How to study abroad on a budget: Essential tips and strategies

According to research, the number of international students is expected to reach around 18 lakhs by 2024. Also rising along with the demand for studying abroad is the outflow of student spending, which is projected to reach $75-85 billion by 2024, a rise of more than two times compared to 2019.

That being said, you don't need to spend a fortune to pursue your studies abroad. Instead, here are some factors to consider when studying abroad that may help your aspirations come true.

Continue reading as we talk about how to study abroad, the cheapest country to study overseas for international students, and availing of education loans, among other things.

How to study abroad? 
 

Let's take a look at how to study abroad and what are the factors you must keep in mind. 

• Apply for scholarships

The moment you decide to study abroad, start looking into the scholarships that are offered by the university of your choice or by the government. To avail of them, you might be required to provide specific information regarding your educational background, financial needs, and research requirements, among other things.

• Choose low-cost destinations

Among the hundreds of options for studying abroad, some have significantly lower living costs than others.

Additionally, a lot of universities abroad have low tuition fees, or some even completely waive them, making it a cheap option for international students. For example, Taiwan is among the cheapest countries to study overseas.

• Create and stick to a budget

For most students, the biggest question is how to study abroad on a budget. Budgeting can help you maintain a healthy balance between your income and expenses. Sorting your income and expenses into distinct categories is a good place to start.

To create a budget, you must keep track of your spending. You could, for instance, divide your budget into multiple categories based on your overall income, monthly income, emergency fund balance, fixed expenses, and variable expenses.

• Look for part-time work opportunities

Having a little extra cash can make a world of difference when it comes to seeing everything that your new city has to offer, and a part-time job can help you do just that. It might also open doors to getting work experience in a field that you want to enter after graduation. 

• Choose the right accommodation options

If an on-campus apartment hasn't been assigned to you, you'll need to find somewhere to live while you study overseas. You can look at listings for vacation rentals, homestays, dorms for international students, or a local host. Different nations and regions will impose varying fees. 

• Use student discounts

There are many opportunities to save money as a student, from discounted museum admission to cheap plane tickets. Carry your student ID with you to avail discounts.

• Apply for travel and health insurance

As an international student, you should never undervalue the significance of your health. When you become unwell, planning for your health can mean the difference between finishing the program and not. It is usually a good idea to get health insurance because situations could even be more dangerous than a case of the flu. 

Moreover, travel insurance is available to shield you from a variety of accidents, from little mishaps to serious crises, as well as to safeguard your wallet. 

Also read - Save tax with your studies: Section 80E deduction of income tax act

Summing up

If you’re thinking of applying for an education loan to study overseas, IDFC FIRST Bank offers it with no upper limit making it a very practical and convenient option for international students. IDFC FIRST Bank Education Loan offers one of the best and competitive interest rates in the industry with customised solutions and a hassle-free education loan application process online in 5 simple steps

Still wondering how to study abroad and make your dreams come true? Click on the link and apply for an IDFC FIRST Bank Education Loan now.

Disclaimer

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