Studying abroad is a journey that comes with many benefits such as: world class qualifications, excellent education facilities, the opportunity to learn a new language, it’s a great cultural exchange platform, in some countries it gives you a ‘passport’ to leading jobs and opportunities. All of the above reasons certainly makes studying abroad most desirable.

The key question is therefore how do I finance it?

·         Parents and family:  this remains the most common way to fund your studies overseas. In some cultures the entire family rallies around to send that one child to ‘pastures green’. Most parents make some kind of plan to send their ward abroad without relying on any outside help.

·         Scholarships from their home country: some countries have scholarships for students coming from that country who will be  reading specific courses the country has ‘gaps’ in for example in the area of health care, environmental studies etc. these scholarships tend to be available in most cases to Post Graduate applicants.

·         University/ College Scholarships: some institutions do offer scholarships to international students. Once again these remain most limited. They tend to offer to Post Graduate students as well as for a limited period- usually one year.

·         Bank Loans: Some banks are happy to support the intentions of students to study abroad. This can be a good way to fund your studies abroad provided there is a realistic payment plan. It is useful also if the applicant for such a loan secures a great job after the course also. Bank loans for international studies do exist but are very limited.

·         Work: Some students studying at international destinations that allow students work take up part-time employment usually weekends and evenings to raise some funds. This is very popular especially with much older students.

General thought’s:

The above ways are the most common ways to raise funds to study abroad. In my experience of working in this industry the parents and family funding seems to be the most common and often the most guaranteed source of funding as the others depend largely on availability, opportunities as well as very often ability to demonstrate academic excellence which not all students will be able to do.

Students should not leave their home countries without a plan. Due to the cut in government funding in some destinations of the world university scholarships are fast ‘drying-up’! you shouldn’t jump on a plane and just hope for the best that could be costly.

Planning early if always a sensible way forward and a guarantees all options are weighed and explored.

Closing thoughts:

Whilst it’s great and desirable to study abroad and all those advantages listed above remain valid, it is also a fact that not all students will be able to afford it. The world is moving forward with technology and as such if you are keen to acquire a world-class degree you can always take advantage of the online opportunities offered both for college and university studies. Some of these courses are offered and powered by top universities and colleges and the awards are exactly the same as if you were physically on campus. In a nutshell, it shouldn’t be the end of the world if you cannot afford to travel outside the shores of your home country.

What the world is looking for is more qualified graduates and these days it doesn’t matter where they studied provided they can deliver the goods!

Best of luck!

Olugbnega O. Ogunbode