MAJOR MEANS OF FINANCING YOUR STUDY ABROAD AS A NIGERIAN STUDENT
Access to good and quality education is probably a major key factor for career success. Studying overseas gives students the opportunity to enhance traditional academic experiences while increasing cultural awareness and tolerance.
You get a deeper understanding of the world, and also get to learn new skills. That is why you find out that quite a lot of students seek for admission into foreign universities.
Having said this; finding majour means of financing your study abroad as a Nigerian student remain a challenge. The money to study is usually a major problem.
Fortunately, there are some means available for this end. Financial assistance is available for students who wish to combine international cultural exploration with higher education.
Here are some major means of financing your study abroad as a Nigerian student
Do you know that the sum of about 15.6 billion euros is being set aside for scholarships in Europe for international students like you? I mean there are so many scholarships available for students looking forward to studying abroad.
In the USA also, universities award about a thousand scholarships to foreign students every year.
Now, it is important to note at this point that the competition for scholarships is pretty fierce.
A number of universities in other countries also offer scholarship for foreign students each year. This ranges from partial scholarships to what is the referred to as a “full ride”, where all expenses are completely paid for.
As a student, you should make efforts to consult the individual websites of these universities and find out the necessary information and the peculiar requirements needed to apply. You will most likely see a scheme you are eligible for.
You can try Portals like scholarshipPortal.eu
Scholarship deadlines most often falls between October and March of the year before the funds will be needed or released.
It is therefore imperative to know that the search for scholarships should begin at least one year before it will be needed.
2. Financial aid
Another financing option available for students looking to study abroad is getting financial aid. This can come in the form of student loans and grants.
Sallie Mae international has loans that can be accessed by international students who wish to study abroad, particularly in the USA.
There are quite a number of loans available for international students who want to study in the United States as long as their school of choice is an approved school.
You will most likely need a US citizen or permanent resident who can Co – sign the loan with you.
However, while you’re out searching for private loans for your education, you should keep in mind that once you’ve graduated, the loan has to be paid off. So to avoid any future difficulties, ensure that you do your homework and research thoroughly.
For this purpose, you may need to consult with a financial aid office to expose you to the right kind of information.
Yes! Your savings could come in handy for financing your education abroad. You can save up for your studies abroad. I hope this doesn’t sound ridiculous.
Savings still remains is great option for parents who want their kids to school abroad. Either way also; for both parents and young earners who need international education, there’s a need to save up money for education abroad.
Usually, as can be expected; the most difficult aspect of saving money is the initial phase:
Sometimes the hardest thing about saving money is just getting started.
First things first, you need to make a budget. Once you have an idea of tuition fees and other basic bills, you can begin to plan all your expected expenses into a workable budget. Budgeting is a continuous process. So at this stage your budget should include: tuition fees, room and board, transportation and living expenses.
Next, start by opening a “targeted” savings account pretty simple. Get to any commercial bank and request to open a target savings account for your education. So you would do well to start at least one year prior to your school’s new academic year.
Now, what really is a target savings account?
Target savings are more appropriately described as automated savings; such that a specified percentage of money is being automatically debited from your main account into the targeted savings account.
What this means is that anytime your main account is credited, the system automatically deducts a certain percentage of money into your target savings. In this way you don’t need to worry about saving money. It just happens without any conscious effort on your part.
All you need to do is open a target savings account and the rest is history.
In conclusion, the economics of studying abroad and education generally is very complicated and can overwhelm one.
So, taking steps to increase your chances of accessing international education can be a great way of opening you up to the myriad ways of financing international education. You need to be proactive and take positive steps to actualizing your academic goals.
If you have to save, take out a loan or apply for grants and scholarships.
It’s just fine ! You’re right on track.
A combination of these options may be the best for you to financially equip yourself for the long haul. As such and be that as it may, getting all these into your schedule, working them out ahead of time, and getting multiple well – advised opinions is sure to keep you ahead of the game.
You will be in the right position to actualise your academic dreams/goals.
Therefore, don’t wait until the last minute to start saving up for your trip abroad or reaching out for some of these alternative options. Ask for help especially from your abroad advisors. Ask your parents and some of your friends who’ve recently been through the process.
Now that you have an understanding of your funding options, it’s really important to get started on the right foot.
Hopefully this article has helped put you on get on track? So from me it’s Good luck!
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