Financing Your Study Abroad Experience with IBS
Studying abroad doesn’t have to be financially draining, or a daunting prospect. You have numerous options to finance your study abroad experience and make the most out of your time with International Business Seminars.
Apply for Scholarships and Grants
The first and easiest option to finance your education is to secure a study abroad scholarship. The beauty of scholarships and grants is that they usually don’t need to be paid back, so you aren’t faced with the prospect of immediately owing upon graduating. Here are a few examples of scholarships you can pursue:
- Individual scholarships from your academic institution
- Studyabroad.com
- Point Foundation
- Diversity Abroad Scholarships
- Big Future Financial Aid
- Niche “No Essay” $2,000 College Scholarship
- Pride Foundation
- BlackExcel.org and many more
You can also use Scholly, Scholarship grab and other mobile apps to not only determine which scholarships you’re eligible for but apply quickly so you don’t lose your chance.
Apply for Financial Aid
Federal financial aid options may be available for you through the campus or as an independent application. Check with your campus’s financial aid office to find out about paperwork, deadlines, and available financial aid amounts. Privately funded loans may also be an option for financial aid. Both federal and private student aid loans generally need to be repaid upon graduation or within an agreed-upon period after graduation.
Try a Community Crowdfund
If you’re looking for study abroad fundraising ideas, look no farther than your online and offline communities. You can reach out to your network of contacts to raise the money you need to study abroad. The way this works is that numerous small donations that place no hardship on the donor add up to a large cumulative sum that removes the financial hardship and burden from you. Here are a few examples of how you can crowdfund:
Kickstarter: Kickstarter lets you crowdfund projects. Whether it’s an innovative new product or to finance study abroad goals, you set your goals and your funding tiers. You can even offer rewards to incentivize people to fund you.
GoFundMe: GoFundMe is a little different from Kickstarter in that it’s not necessarily project-based, has no reward tiers, and is a simple donation platform used by people in need. It allows you to post a description of your cause and solicit donations. A similar site to GoFundMe is YouCaring.
PayPal.Me: PayPal.Me is your own personalized, easily shareable PayPal link that allows you to solicit donations. These donations are deposited directly to your PayPal account.
Ko-Fi: Ko-Fi lets people “tip” you in increments of three dollars, where buying multiple “coffees” means donating multiple amounts of three dollars. These donations are usually deposited directly to your PayPal account in microtransactions that can add up quickly.
Patreon: Patreon began as a platform for creators to secure support from patrons but has progressed into a way to achieve social community support. Set up reward tiers for your patrons and establish stretch goals to achieve your donation amount.
FundMyTravel: FundMyTravel is like GoFundMe, but specifically for travel. It lets you solicit donations to finance your study abroad and any associated expenses.
Social Media: Social media is what makes all of these options work, but you can also use your social media to directly request donations. Leverage Twitter, Facebook, Instagram, and other networking sites to spread your message and ask for support.
Local Community Resources: Crowdfunding doesn’t have to take place only online. Reach out to local schools, churches, and community centers to discuss options for holding fundraisers and events to boost your donations. From charity raffles to auctions and car washes, you can call on your local community to get behind your educational goals.
Secure an IBS Payment Plan
IBS financial planning offers flexible payment plans based on your needs. Payment plans let you split your amount owed into payments over time, rather than paying in a single lump sum. You can speak with an IBS planning consultant to determine your options and discover if an IBS payment plan is right for you. If you’re on a budget, having the option to pay over the short or long term can make school an affordable option rather than an unattainable financial burden.
Combine Your Options
When it comes to funding your education abroad, you don’t have to fall back on just one option for payment and funding. You can collectively source your funds from different areas by smartly leveraging all these ideas to reach your goal. Don’t be afraid to take advantage of all of the options available to secure financing for your education, and enjoy your experience studying abroad. International education doesn’t have to be out of reach when you can find excellent financing options available at your fingertips.
