Ten tips to study abroad on limited finances as an international student
Studying abroad on a budget in the U.S. can help you gain expertise in your field, improve your English-speaking skills and develop industry connections that set you on the path for professional success.
For many, however, an international education feels out of reach. In addition to rising tuition prices and the high cost of living in the U.S., international students contend with visa fees, travel expenses and a lack of financial assistance for postgraduate students.
How do you study abroad if you can’t afford it?
If studying abroad seems out of your budget, don’t fear. There are steps you can take to decrease the overall cost of your degree program and education loans for students that can help you cover remaining costs.
Here are 10 tips for studying abroad on a limited budget as an international student:
Study abroad on a budget tip 1: Plan ahead
When it comes to studying abroad on a budget, it’s best to start planning as soon as possible. Give yourself ample time to research programs, save money and apply for scholarships. Don’t wait: start exploring international study programs today!
Study abroad on a budget tip 2: Create a study abroad fund
Consider opening a designated savings account where you can put away a portion of your monthly income to go toward your study abroad budget.
How much money should I set aside for study abroad?
The amount of money you set aside will depend on your financial situation and the cost of your degree program. According to the Education Data Initiative, the average cost of a master’s degree in the U.S. is US$62,820.
This number may seem high, but remember that it doesn’t account for any financial assistance for postgraduate students, which may come in the form of scholarships, assistantships and education student loans. Additionally, this number is only an average – tuition prices vary widely, and it’s possible to find degrees with much smaller price tags.
Study abroad on a budget tip 3: Choose an affordable postgraduate program
Research your postgraduate degree options thoroughly to find a program within your budget. Florida public universities, for instance, have some of the most affordable tuition in the U.S.
To get started, check out MPOWER’s list of 500+ eligible schools, which reflects the best education options in the U.S. and Canada.
Study abroad on a budget tip 4: Consider locations with a lower cost of living
To reduce spending on housing, food and transportation, look for universities in U.S. states with a lower cost of living. Some states with a relatively low cost of living, such as Michigan and Ohio, still have a range of excellent postgraduate programs to choose from.
Study abroad on a budget tip 5: Apply for international student scholarships and grants
Though you cannot qualify for federal aid, there are still ways to access financial assistance for postgraduate students. EduPass has compiled a list of scholarship opportunities for international students, including MPOWER’s graduate student scholarships. EduPass will also direct you to other helpful scholarship search engines like Fastweb.
You should also check out what kind of aid is available at your university, such as departmental assistantships and fellowships.
Study abroad on a budget tip 6: Apply for private education student loans from MPOWER
If savings and scholarships don’t cover all your expenses, an education student loan from a private lender like MPOWER can bridge the gap.
MPOWER wants an elite global education to be as accessible as possible. That’s why they offer a streamlined approval process for no-cosigner, no-collateral student loans of up to US$100,000. Plus, MPOWER’s Path2Success Program provides all customers with holistic student services, from a prequalified U.S. bank account to a directory of F-1 eligible jobs to help you launch your career.
Study abroad on a budget tip 7: Create a study abroad budget
While living abroad, use a study abroad budget to track your funds (such as savings and financial assistance for postgraduate students) and expenses (such as tuition, living expenses and health insurance). Carefully assess your spending to make sure you’re living within your means.
Study abroad on a budget tip 8: Travel affordably
International airfare can be a major expense, but it doesn’t have to be. Some simple steps, such as flying during off-peak seasons, booking indirect flights and using sites to find affordable flights, can drastically reduce prices.
And don’t forget to take advantage of your student status!
Study abroad on a budget tip 9: Find part-time work
As an international student, you can find employment on campus or, occasionally, off campus through special programs like optional practical training (OPT). During the school term, international students can work up to 20 hours per week in the U.S. and 24 hours per week in Canada.
Study abroad on a budget tip 10: Cultivate budget-friendly habits
Save money with budget-friendly habits like cooking your own meals, using public transit, buying used textbooks and hunting for student discounts. Also, be sure to explore free or discounted university resources like medical services, gyms and social events.
Final thoughts: Studying abroad with financial assistance for postgraduate students
If there isn’t enough room in your budget for the study abroad experience of your dreams, consider MPOWER. With fixed interest rates and no prepayment penalties, MPOWER education student loans are perfect for students studying abroad on a budget, giving you both the predictability and flexibility you need to repay your loans without hassle.
