Cost related issues such as managing loans or other forms of financing options are the main reasons why many bright students hesitate to try a hand on studying abroad despite being eligible and ambitious. Generating financial aid stands as one stumbling block in the path of students that are keen on applying abroad. Hence, there should be careful and practical planning before venturing into any such ambitious mission. Although the concept of studying abroad may be an exciting affair, it is quite expensive.
But the good news is that many countries other than a few places like the U.S. permit international students to work for a limited quota of time even when they are enrolled into a college or a university. Work permits for a student when s/he is pursuing a course vary from place to place. Some universities permit 20 hour a week on campus jobs for a student, while there are other institutions & universities that allow off campus jobs as well. In countries like the United Kingdom and Australia, the rules are not very different.
Is Working as a Student Safe?
The burden of collecting or managing funding for courses may be frustrating at times. Sometimes savings alone may not be a reliable source; and hence, it calls for an ongoing liquid income too. On campus and off campus jobs for students are perfect solutions for self supporting alongwith a simultaneous program. It has been common practice by many students studying abroad that they earn funding for their programs by working on or off campus whenever they find a valid opportunity. Sometimes this fund is sufficient to support the personal as well living expenses of a student.
Types of On and Off Campus Jobs
Types of on campus jobs usually include part time jobs at the library or the laboratory, at the sub-offices of the college campus, dining halls, student community centers etc. On the other hand, a few off campus job types are- working in restaurants, working as help in offices or in petrol pumps etc. The average earning will vary from place to place; a student may expect to earn anything between $4 to $10 for an hour on average.
Funding from the Universities
There are special provisions in some universities and colleges where a student may apply for a special funding from the university itself when s/he is unable to work parallel to studying. It has been observed that funding from Universities is easier in the United States than in places like Canada, the United Kingdom, Australia or New Zealand. So, if you are applying at a University program in the United States, you may have high hopes of getting yourself funded by the University itself.
Moreover, there is a provision of availing Graduate Assistantships in select Universities in the United States, Canada and Australia. This is an option where the entire fee of a student is paid off and a monthly stipend for taking care of the living expenses is extended to a student. Through this award of GA, a student may work as a Teaching Assistant (TA) or a Research Assistant (RA). They may teach in small classes, help in grading and evaluating and also help with research work. This also enhances a student’s work experience and helps in assessing a practical outlook.
Other Funding Types
In case a student hasn’t qualified for Graduate Assistantship or in procuring an off campus job, s/he can apply for other forms of funding by the university. These kinds of funding are either merit based or need based. These are also equivalent to university scholarships.
When a student has excellent academic, athletic or other forms of official records, he or she can apply for a merit based scholarship. The eligibility or qualifier standard for this scholarships will vary from place to place. A few program-specific or subject-specific scholarships may also be applied for, depending on the availability of the same.
Need based scholarships are too hard to get since there is tremendous competition for the same. If a student is unable to demonstrate why s/he is in need of such funding, such an application may be duly rejected. Such kinds of scholarships can cover as close as 75% of the entire tuition fee; hence these are good options for the needy.
Private Loans or Bank Loans
This should be the last option for any student willing to study abroad. There are many state banks in India that provide big sums of loans to the needy and meritorious students. These are known as Educational Loans and the average interest rate for such a loan is almost 11%-13%. The average return period of such a loan is generally 10 to 12 years.
If you are someone planning to pursue your higher studies abroad, then you should explore all possible options mentioned above and settle with the best one.
