Financial Support for International Students
Congratulations on your decision to study abroad and embark on a global exploration! Let's kickstart the process with an estimation list to help you allocate your funds effectively. Our guidance will aid you in budget planning and management, ensuring a worry-free experience. Moreover, essential expenses such as accommodation, meals, healthcare, communication, and travel are covered by us!
In our financial and scholarship consulting segment, we provide invaluable resources concerning international financial aid. Recognizing your dedication to education, many universities offer study grants. We understand that pursuing education abroad can be financially demanding.
These scholarships are designed to alleviate the financial burden for ambitious students, allowing you to focus on your academic achievements without financial concerns.
Support is available across various fields of study and institutions in some capacity. We'll assist you in identifying and applying for scholarships seamlessly. You could potentially save thousands of dollars on your course expenses.
Understanding Study Abroad Costs
The estimated expenses are determined by each educational institution to gauge the financial requirements of students. This includes total tuition, mandatory fees, accommodation, meals (if applicable), books, and additional living expenses (and sometimes travel costs) for students enrolled at the specific institution. Separate considerations may be applied by the institution for students residing at home or independently.
Beyond tuition, lodging, and meals, Osian Overseas outlines the elements to factor into your personal budget.
Some specific expenses to account for: Application fees Test/exam fees (e.g., TOEFL) Visa/SEVIS fees Tuition and fees Room and board (accommodation and meals) Books and supplies (including laptops, CDs, stationery, etc.) Travel to and within the destination country Medical and health insurance Personal expenses on campus (such as clothing, phone, entertainment, and leisure) during the academic term and also during university breaks (including travel, meals, additional housing charges, phone expenses, entertainment, and leisure)
Note: Expense categories vary based on housing arrangements. If you choose to live in private, off-campus housing, you may be responsible for utilities like electricity, heating, and water.
Your geographical location will significantly impact your cost of living due to varying living expenses.
Funding Sources for Education
Numerous colleges, both public and private, extend financial support opportunities to students. The majority of institutional aid for international students is primarily earmarked for undergraduate education, typically in the form of scholarships and grants. However, due to the limited availability of assistance for international undergraduates at some institutions, these grants are usually highly competitive. It's important to inquire with your university about any potential waivers or exemptions they offer, as both private and public institutions may waive application fees. Merit-based scholarships are typically awarded based on special skills, talents, or achievements. These can encompass TOEFL-based scholarships, academic achievements, creative skills, musical or athletic talents. Merit-based scholarships often entail strong competition compared to need-based scholarships, necessitating exceptional prowess in the relevant field.
Scholarships are often allocated based on financial need. Students meeting specific eligibility criteria and demonstrating financial need may qualify for this form of assistance.
University academic departments may also extend grants to support international students with distinct needs and/or exceptional abilities.
Various sources of funding exist, including:
- Scholarships and grants
- Private loans
- Personal resources
Scholarships for Studying Abroad
Merit-based scholarships are granted based on special skills, talents, or abilities.
How do Merit-based Scholarships differ from Need-based Scholarships?
Merit-based scholarships: Exceptional students receive financial support through merit-based scholarships to help them achieve their educational goals and pursue a fulfilling career. These scholarships evaluate a student's merits based on their academic achievements or performance in standardized exams.
Need-based scholarships: Students with financial need are awarded grants. These awards are determined by household income and assess eligibility. Filling out the FAFSA can help determine financial need.
Many scholarships are exclusively available to citizens and permanent residents for undergraduate studies. However, there are also free research and databases for international undergraduate students, as well as private, corporate, non-profit, and government funding options.
Some academic databases charge user fees, while others offer services free of charge. The same information is generally available from both types of database services, so consider choosing a free database option.
Beware of fraudulent scholarship offers: Do not provide any lending company with money, bank account details, or credit card numbers. If you have doubts about the legitimacy of a scholarship source, please contact the university admissions office or the international student office of the institution you are applying to.
Private Loans for International Students
While not widely available, there are opportunities for eligible individuals to secure loans for international study. Many loans require a co-signer, an individual who pledges to repay the loan to the lending institution if you are unable to do so for any reason. Numerous organizations offer private loans for international students, often catering to students from specific regions or countries who meet specific criteria.
Opening a Bank Account for International Students
Setting up a local bank account in most countries is certainly possible, although it might not be as straightforward as you hope. It's important to note that you usually need to wait until you arrive at your destination before you can establish an international student bank account. This can create some initial challenges during your first few weeks. During this time, you might need to rely on your foreign accounts or any converted currency to cover initial expenses and entertainment during orientation.
However, once you have a bank account set up, it will prove beneficial in the long run.
To open an international student bank account, you typically need:
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Your passport along with the relevant student visa,
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A secondary form of photo identification, often a driver's license or your student card,
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Proof of your residence and residential address,
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Confirmation of your enrollment in your university (your student card is often suitable for this purpose),
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An initial deposit (note that each bank and account may have its own minimum deposit requirement).