Getting into a top foreign university for graduate studies can be an achievement in itself. Getting the best grades possible in undergrad, applying for the right course, and being accepted are not too easy by any means.
But what about when you’ve got all of this in line and you are ready to accept your offer on the course and it’s all looking good and then you have to consider, how am I going to afford all of this?
If you come from a rich family and are fully supported financially all the way then great, but for most of us this not quite the reality so we need to look at how else to make it work.
Graduate studies abroad could be one of the most financially stressful phases of your life. However, if you plan everything well in advance and execute everything in an organized way, you can easily avoid (or at least reduce) the stress. Earlier we have discussed scholarships and loans for supporting your graduate studies abroad. In this post, we will talk about a few other alternatives for financing graduate studies abroad.
How To Make Your Finance Work Around Your Graduate Studies Abroad
Do You Need To Work To Support Your Studies
Taking on a part-time job is not uncommon and there are many ways to make money as a student. There are all the usual jobs in shops and bars and temp jobs such as events staff but if you are a little more creative you can work tutoring others, if you are further on or advanced in your studies, or why not try a little freelance work if you have any skills such as design or writing. You can even start a small part-time business while studying to make some extra cash.
Why Not Consider Delaying Starting Your Studies
If you feel you are going to really struggle to earn while you study and it’s going to affect your grades then why not consider delaying starting for a year?
This way you can work full-time and put as much money away giving you a nice little buffer for when you begin studying.
Most courses and universities are happy to defer your place for a year if this is your choice. This way you will also be leaving university with some essential real-world work experience behind you.
What Happens If You Have Placements On Your Course
If you are studying the type of course that has placements as part of the curriculum such as nursing or teaching then you might have to plan for these times as it might be more difficult to fit in extra work as these can be fairly full on and time-consuming. Or if you have to go on a longer placement then be sure to research student finance placement year options before you get to this stage.
If You Have Children Is Extra Support Available?
Not relevant for most students but these days there are more and more people in different situations and at different stages of life studying, so what support is available if you have a family? There are grants available for parents and this varies on how many kids you have and your personal circumstances, i.e. any income you or your partner have can affect how much you would receive.
What Types Of Finance, If Any, Should You Consider?
Should you consider credit or finance options? This is a tricky question as it depends on how you will be able to pay them back and this should never be an option taken without a lot of thought and research. Student loans are generally the best as they are only repaid if and when you are earning a decent full-time wage, but be careful about the student credit cards and overdraft facilities.
Featured Image Source: Accepted
Note: This is a Sponsored Post!