Tuesday, 29 April 2014
Tips On How Students Can Manage Their Finance While Studying Abroad.
Studying abroad is an exciting yet expensive affair. Most countries, other than the United States, allow international students to work off campus while studying. In USA Universities, international students are permitted to work on campus for a maximum of 20 hours per week. While other countries, too, have a similar limitation on the number of hours, international students are permitted to find jobs off campus as well. For instance, in Canada colleges, you can apply for a permit that allows you to work off campus for 20 hours per week during the academic session and 40 hours per week during vacations. The rules are not very different for students who wish to study in Universities in UK and Australian Universities.
By working on and off campus, you can expect to earn sufficient funds for your personal expenses and sometimes even living expenses. But very rarely will you be able to fund your entire education from this income.
Students unable to work on or off campus can always apply for funding from the university itself. Most universities in the USA and some Canadian Universities and Universities in Australia offer students graduate assistantships. It is an award which pays for your entire tuition fee as well as a monthly stipend which helps you take care of your living expenses. Students who get such assistantships can work as teaching assistants or research assistants. Assistantships are extremely competitive and are granted to students with excellent grades and, at times, to those with work experience.
If you do not land up with Assistantship or an on- or- off campus job, you can still apply to the university for merit- or- need based funding. Many Universities in Canada, UK, USA, Australia, Singapore offer scholarships to students with excellent grades. Such scholarships are evidently not only competitive but also based on need. Thus, if you can demonstrate that you actually require the funds, you may have a better chance at receiving them directly from the university. Such scholarships generally cover 10 – 75 % of the tuition fee.
Finally if you have no other choice, you can apply for education loans in India. Several banks offer education loans of up to 30 lakhs. The interest rate for these loans is around 12 % and the repayment period starts one year after the completion of the course or six months after getting a job, whichever happens earlier.
Banks in the US gives loans to international students for education in the USA without security only if a citizen or green card holder with good credit history acts as their guanrantor.A good way to fund your education is a combination of the several options listed here.
If you wish to pursue your education overseas, make sure that you plan your finances before applying for admissions. Students will be given free guidance on the entry requirements of universities worldwide. Information on bank loans will also be provided.
To know more about education in Canada, USA, UK, Australia, Singapore, etc and scholarships, bank loans, Contact Edwise on 1-800-200-3678 / 08600911333.