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Studying overseas: Is it right for you?

Studying overseas is an exciting and transformative experience for students worldwide. It’s an opportunity to explore new cultures, gain diverse educational experiences and unique access to professional opportunities. But is it right for you? Alongside the excitement, navigating the practical aspects of studying overseas can be challenging, particularly in financing your international education.

What are the benefits of studying overseas?

Studying overseas offers many benefits that extend far beyond academic learning.

  • Networking and career opportunities: Studying overseas allows students to build a global network of contacts, including peers, professors and professionals. This network can open doors to international career opportunities and collaborations.
  • Academic enrichment: International students often have access to specialized courses, expert faculty and unique academic experiences that may not be available in their home country.
  • Cultural immersion and global perspective: Living and studying in a foreign country immerses students in a new culture, allowing them to better understand global issues and diverse perspectives. This exposure fosters cultural sensitivity and adaptability, increasingly important skills in a globalized society.
  • Enhanced language skills: For many, studying abroad provides an opportunity to learn or improve foreign language skills. Immersing oneself in a language-rich environment accelerates learning and fluency – a valuable asset in both personal and professional contexts.
  • Personal growth: Navigating life in a new country cultivates independence, resilience and self-reliance. Students learn to handle challenges, make decisions and solve problems on their own, contributing to significant personal growth.The benefits of studying overseas are profound and lasting, contributing to a student’s academic success, personal development and future career prospects.
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The financial side of studying overseas

Securing funding is a crucial aspect of planning for overseas education, and there are several options for student loans and aid available:

Funding options for international students

Private loans: Private international student loans are often the main source of funding, providing essential financial support for tuition and living expenses in the United States. These loans are specifically designed for the needs of international students in the U.S., including coverage of tuition, living expenses, books, a computer and even health insurance.

International scholarships and grants: Various institutions and organizations offer scholarships and grants, which are attractive as they don’t require repayment. These are awarded based on criteria such as academic excellence, financial need or specific fields of study. Some scholarships determine eligibility based on gender, such as scholarships for international women in STEM.

Other financial aid for international students: Students can also explore other avenues such as work-study programs, family support and personal savings. In addition, part-time jobs or internships are common ways to supplement funding.

Challenges of studying overseas

While studying overseas is enriching, it comes with its own set of challenges:

  • Financial management: Handling tuition, accommodation costs and daily expenses in a foreign country requires careful budgeting and financial management.
  • Cultural adaptation: Adjusting to a new cultural environment, overcoming language barriers and understanding social norms can be challenging.
  • Academic adjustments: Adapting to different educational systems and teaching styles demands flexibility and a willingness to learn.
  • Lifestyle changes: Daily life in a new country requires significant adjustment, from using public transport to adapting to local customs.

Despite these challenges, the experience of studying overseas is immensely rewarding and often a life-changing adventure. Overcoming these hurdles contributes to personal growth and independence while equipping students with a global perspective and skills highly valued in today’s interconnected world. For international students, the challenges of studying abroad are stepping stones to greater achievements and a more comprehensive educational experience.

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How to finance your education abroad

There are many student loan lenders, but few address the complexities faced by students studying overseas. MPOWER Financing is one lender dedicated to addressing the specific challenges faced by international students studying overseas in the U.S. and Canada. Here’s how MPOWER stands out as a student loan lender for international students:

  • Versatile loan options: MPOWER Financing offers fixed-rate student loans ranging from US$2,001 to US$100,000. Borrowers can benefit from interest rate discounts of up to 0.25% when they opt for auto payments. 
  • Focus on future prospects: MPOWER’s loan approach is unique because it doesn’t require a cosigner or collateral. Loans are evaluated based on a student’s future potential after graduation. 
  • Efficient and user-friendly process: MPOWER streamlines the loan approval and disbursement process for education loans abroad with a fully digital approach, making it accessible and convenient for students worldwide.
  • Comprehensive support system: MPOWER goes beyond financial assistance by offering services like complimentary visa support letters and exclusive career strategy resources once a student has accepted an MPOWER Financing loan offer. International students can also expect to receive a conditional loan offer quickly.

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FAQs

How can I effectively budget for living expenses while studying overseas?

Budgeting for living expenses abroad involves researching the cost of living in your host country, planning for accommodations, food, transportation and other daily expenses. It’s helpful to track your spending, set a realistic budget and leave a buffer for unforeseen expenses.

What strategies can I use to overcome cultural adaptation challenges?

To navigate cultural adaptation, engage actively with the local community, participate in cultural events and seek support from fellow international students or student services at your university. Keep an open mind and be patient with yourself as you adjust to the new environment.

Are there specific resources for international students to find part-time work or internships abroad?

Many universities offer career services that help international students find part-time work or internships. Additionally, online job portals, local community boards and student networks can be valuable resources for job opportunities. However, international students should be aware of the limitations their visa may have on work options.

How can I maintain academic success while adapting to studying overseas?

Achieving academic success in a new educational system involves attending all classes, actively participating, seeking help when needed and utilizing university resources like tutoring or study groups. Time management and staying organized helps a great deal. Don’t forget that academic success and mental health are connected. Many students find that joining support groups with other students studying overseas can help with feelings of isolation.

What are some effective ways to manage homesickness while studying overseas?

To manage homesickness, stay connected with family and friends back home, and also try to build new relationships in your host country. Engaging in hobbies, joining student clubs and exploring your new surroundings can also help you feel more at home.

*Rates as low as 9.99% (10.89% APR) available only for the fall 2025 semester and you must submit your application by December 31, 2024. This interest rate and APR includes a 0.25% discount for automatic recurring payments and a 0.75% discount from our limited-time early planner promotion.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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