Yes, it can be stressful when you’re planning to study abroad. There are many perfectly understandable reasons to feel stressed or anxious. Tuition fees are high, you’ve got food costs, study materials, transportation, health insurance, and lots of other expenses.
Even the currency exchange rate can be a concern.
When you don’t have enough financial means you might consider taking out a student loan. Paying back the student loan can add another layer of stress. But still millions of students can be found at international colleges every year.
Students find ways to manage their financial situation and complete their education in international colleges.
Here are some budgeting tips for students who want to study abroad:
The tuition fees are probably the most expensive thing you will face when you plan to study abroad. The yearly cost can reach up to five figures and for some private colleges it can even reach up to six figures (USD). The Financial Aid Office or Admissions Office at your college of choice will have up to date information about their tuition fees.
But tuition is not the only cost to consider, living abroad involves other expenses like transportation, phone bills, health insurance, food expenses, holiday expenses, accommodation and more. When we talk about the cost of accommodation, most colleges provide (or at least offer) dorm rooms to their international students. But you can still choose to live off campus — alone or with a group of people. The rental cost for private accommodation will depend on the location you choose to live in.
It will be cheaper if you choose to live in a dorm. You can save money because you won’t have to pay for electricity, water, and internet bills as they will be included in the cost. You can also save money because you will be living on the college campus and therefore probably won’t have additional transportation costs.
Depending on your visa status you might be allowed to have a part-time job while studying. When allowed students can typically work for up to 20 hours a week during the semester and full-time during holidays and semester breaks. This could be a useful source of income to help you with your daily expenses.
Most international colleges have a dedicated advisory office for international students. They provide students the necessary advice so they can manage their experience — including their finances. They help students with budget plans, part-time job information, and other related information. It is a good idea to get their advice before making any decisions relating to your finances.
Although they might seem like a golden opportunity, remember that paying back your international student loans can cause stress and worry for some students. Getting an International student loan should usually be your last port of call for additional funds. We suggest you first look for financial aid and scholarships from schools and other sources. If you still find a financial gap after exhausting all the other sources, this is the time when international student loans come in handy.
If you focus on your education and keep an eye on your budget, you’ll be able to enjoy completing your education at an international college. Try to avoid unnecessary expenses and focus more on savings. Here are a few examples of how you can save money: Use a bicycle to avoid transportation costs, try to cook your food at home rather than eating in a restaurant, so you can avoid food costs. Most importantly take advice from school advisors, they can assist you with your budgeting.
At the same time, look for ways to make the most of your time as a foreign student, take part in activities and explore your home away from home while you can.
In September we announced that InternationalStudent.com was hosting their ninth annual Travel Video Contest. The contest was open to anyone age 18 and older who is enrolled or plans on being enrolled in a college or university outside their home country. If you’re wondering who walked away with the winning titles last week- we have the answer and are pleased to announce the Travel Video Contest Winner!
The $4,000 grand prize winner was Danielle Boxill for her video “My Illustrated Life.”
Danielle grew up Trinidad and it was there that she discovered her love for animation. Wanting to pursue animation as a career- she first wants to start by obtaining an accredited animation degree. Studying in the US will be her chance to start her dream. Watch “My Illustrated Life” and watch Danielle’s story unfold. Danielle will also be blogging about her studies in the US through her very own blog. Visit her blog on InternationalStudent.com to hear (and maybe watch) more of her stories come to life.
The second place winner ($500) was Anh Nguyen for his video “Revisiting Homeland Vietnam.”
After visiting his homeland of Vietnam Anh realized that along with the vast beauty, there is also vast poverty- and he was inspired to make a difference. Watch Anh’s video and see how he plans to take action within Vietnam.
The third place winner ($250) was Drew Thomas for his video “Hollywood of the North.”
Drew has a love (and talent) for visual effects. He wants to take his talent to the next level by attending CG Masters School of 3D Animation & VFX- but needed some financial help. Watch his video and see just how talented he is and why the InternationalStudent.com judges thought he deserved the third place title!
