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Why You Should Sort Out Your Finances

Studying overseas is expensive. You have a lot to think about, not including tuition. Housing, everyday expenses, transportation - these are all things you need to have money for.

That's without mentioning your one-time expenses. The visa cost, the application fees, your insurances and immunizations are some of these costs. What about when you need to buy clothes or want to travel around the country you are in?

You also need to think about how much your currency is worth. With exchange rates, it may be more or less expensive to study in different areas. You can find the value here http://www.xe.com/currencyconverter/

There is one piece of good news: the sooner you start planning, the easier and cheaper it will be to study abroad. These expenses are a little intimidating, but if you budget for them, you may find you even have some extra money to spend.

Consider these:

  • The cost of the program, including tuition, housing, and books.
  • Travel expenses to and from your host country.  Traveling back and from your home country for visits.
  • Day-to-day expenses, anything from toiletries to paying your electricity bill to going to the cinema.
  • Any traveling you might do while overseas. You'll probably want to travel while you are abroad.

Remember that you are just estimating. You won't know exactly how much you are going to spend. Check out the following resources to make your life a little easier:

How Do I Get Funding To Study Abroad?

Paying for your education while abroad is probably going to be one of the most difficult steps in the process. There are different ways to do so, however.

You can get a loan. In some countries, it's really common, in some, it isn't.

You may be able to get a loan or grant from a specific organization. Another way to finance is to get a scholarship. These are the hardest option, not guaranteed and take a lot of research.  Remember to start planning early and do as much research as you can. That way, you'll be able to finance your study abroad adventure without a problem.


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