Planning your child’s education is an equally burdensome process for you as it is for them. From planning their course abroad to financially being able to fund their entire education there, everything needs to be done systematically and carefully.
However, as a parent you should encourage your child’s decision of studying abroad. Despite of being away from home, there are several things that staying in a foreign land will teach them.
No matter whether your child decides to pursue their education locally or abroad, it is your responsibility as a parent to be financially prepared. Financing your child’s education can be expensive, and it is even more expensive when they plan to study abroad.
So if you find yourself struggling with securing your child’s education, you are in the right place. We are here to help you with four ways that can help you fund your child’s education abroad.
So don’t worry and come aboard.
4 Ways to Fund Your Child’s Education Abroad
1. Scholarships Are a Go-To Option
Most parents whose children are planning to pursue their education abroad, scholarships are an obvious and a go-to option. For parents that are unaware, there are two main scholarship types that your children can consider:
- Merit Based:
These scholarships are offered by governments, businesses and universities. They are granted to students based on their talents, affiliations, hobbies and academics.
- University Based:
Certain universities abroad offer students with academic excellence in most cases. Such kinds of scholarships are offered in many parts of the world. Some of these scholarships also include everything from the tuition fees to the living expenses and insurance. Most of the famous universities that offer such a scholarship include: Oxford, Bologna and Utrecht.
Apart from these scholarships, there are certain scholarships offered for sports and academics primarily. So as a parent, it is your responsibility to encourage your children to study and try as many sports as they can.
2. Student Loans
Although, parents do not want to burden their children with significant student loan, for some it is only option available. If such is the situation, you might as well send your children abroad to pursue their education than just having them study the same course locally. No matter what, the loan may be just as much or may be even less than you think.
However, one thing you need to precisely look for while signing your loan documents is a PPI policy. PPI mis-selling scandal is huge then ever and you certainly don’t want your kids to be stuck struggling for compensation. There are millions of people yet to make a successful claim.
On the other hand, while applying for a student loan abroad, check for international loan options that offer favourable interest rates. This will certainly help you secure money for your child’s future while studying overseas.
3. Choose the Country Wisely
Choose the country where you children plan to pursue their further education very wisely. There are several amazing countries that have a far cheaper tuition and cost of living rate compared to the UK.
One good idea would be to check the exchange rate of your desired destination and see whether it is favourable for you financially or not. For example, the UK students can opt to study in Germany. The cost is relatively low and it is cheaper to study in Germany than in Australia.
4. Encourage Working Abroad
Studying and working abroad often tend to happen at the same time. In an ideal situation, even though the students want to entirely focus on their studies alone, it isn’t always possible. Instead, millions of kids are working to make sure that they do not end up lost under the pressure of their student debt.
So make it simpler for your children to help you pay off the student loan, you need to encourage them to work abroad while seeking education. If for example, your child plans to study in Canada, an immigration lawyer there would be able to help your children get a work permit.
Remember that every country has different rules. Canada out of all the countries is a little stricter than most other countries and they will want to make sure that you have sufficient funds for living expenses and tuitions.
We understand that education is not cheap, whether it is your hometown or in a foreign country. But with good grades and some fierce effort, it is possible for your children to study abroad while you handle the finances.