Next year InternationalStudent.com will host their tenth annual Travel Video Contest and you won’t want to miss out! Check back September 2015 for your chance to enter the contest!
Indian Bachelor and Master’s students are able to compete in the Challenge Yourself India competition. One first prize winner will receive a travel grant to Sweden worth approximately INR 125 000, a certificate of achievement and published results on Studentcompetitions.com. The second and third prize winners will receive an Amazon gift card worth approximately INR 8000 (2nd prize) or INR 4000 (3rd prize), a certificate of achievement and published results on Studentcompetitions.com.
Here’s what you need to do to enter:
Individuals will be judged based upon their final performance in the challenge. Judges will consist of individuals from Student Competition and university representatives. The top 20 finalists will be announced by Challenge Yourself India on December 15th, 2014, the first, second and third place winners will be announced by December 19th. The winner can travel to Sweden anytime throughout 2015.
Receiving the travel grant to Sweden is a great opportunity for students to learn more about studying and living in Sweden. If you would like a shot at winning this grant, get more information including the link on where to register for the Challenge Yourself India competition here.
The Challenge your Perspective scholarship will grant one student from the United States (including the US Virgin Islands and Minor Outlying Islands) a full tuition waiver to study in Sweden at Chalmers University of Technology. Eligible students will have already received a bachelor’s degree and plan to pursue their master’s degree. Non-US citizens can apply if they hold a degree from an American university. Available programs at Chalmers University of Technology include: Entrepreneurship and Business, Design, Management and Economics of Innovation, Quality and Operations, Management and Supply Chain Management.
To apply, eligible students must first register for the contest. After registering, students must complete and share an essay, apply for one of the master’s programs at Chalmers University of Technology and take three quizzes on the following topics: Swedish innovation, Chalmers University of Technology and technology management.
This award will provide a tuition waiver for a two year master’s program at Chalmers University of Technology, located in Gothenburg, Sweden, and is equal to $40,000. This master’s program will be taught in English.
The deadline to apply for the Challenge your Perspective scholarship is November 30th. If interested in finding more information on this award including how to apply, please visit here. There you can log in and find a link where you can apply.
All citizens of India are able to participate in the Denmark-India Innovation Challenge! This challenge will grant three winners a full paid study trip to Denmark. Winning students will see what it’s like to study at a university in Denmark and have access to the VIP award ceremony in either Bangalore or Delhi. There the winners will have the chance to talk with representatives from Danish business and education communities. The prize will include round-trip airfare, accommodation and visits to some of the top attractions.
To enter you must create an account then complete a short timed quiz. You will be asked to answer 10 questions on the quiz and to submit a personal statement. Your statement must answer an essay question based upon one of the following subjects: art & design, engineering or natural science. You will also have the chance to share why you should be the Denmark-India Innovation Challenge winner. Students can only enter once and must follow all application rules. Although students must be an Indian citizen, they can be pursuing any degree program in any country around the world.
Students must submit their application to win before October 21st. You can view more on the Denmark-India Innovation Challenge here.
For the ninth year InternationalStudent.com is hosting their Travel Video Contest! Not only is this one of the more fun scholarship opportunities- it can really boost your bank account if you win! Although there will be great runner-up prizes and a viewer’s choice award, one lucky grand prize winner will receive $4,000 for their studies abroad.
Who is eligible?
This contest is open to those who are 18 and older and who are enrolled or plan on being enrolled in a college or university outside their home country. The winner will receive their very own blog on InternationalStudent.com- so you must be willing and able to contribute at least once a week to the blog while preparing for and on your trip.
How do you enter?
Create a video in five minutes or less on why you want to study abroad and where you want to go. One key item to keep in mind when creating your video: be creative! Keep the InternationalStudent.com judges entertained to make it into the final round of winning videos. How you keep them entertained is up to you, but here are a few tips and tricks to get you started! Make sure you enter your video and entry form before the deadline of October 22nd to be eligible to enter this contest.
Sign into your account then get more information on the 2014 InternationalStudent.com Travel Video Contest here. Follow the link to the InternationalStudent.com contest page for all of the official rules and regulations and to see the past winning videos. Keep in mind the judges want to see original videos- but checking out past winners is a good place to start.
