Financing International Studies

So you decided you want to study overseas, however looking at the costs it can seem almost impossible. Thankfully this is not entirely true, there is plenty of ways you can source funds for a trip over the pond to study. Below is a list of the ways that people have been able to finance study overseas.

1. Grants and Scholarships

This is easily the best choice as you don’t need to pay the money back. For those eligible you can get a Scholarship or Grant that the university will pay to help you study for a semester or two overseas. Many universities offer scholarships just for being accepted a place for study in an overseas university. I recently dropped into the Macquarie University International study day and learned that they where prepared to offer me upto $7,000…Pretty good huh?

2.Mum and Dad

If your lucky enough to have parents that can afford it and also feel generous enough to give you the money then this will be a major advantage. Its always easier to twist your parents arms for some free money then to take a loan you have to pay back.

3. Get a Job and Save

Its probably best to get a job on your holidays anyway as it shows potential employers that you are industrious and ambitious. If you get a job or maybe even a couple you may be able to knuckle down and earn some cash for your trip. Money is no good too you after you spend it. Saving it instead of spending is equally important as earning the money. Try to go out of the house less and put that money you save in a high interest savings account where you cant access it at a whim or when you see something nice in the shops. Sleep things over before you make purchases and give yourself time to decide if that money is best spent on your trip.

4. Help Loans

When I dropped into the Macquarie Uni International travel day recently I heard that you can get loans up-to around $6,000 from the Australian Government. This adds onto your help debt so you do have to pay it back once you finish University.

5. Get an Advance Payment from Centrelink

If you’re receiving Centrelink benefits you may be eligible to receive an Advance Payment. This means that they may advance you some money now for your trip and your entitlement with Centrelink will be reduced later on to repay this. Not sure if they let you do this one so its best to call and ask.

6. Get a Loan from the Bank

If you can prove to the bank that you can pay back the money then they might lend you some money. You need to discuss this with someone at the bank and always get a second opinion on whether this is the right choice for you.

7. Get a Credit Card

Its always good to have a backup plan when your travelling and a Credit Card can do this. Think this through carefully. Ask yourself if you are disciplined enough not to spend just because its there and only if you really need it. Its hard having a credit card when travelling and not spending, I have maxed out more cards travelling than I would have liked.

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About the Author: Andrew