The United States of America is one of the preferred destinations for higher education. Having an international degree may give you an edge that you deserve. A large number of students are drawn to the idea of gaining a higher degree in the United States for varied reasons.

Deciding to pursue a degree in the United States will open many doors, mainly in terms of personal, academic, and career development. But, along with being known for its quality, education in the US is not exactly pocket-friendly. It is advisable to organize your expenses in advance with the host of funding options available. Here are a few ways to fund your studies in the US.

Scholarships

You may find several scholarships for international students. They are the most common and well-known form of financial assistance. Scholarships are either merit-based or provided by the university or government. The merit-based scholarships are awarded based on various factors, including academics, achievements, career aspirations, and talents, among others. Generally, the universities provide scholarships for academic excellence. In some universities, even the accommodation expenses and health insurance are covered by the scholarship. Each scholarship has its eligibility conditions, which are to be fulfilled.

Grants

Grants are a type of financial help that does not require repayment. As against scholarships that are usually merit-based, grants are mostly need-based. In the United States, students who attend four-year colleges or universities receive grants.

Savings

If you are an individual who has a regular income, savings is the most promising funding to study abroad. Many schemes guarantee you savings for expenses such as these. However, you have to save for at least 2 to 5 years to meet the expenses to study abroad.

A personal loan for education

It is advisable to apply for a personal loan for education as it covers more than just the tuition fees, including hostel fees, travel, and other related expenses. Choosing the right financier is important. Select a bank or financial institution that considers your priorities and offers loans that you can repay according to your terms.

Conclusion

If you are looking for a personal loan to fund your education abroad, the process is easy and simple. Moreover, a personal loan EMI calculator will help you determine your monthly installments, helping you plan your expenses accordingly.