How To Study Abroad Without Taking Money from your Parents?

Higher education is an important part of your career, and you may aspire to attend a prestigious or premium college. Obtaining the desired degree from a reputable organisation, on the other hand, can be costly. And arranging these funds can put a financial strain on your parents. However, there are several alternatives to borrowing money from your parents, such as work-study, scholarships, student loans, and personal loans. In this blog, we will help you learn how to study abroad without taking money from your parents.

Things to Consider Before Studying Abroad

Studying abroad is a big time investment. Hence, there are several factors that you must consider before planning your study abroad journey. Here are a few things to consider before starting your freshman year abroad:

Look for Financial Aid

Many top institutions in the United States practise ‘need-blind admissions,’ which means that if you are a really meticulous student with good academic records, your financial restrictions will not prevent you from being admitted. Admission will be granted solely on merit, not on how much money you can afford to spend on your education.

Must Read: Study Abroad Scholarships that you must explore!

Choose a Cost-effective Destination

If you don’t have enough money, apply to countries that are more cost-effective or economical, such as Germany or Canada. These countries offer internationally equivalent degrees with less tuition and a low cost of living.

Don’t wait for too long

Aside from money, another important factor that determines whether you can study abroad for less money is ‘time.’ Time will decide where you go and what path you take. Scholarships may be available if you apply early to some colleges and universities abroad. If you wait too long, you might miss them. If you apply early and include all required documents, your chances of receiving an acceptance letter are high; however, if you wait too long, you may miss out on a few opportunities.

Must Read: Cheapest countries to study abroad

Best Ways to Study Abroad Without Taking Money from Your Parents

Here are some of the options that you can explore on how to study abroad without taking money from your parents:

Personal Loans

A personal loan is a multi-purpose loan that requires no asset or collateral and is simple to obtain. You can apply for a personal loan with limited documents such as ID and address proof incase you need urgent money directly to your bank account without having to wait long. There are many benefits of using a personal loan to fund your study abroad education, these are listed below

• Personal Loans do not require you to provide any collateral like any other bank or money-lending authorities.
• Other Scholarships would only help cover your tuition fees, while personal loans cover all other expenses like food, stay, travel, etc as well.
• Personal Loans help reduce taxes as well.

Work Along With Study

Part-time work can be a superb way to supplement your higher education. There are jobs available that allow you to work part-time. Working while studying can be advantageous, particularly if you are studying abroad.

Scholarships

In addition to a personal loan, you can apply for scholarships. You can, for example, apply for government, community, or institute-funded scholarships to help fund your higher education. It will assist you in obtaining additional funding for your higher education and will reduce the likelihood of you borrowing money from your parents for your studies.

Find Tuition-Free Universities

It is a well-known fact that many German Universities are tuition-free, which means it saves you the major expense of studying abroad. Similarly, you can research universities which are tuition-free in the country that you opt for. There is a wide range of universities around the world that help you study abroad without paying tuition fees.

Must Read: Study in Germany for FREE

Start Fundraising

Fundraising can also help you increase your balance and reach your goal faster. Fundraising can take many forms, including hosting a dinner, holding a yard sale, and crowdfunding on the Internet. It may take some trial and error to figure out what works best for you, but if you stay inspired and creative, fundraising can be a fantastic way to generate some extra cash and help you study abroad without taking money from your parents.

Swap Your Study Abroad Programme for Something Else

While studying abroad is the most common way for college students to travel abroad, it is far from the only way to have a memorable international experience. Volunteering, interning, or working abroad can get you abroad faster and for less money (or for free!), and you’ll almost certainly gain professional work experience as well.

Language schools can be an excellent way to learn a new language and live in another country without committing to a formal academic programme. Another advantage of these programmes is that their course dates are more flexible, allowing you to stay for as long as you can afford, from a few weeks to several months.

FAQs

This was all about how you can study abroad without taking money from your parents. If you need any further assistance in selecting your dream destination or university, contact our Leverage Edu experts. You can also book a 30-min slot on 1800 57 2000 and to get free guidance.