The winner of this contest will be announced in November during International Education week. Make sure you stay connected during that week! Not only will it be announced on the InternationalStudent.com site and social media, but if you are one of the lucky winners you’ll be notified through email and telephone.
During the month of July three questions were asked, giving current and future international students three chances to win $100. If you missed the three questions and the announcement of each winner, catch up now! The Financial Aid Fun Contest awarded three students $100- see who won!
Question: What is a co-signer?
Answer: “A cosigner is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt. In other words, the cosigner is taking on a huge responsibility for the international student loan or study abroad loan since they are being asked to accept the responsibility of paying back the total loan amount plus any interest.”
Winner: Islam Taher
Islam is currently in the pursuit of an architecture degree in Egypt and hopes to soon study in Germany, the United Kingdom or the United States.
Question: What is your favorite page on Internationalstudentloan.com?
Answer: Making a Repayment Plan- and Sticking to it
Winner: Sunshine Darling
Question: What percentage of international students rely on personal or family support?
Winner: Bò Bụ Bẫm
Bò is currently a high school student in Vietnam, but hopes to become an international student in the US to study systems management upon graduation.
If you missed your chance to enter the Financial Aid Fun Contest make sure you see what other scholarships for which you’re eligible to apply.
InternationalStudentLoan.com and InternationalStudent.com have announced their third and final question in the Financial Aid Fun contest. This means it’s your last chance to enter to win $100 by answering a question in the Financial Aid Fun contest! If you were not one of the first two lucky winners, don’t miss this opportunity!
“What percentage of international students rely on personal or family support to fund their education in the US?”
Congrats to our winner:
Bò Bụ Bẫm
This might seem like a difficult question to answer, or one that you will have to spend hours researching the answer for on Google. However, we are going to give you the exact link where you can find the answer! Check out the “Funding Your Education in the USA” infographic here to find the answer.
While finding the answer to the third contest question, you might also want to take a moment to explore the infographic and all of the information it has to offer.
Once you find the answer, please send it in through one of the following ways:
You have until July 23rd at 3pm EST to share the correct answer and be entered into the drawing to win, don’t miss your last chance to win $100.
Deadline: July 9th at 3pm EST
International Student Loan and International Student have combined forces during the month of July to bring you three great chances to win $100! Yesterday the Financial Aid Fun contest was announced and today question 1 of the Financial Aid Fun Contest released! All you need to do is find the correct answer to the question (you can find help here), then post the correct answer either to this blog or one of the following:
If you submit the correct answer you’ll be entered into the drawing to win $100! You only have until July 9th at 3pm EST to submit your answer, so make sure you post your answer as soon as possible!
The question you must correctly answer is:
What is a co-signer?
Time is limited so start searching now and post your answer before the deadline. If you aren’t the winner this week make sure you come back next week. There will be a new question posted, meaning a new chance to win $100!
If you missed the announcement of the winner for the first question- here he is:
“A cosigner is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt. In other words, the cosigner is taking on a huge responsibility for the international student loan or study abroad loan since they are being asked to accept the responsibility of paying back the total loan amount plus any interest.”
Congrats Islam! For those who did not win, don’t worry, just answer our next question for a chance to win!
Today, Thursday 26th, at 10am EST International Student Loan is hosting a Google+ Hangout On Air to help explain some of the most confusing loan terms that students run across. International students in need of financial aid and who have considered a loan won’t want to miss this hangout! The hangout will explain some of the top terms you’ll come across when comparing and applying for a loan- terms that are important to understand before agreeing to a loan.
International Student is also hosting a Google+ Hangout On Air this week! The International Student Hangout will address how you can use your contacts to get a job. Whether you’re an international student who just graduated or who is about to start your first semester- these tips will be ones to take note of and keep in mind during your search for a job. Don’t miss this Hangout Friday June 27th at 11am EST.
Attend the International Student Loan Hangout to get student loan terms explained. Start watching today at 10am EST.
Attend the International Student Hangout to learn how to use your contacts to get a job. Watch Friday at 11am EST.