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How to finance living abroad?
I am going to college next year, and want more than anything to go to college abroad. I have spent a year living in Norway before, so I know I can handle living away from home and that it is something I really love. The problem is, I do not know how to finance it without some kind of loan. I have some money saved up, but not much more than one year's worth of tuition at the schools I'm looking at (primarily in Europe, particularly schools in Spain, Netherlands, or Belgium). What kinds of loans are available for US students going to college abroad? And would I get a loan through an American bank or a bank in the country I'm studying in? The schools I've looked at haven't had any information about scholarships or grants through the schools themselves, so it would have to be something outside of that. I just have no idea where to start...
7 Answers
- NatashaLv 45 years agoFavorite Answer
Do you want to live in the U.S. after completing your degree or abroad? If you want to live in the U.S. after college, please make sure that whichever foreign university you attend actually allows you to earn a degree that is accepted in the U.S. Not all foreign degrees are transferrable, so be careful.
People all over the world dream of attending U.S. universities. They are world renowned. I'm not saying other countries don't have good universities, but the U.S. universities have an excellent reputation. You would be better off attending a public university in your home state (it's cheaper) and completing a study abroad program. That way you can receive financial aid while earning credits towards your degree. After completing college, you can also travel to different countries if you wish.
If you are dead set on studying in a foreign country, then you need to start saving up. Work as many jobs as you can and save. Some countries have a lower cost of living than America, but others can be just as expensive. You need to research the cost of living of your chosen country. You also need to be fluent in your chosen country's language. Don't assume that university courses are taught in English. Even if the instruction is provided in English, you still need to interact with the locals. College is already quite challenging and you don't need to add a language barrier on top of that. Many students cannot handle the workload at the university level in their own country. I can imagine it would be 10x more difficult trying to earn a degree in a language of which you possess minimal knowledge.
Also try living with a family and offer to teach their children English. Work as a live-in nanny in order to save money on living expenses. Good luck!
- ibu guruLv 75 years ago
No loans for study abroad. And plan on NOT being able to work as a foreign student, even if the country allows limited work while on student visa. Very few foreign students get any work at all, and it generally pays too little anyway.
IF you were attending a junior year abroad or similar program through your US university, attending a school which has a reciprocity agreement with your university so credits apply toward your US university's degree, you could try to use FAFSA to help pay your university & only need living expenses, transportation to go abroad for up to a year.
Study abroad is a luxury, and The Bank of Mom & Dad needs to be flush with funds!
- RobtLv 75 years ago
Get a Job paying good money locally.
Live in parents house.
Use their water sewage electricity WiFi.
Save UP money for 2 - 3 yrs.
Know what where how to use libraries in ur area ?
Plenty of books on scholarship grants etc to spend some months years applying .
- ?Lv 75 years ago
Generally banks wont lend money to students unless you can prove you can pay the money back. If you are a student, have no income, perhap may not even be able to work in your host country its unlikely a foreign bank is going to lend you money to complete your studies. As mentioned you need to self finance, get loans from parents etc.
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- sunshine_melLv 75 years ago
You won't get loans in the country you want to study in (as you'll be a temporary resident, there for the duration of your studies only)
You need to research private loans in your own country; you're likely to need a guarantor / co-signer (ie your parents)