenses.
5. Flexibility in the fee structure
Given the devastation caused by the pandemic, you can ask for flexibility from the university administration to pay the tuition fees. You can ask them to allow you to pay in installments and not in advance. Some foreign universities offer financial assistance to the families of students if the parents have lost their jobs or are facing medical emergencies.