Start your financial planning at least a year before you intend to study abroad. Financing your college education involves:
a) Assessing personal funds
b) Identifying financial assistance;
c) Funding From Colleges
Assessing Personal Funds
Before planning to study abroad first consult your parents and other family sponsors to estimate your financial condition. Try to find out how much money they can commit each year to your education. Approaching your family is the best way to raise money for your overseas education because sometimes most scholarship awards cover only a part of your total educational cost and cost of living and sometimes is not applicable to the first year international students.
Identifying Financial Assistance
Identifying Financial Assistance means you need to search out the ways through which you can allocate funds to bear your cost of studying abroad. Usually, all sorts of scholarships and financial aids are applicable for highly competitive students having excellent academic records. You will often find the terms “scholarships” and “financial aid” used interchangeably, but technically speaking, a scholarship is a financial award based on merit, including outstanding academic performance, special talent in sports or performing arts, or perhaps community service or leadership. Financial aid is granted after analyzing student’s financial income assets, and other factors.
Funding From Colleges
An educational advisor can help you to find out available financial resources to plan your study abroad. Careful advance research and realistic expectations are more likely to result in success. You should not assume that all colleges will award financial aid. Whereas, as a fact, less than half of the institutions offering bachelors degree can help you get financial assistance to students who are not citizens or permanent residents of the United States. Do share your country of citizenship and request information to the admissions office. If offered, financial aid is usually made up of a number of different types of assistance, including grants and scholarships and occasionally loans or part-time work programs.