Becoming an international student also means to live independently, and you want to make sure that your child can manage their financials properly. It is important to have an understanding of the cost that studying abroad entails. You should save money for your child’s visa, financial evidence and any insurance that could be necessary for the time abroad.
It is recommended that once your child has an offer from a university or has been accepted into their degree you start looking at housing and accommodation costs. Delaying this will only leave you with less options and probably more expensive. Email or ring a few student accommodations to see what their tenancy agreements include and check how far they are from your child’s university. By living closer to campus or ‘in campus’ your child will save some money since they will not require public transport on a daily basis. Encourage them to walk where possible or to buy a secondhand bicycle that they can resell after their stay.
There are some daily living costs that you will have to take into account. It would be a good idea to create small budgets for many different things such as food, transport and other daily expenses. Depending on their university course, your child will be able to borrow some books from the university library, but keep in mind that there will still be money needed for stationery and other course books.
You should also budget for traveling as your child will be going back home during the holiday periods or just to some other places to enhance their international study experience. Some online bank accounts such as Monzo and Revolut allow you to create these budgets in their online banking phone app which really help keeping their spend under control. It is recommended that your child considers opening a local bank account to avoid overseas fees or uses one of these online accounts as they are usually better with the conversion rate.
Exploring new destinations
Studying internationally is a great opportunity to visit as many places as possible. If your child studied in the UK for example, there are many affordable flights that could take them to fantastic locations in Europe (Paris, Barcelona, Rome, Amsterdam, Dublin, Prague) in just about 90 minutes or less. To make the most of their study destination, make sure they sign up for their university clubs or international student society as they organise affordable trips for students to get to know the country and see many incredible locations.
If your child’s study destination allows it, it is a good idea to take a part time job. In many countries, such as the UK, international students can work up to 20 hours per week to help fund their study abroad experience whilst improving their CV. Not only they will acquire valuable work skills, but they will also develop personally as they face a ‘real world’ experience.
Help with fees
Paying for tuition fees could become easier by checking university scholarships. Some of them offer scholarships to international students including some exclusive to NCUK students. If you want to know more about NCUK Universities’ scholarships and how to apply, click here.
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