Last Updated on September 5, 2024
Understandably, studying abroad can be an expensive business. Applying for a scholarship can be very helpful in managing it. However, one needs to be very organized to manage the money expenditure. It is a necessary deed because free money flows like water; it can be gone instantly, without even you knowing!
As a student, you might feel intimidated to splurge your scholarship funds on stuff like late-night pizza deliveries, nice clothes for the spring term, or trips. The money from your scholarship should be used wisely, not otherwise. You’ll benefit from it in the long run. Scholarships can undoubtedly assist you in affording college tuition fees, eliminating college debt, and reducing anxiety linked with college payments.
Being out there on your own is a responsibility, and we know you all are responsible folk! In the end, any money you spend on unnecessary items means you’ll have less money for books and supplies. Additionally, how you’ve spent your scholarship funds may impact your or your parent’s tax rebates. The best international education consultants in Delhi have researched and compiled various ways to utilize scholarship money efficiently.
- Payment of tuition fee
The scholarships are of two types. One that funds the entirety of your education abroad and the other one which partially funds your education. This depends on the funding organization. Many scholarship programs must specify beforehand that a portion of the scholarship award will only be utilized for tuition fee payments. This money prioritization eventually fulfils the first responsibility, which otherwise would have gone for concert tickets or leisure trips.
- Other education-related expenses
Of Corse, education is incomplete without books and study materials! Do you require files, writing material, notebooks, clippers, stick-on notes, and whatnot? According to sources, an undergrad, on average, spends almost $1,000 US annually on study material and other related requirements. So after you are done with the tuition fee, the remaining money can be spent to cover the costs of textbooks and other education-related expenses. Scholarships may specifically pay for the costs of students’ research and lab fees in the physical and applied sciences. The above said is frequently valid for postgraduate studies, where additional research that may be expensive is customarily undertaken.
- Boarding and residential costs
While studying abroad, you need accommodation. You are not for the streets! Well, jokes apart, the scholarship money can home handy for managing your living expenses. You can easily find comfortable dormitories or flats of your choice with the correct management of your scholarship money. Many universities, while granting the scholarship, deduct the boarding charges if you decide to stay within the campus or in college hostels. However, when students live off campus, money is required for many purposes like groceries, household items, food, gas, transportation, etc. Maintaining a budget could turn out fruitful so that you can save up money for leisure activities in the end. Study abroad consultants in Delhi have a list of best accommodations depending on your country and area preferences
- Medical insurance
When applying for a university in a foreign country, buying medical insurance is a must before entering the foreign land. Often universities cover this insurance, inclusive of the tuition fee. However, if that’s not the case, you may have to manage it independently. It is an unavoidable process. Scholarship money can go to buying suitable medical insurance during your stay. Obtaining medical insurance cuts down a lot of stress during medical emergencies or even for routine health check-ups.
- Leisure activities
Now that you have managed your money well, you deserve to go to concerts with your peers. Or maybe ask your crush on a date! You don’t have to think twice if you have saved enough with management. However, it is advisable to take on a part-time for carrying out these endeavours. And even if you’re planning to use the scholarship money for leisure activities, ensure that this aspect comes last on the list.
What happens to the unused money from the scholarship?
It is usually a rare case. However, the money goes back to the funding organization if so happens. The fund then may be used to give to other needy students like you.
Admissify is one of the leading study abroad, consultants. We hire the best professionals to help study abroad aspirants. You may access the app and chat with the experts regarding any query about universities, scholarships, or courses.
Also How can Scholarship Money be Spent Read Our Article On :- How much can you spend while studying abroad
Gaurav Kandari is a seasoned study abroad consultant with over 5 years of experience, specializing in guiding students to the UK, USA, Canada, and Australia. An avid traveler, he draws on his global adventures to enrich his consulting, providing invaluable insights to aspiring scholars.
