Four Ways Parents Can Help Fundi Their Child's Education Abroad
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.
Four 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.
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.
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.
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