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Money Matters

 

As tantalizing as the prospect of spending a year abroad may be, the one thing you have to do before anything else, is to work out how exactly you’re going to cover your overall expenses whilst you’re out there. From your tuition fees and accommodation to food, book supplies, clothes and travel; you’ll soon see that once you tot up all your bills, it really adds up. Although the UK government has pledged to make educational loans and grants transferable, this has not yet come into effect. Here are several options which could help you finance your study abroad, whether you’re a language student or looking to find something to do as part of a sandwich course. Just have a look at our suggestions for racking in those pounds...

 

  • How to fund your year abroad

    Written by  Natacha Cullinan Friday, 18 November 2011

    Funding your year abroad is a big step to finalising your plans, making sure you can afford your city and enabling you to really make the most of your time there, without worrying too much about money. Many grants and schemes are available, as well as the chance to get to grips with various other forms of money-saving ideas. Here is our definitive list of what you should keep an eye out before you whisk yourself off to other countries:

  • Students planning on taking a year abroad can take advantage of funding and grants, whether they are working or studying overseas during their time away. As well as the Erasmus study grant, Leonardo scheme and other sources of funding, Student Finance can help finances along the year abroad.
  • Counting coppers: advice on how to fund a year away

    As tantalizing as the prospect of spending a year abroad may be, the one thing you have to do before anything else, is to work out how exactly you’re going to cover your overall expenses whilst you’re out there. From your tuition fees and accommodation to food, book supplies, clothes and travel; you’ll soon see that once you tot up all your bills, it really adds up. Although the UK government has pledged to make educational loans and grants transferable, this has not yet come into effect. Here are several options which could help you finance your study abroad, whether you’re a language student or looking to find something to do as part of a sandwich course. Just have a look at our suggestions for racking in those pounds...

  • Study-Related Schemes

    Written by  Natacha Cullinan Saturday, 06 February 2010

    Erasmus

    One of the most popular ways to fund your travels abroad is through the Erasmus Scheme, an EU wide initiative which provides financial support for students wishing to go abroad. It’s a fantastic funding scheme that many UK universities are involved in.  The great thing about it is that it works across many other disciplines, not just language—so don’t feel you’ve been left out, just because you don’t study languages! Of course eligibility differs for each course, so have a look at their requirements or speak to someone at your university for more details. At the moment students receive about €225 a month, so you probably won’t be able to solely rely on Erasmus money to see you through your expenses. Application is through your own university, so book an appointment with your Erasmus coordinator to get the full lowdown.

    Grants

    What exactly is a grant? Basically, it’s a contribution of money handed over to rightful causes. This could be YOU so get researching what’s out there. There are a handful of UK charities and trusts which offer grants. However in most cases, the sum will not be able to cover the full cost of living. A good place to start is at your home university, quizzing the International Office about what’s out there. Did you know that if you are an EU student, you have equal rights to work in any EU country? This also means you might just be entitled to grants in your country of choice, so do ask around your department(s) and Student Union. Postgraduates may be able to obtain grants from research councils. Contact the relevant institutes related to your discipline for further information.

  • Erasmus funding

    Written by  Natacha Cullinan Tuesday, 15 November 2011

    As a UK Erasmus student, you are entitled to receive a grant for your time away at a a participating Erasmus institution (work or study). The grant is paid through your home institution and aims to subsidise part of your year abroad. You are still entitled to receive your usual financial support outside of this grant, as you need to bear in mind that it may not cover all of your costs. It is non-refundable and free, and as such, it is wise for all UK Erasmus students should apply for one!

  • Managing your funds, over your year abroad, can seem quite tricky. Some of you will have taken out a loan, others will have been given a grant, and others still will have chosen to go the whole hog independently...What to do with your funding? How should you go about saving/storing your money?
  • Country-specific grants

    Written by  Natacha Cullinan Monday, 08 February 2010

    France

    If you’re interested in higher education in France, then bookmark campusfrance.org. It’s an extensive search engine for grants in France. You can search by type of grant, subject area, level of education and even nationality.

    Germany

    For funding in Germany, the DAAD should be your first port of call. They too have a handy search engine where you can research the different types of funding offered by not only the DAAD, but also other financial support organisations.

    Spain

    The Spanish website Universaria is worth checking out for information on grants, scholarships and funding available in Spain as well as for European nationals. It’s also packed with info about the education system, so do have a look at their various sections.

     

  • Loans

    Written by  Natacha Cullinan Saturday, 06 February 2010

    Your first pit-stop should be the Student Loans Company, the trusty student loan accessible to most English undergraduates. If your home is in Scotland, you’ll need to get in touch with the SAAS. Northern Irish students will have to speak to one of the ELBs. EU nationals need not fret— get in touch with the DfES European Team. If you already know you’re going to be studying overseas for more than eight weeks then you may be entitled to apply for the loan at an overseas rate. You will be eligible as long as you are from the UK or the EU, and have lived in the UK for 3 years prior to your course commencing.

     

    Find out about country-specific grants.

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