Participation in study abroad programs by students is fast increasing, as progressively more students, schools, and establishments acknowledge the crucial significance of international education. Even the United States Lower house is getting in on the interest, introducing the Paul Simon Study Abroad Foundation Act in March, which is designed to substantially enlarge and democratize study abroad by financing thousands of study overseas scholarship award programs.
The intention of the Simon Act is to increase the number of US scholars abroad from the current 200,000 every year to 1 million within 10 years, focusing particularly on under-represented groups like lower-income individuals, and under-represented destinations like the Middle East and the unindustrialized world. Though tenacious, that objective is not unachievable, as growth rates on United States students going overseas are already quite healthy.
The Simon Act recognizes what a lot of students already are conscious of – the greatest hurdle to growing study abroad participation is funding. Travel, international communication, exchange rates, and simply residing far from home all raise the normal burdens of tuition, fees, and living costs.
But there are ways to help finance your study overseas – here are the things you need to do.
Consult your Study Abroad and Financial Aid offices
Your study abroad department or your program director can give you direction on a practical financial plan for your time abroad. Carefully craft a financial plan so that you can take advantage of travel and cultural chances. Pick a program carefully – London and Tokyo are a lot more costly than the unindustrialized world. Then either your study abroad or financial aid office can help you to iron out how much of your present financial aid will transfer. Work-study, institutional financial aid and some other forms of financial aid generally do not transfer entirely to study abroad programs. Being aware of how much of your current package will apply to your chosen program should be the first step.
Research and apply for scholarships
There are numerous scholarship award programs and funding possibilities accessible for study overseas. Fulbright scholarship awards are renowned, but there are a lot of similar, lesser-known scholarship award programs. Start with online resources. We offer a large searchable database of scholarships for international study. As well, find out if your institution has any study abroad scholarship award programs available.
When it boils down to searching for and applying for scholarship award programs, there is no substitute for hard work and preparation. A lot of the scholarship awards are highly competitive, so you have to put your best effort into the process of application.
Apply for loans – Funding Your Study Abroad
Esteemed scholarship award programs are hard to get, and many scholarship award programs don’t offer the complete expense of studying overseas. After you have carried out the research and submitted application for as many potential scholarship awards as you can, study overseas loans are accessible to cover any left-over cost of unmet financial need. At StudyAbroadLoans.com, students can submit application for up to $50,000 each year, which is a lot of funding for just about any destination and get all the same terms as a standard student loan. Interest rates are competitive, settlement can be deferred until after completion, you can submit an application online in minutes, and funding is fast and straight to the student. For more details or to apply online, go to https://www.StudyAbroadLoans.com.
Study overseas is not only for well-to-do individuals at elite private schools any longer. More and more, it is becoming the normal thing, a demanded part of a full education in an interrelated world. With determination and effort, almost any individual can get a means to fund their study overseas.
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