How to fund your studies when studying abroad

Studying abroad is an exciting experience and a wonderful opportunity to expand your horizons. It is important to give some thought to how you are going to fund your studies so you know money worries won’t get in your way once you get started.

The key things to consider are your sources of funding and your expenditure while studying abroad.

Sources of funding

Typically most students will use a mix of sources of finance to see them through their studies.

You may be lucky enough to obtain a Scholarship or a Bursary towards your studies. You should apply for these as soon as possible, and if you have not yet been assured of a scholarship, do not build it into your plans. If not, there are many different sources of funding to consider. There are student loans, money from your family & friends, personal savings and money you can earn through employment.

If you are planning on securing part-time work whilst you study, remember not to overdo it and be aware of any paid work limits that may apply through your study visa.

Expenses of studying abroad

Although the costs will vary greatly depending on what you choose to study and where, tuition fees and accommodation fees are likely to form a high proportion of your costs. On top of tuition fees remember you may need to purchase material to support your study such as books and stationery.

Next you will have to consider your accommodation costs. Again these can vary depending on whether you choose to live in University or private accommodation, and what area you stay in. There will be additional fees such as deposits to consider.

Also remember to factor in utility bills such as internet usage, gas and electricity. Find out beforehand if these are included in your rent.

Your living costs will also mount up. Remember you will have to pay for food, social activities, transport and shopping. These may cost more than you are used to, so go out of your way to find out what to expect.

Make it work

Once you have a good idea of all your income and expenditures you should be able to work out if your plans are attainable. If your expenses outstrip your income then you will need to revise your plans. Make sure you are realistic with your ambitions.

Don’t put yourself under too much pressure with part-time work whilst you study. Are there more cost effective Universities or locations that could give you a great degree? Even different areas within the same country can have a drastic effect on your budget.

Remember, there is plenty of help out there to help you make your choices, be it through International sections of University websites; which you can find through our course search and institution finder or government organizations such as the UK Council for International Student Affairs.