Funding The Dream: How To Financially Support Kids Studying Abroad

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Updated on June 21, 2023 by
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Studying abroad can be a transformative and life-changing experience for students, offering unparalleled opportunities for personal growth and academic enrichment. However, for parents, the financial aspect of supporting a kid’s education overseas can be a significant concern. In this guide, we’ll be exploring some of the most effective strategies and resources that parents can employ to help you navigate the financial challenges and make your child’s study abroad dream a reality.

Start Planning Early

Financially supporting an education abroad requires careful planning and consideration, so by starting to plan early and creating a dedicated study abroad fund, you can get one step ahead. Consider setting up a separate savings account specifically designated for the purpose of your kid’s education, and regularly contribute to this fund while exploring long-term investment options to grow your savings over time, taking into account the risk level associated with different investments.

Research Study Abroad Programs Carefully

Your child might have very clear goals and aspirations, but there could also be a number of different study abroad programs that align with their academic goals and your financial capabilities without comprising educational quality.

Take time to sit with them and discuss not only why they want to study abroad, but also the different options available to them. It might be that, upon further consideration, they realize that they can achieve the same academic success or personal growth in a previously unconsidered institution that is less cost-intensive.

Seek Out Scholarships And Grants

As your child is applying to a range of study programs, encourage them to simultaneously pursue scholarships and grants designed for international students. Many universities, organizations, and even governments offer financial assistance to students studying abroad, and many offer both merit-based and need-based opportunities.

Utilize Financial Resources

When your child is studying abroad, there are a number of financial resources that you can take advantage of. For instance, if you’re regularly transferring funds for groceries, study supplies or extra-curricular activities, then you should do so through a cost-effective provider using an International money transfer app like Ria.

You should also consult the financial aid office at your child’s university or college for guidance on available resources – they can provide valuable information about grants, loans and other aid options specifically tailored for students studying abroad that you might not have been aware of. By maximizing the financial aid opportunities provided by your child’s educational institution, you can avoid adding unnecessary student loan debt to your child’s future.

Have A Conversation About Money

Although it can feel awkward at first, having a conversation with your teens about money is one of the best ways to support them financially if they’re studying abroad. Sitting down to develop a comprehensive budget that includes tuition fees, accommodation, and meals costs, as well as any personal expenses, will encourage your kid to practice responsible financial management and track their spending while studying.

Funding your child’s dream of studying abroad requires careful planning and the utilization of all available resources, but by starting early – and having the difficult conversations – you can financially support your child’s educational journey with confidence.

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