In what is an increasingly globalised world, studying abroad is becoming a more realistic option for students in higher education. Although universities in different countries are more accessible to international students than ever before, choosing to study abroad remains a huge commitment.
It’ll present unique challenges, both academically and personally, but one of the biggest factors anyone will have to take into account is the financial implications of a move abroad. There are costs associated with international study that you may never have considered before. So, in this guide, we’ll run you through some of the things you’ll need to think about when it comes to your finances as you prepare for this new, exciting chapter in your life.
Student finance and support
Depending on the country you intend to study in, you may be eligible to receive student finance, a grant, scholarship or other type of funding to support you financially through university. For example, in the UK, non-EU international students are unlikely to get a student loan from the government, but universities may offer their own financial support schemes.
Institutions around the world commonly offer scholarships to particularly high-performing students – be it on academic merit or for excellence in another area such as sport. When it comes to organising your finances, it’s important to apply for any aid in advance of your move, so you can start to plan accordingly. Remember, scholarships are extremely competitive, so even if you’re a strong candidate, you should always prepare for the worst and have a backup plan in place should your application be denied.
Credit cards and bank accounts
Some universities will mandate that international students must have a bank account in the country they’re studying. But even if it isn’t required, it may still be a good idea to set up an account in your new home country, since this can make several aspects of money management easier to handle.
Credit cards can be an extremely valuable tool for students across the globe – when used responsibly. However, it can often be quite difficult for international students to be accepted for a credit card, especially if they’re only going to be residing in the country for 12 months or less. Fortunately, your credit card from home is likely to be accepted in most shops, but it’s always worth checking with your bank and university whether you’ll be able to use it, and if you’ll be charged a fee for doing so.
Living and accommodation costs
Another important factor to consider is the cost of living in your country of study. This will include everything in your day-to-day expenses, from accommodation, to food, to utility bills. Naturally, some countries will be more expensive to live and study in than others, and this is certainly something to think about.
If you’re particularly concerned about money and are yet to decide on where you want to go, do some research into the cost of living in some of the most popular countries for international students. It’s worth noting that studying at public universities is entirely free in some countries – even for international students. For example, if you’re a citizen of the EU/EEA or Switzerland, you can study in Sweden, Norway and a number of other countries tuition-free.
Prepare for success
Wherever you dream of studying, keep these three important factors in mind and you’ll be able to take control of your finances from the very first day of university.
