EDUCATION
SPECIAL THE FINANCE FORMULA
Tips
on how students can manage their finances while studying abroad
Studying abroad is an exciting, yet expensive
affair. Most countries, other than the United States, allow international
students to work off campus while studying. In the US, international
students are permitted to work on campus for a maximum of 20 hours per
week. While other countries, too, have a similar limitation on the number
of hours, international students are permitted to find jobs off campus as
well. For instance, in Canada, you can apply for a permit that allows you
to work off campus for 20 hours per week during the academic session and 40
hours per week during vacations. The rules are not very different for
students who wish to study in the UK and Australia.
By working on or off campus, you can expect to earn
sufficient funds for your personal expenses and sometimes even living
expenses. But very rarely will you be able to fund your entire education
from this income. The work students typically do on campus includes working
in the library, laboratory, dining halls, admissions offices, etc.
Off-campus employment usually involves working in restaurants and at petrol
pumps. The average minimum wage in the US is $8.25 per hour. Thus, working
for 20 hours at the minimum wage can fetch you about $660 a month.
GRADUATE ASSISTANTSHIPS
Students unable to work on or off campus can always apply for funding
from the university itself. Most universities in the US and some in Canada
and Australia offer students graduate assistantships (GAs). A GA is an
award which pays for your entire tuition fee as well as a monthly stipend
which helps you take care of your living expenses. Students who get such
assistantships can work as teaching assistants (TAs) or research assistants
(RAs). Typically, the job profile of a GA is to assist professors in
grading papers, teach small classes and help with research. Assistantships
are extremely competitive and are granted to students with excellent grades
and, at times, to those with work experience. Students can earn a stipend
of up to US$1,200 per month.
NEED-BASED FUNDING
If you do not land up with a GA or an on- or off-campus job, you can
still apply to the university for merit- or needbased funding. Many
universities offer scholarships to students with excellent grades. Such
scholarships are evidently not only competitive but also based on need.
Thus, if you can demonstrate that you actually require the funds, you may
have a better chance at receiving them directly from the university. Such
scholarships generally cover 10-75% of the tuition fee.
EDUCATION LOANS
Finally, if you have no other choice, you can apply for education loans
in India. Several state banks offer education loans of up to Rs 30,00,000.
The interest rate for these loans is around 11.75% and the repayment period
starts one year after the completion of the course or six months after
getting a job, whichever happens earlier. The loan must be paid within 12
years. The security required to obtain it is usually around 115% of the
loan amount.
Banks in the US give loans to international
students without security only if a citizen or green card holder with good
credit history acts as their guarantor. The benefits of this loan include
lower interest rates of around 7-9% and repayment period of close to 25
years.
A good way to fund your education is a combination
of the several options listed here.
If you wish to pursue your education overseas, make
sure that you plan your finances before applying for admissions or at least
before you leave the country
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Karan
Gupta, international education consultant EDUT140412
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