What financial aid options are available for Bangladeshi students studying abroad?
Are you a Bangladeshi student interested in studying abroad, but finances are holding you back? Studying abroad might seem like a fantasy, but there are resources out there to make it a reality.
We understand the difficulties students experience when financing their studies abroad. That’s why we’ve created this complete guide to student financial aid for your study abroad program. Whether you’re just starting to dream about studying abroad or you’re already in the planning stages, this is for you.
Common forms of financial aid for students: Grants and scholarships
Scholarships and grants are a vital tool for students to study abroad. Government-funded scholarships like those provided by the Bangladesh government can be a great source of support to deserving students. College-based scholarships and grants can also help reduce the financial burden. Nonprofits and organizations like MPOWER Financing are yet another scholarship source. MPOWER’s scholarships help ease financial burdens for international students pursuing their education in the U.S. and Canada.
Government-funded scholarships
Bangladesh students have access to various government-sponsored scholarships catering to international education. These scholarships reward merit and promote global awareness. The government normally sets aside money to assist people studying subjects such as science, technology or the humanities.
It’s advisable that a student from Bangladesh keep track of existing government scholarships as well as requirements for applications and eligibility.
Institutional scholarships and grants
Universities and colleges overseas often provide their own scholarships and grants. These may be based on merit, need or both.
Institutional scholarships might also take into account other factors including participation in co-curricular activities, leadership roles or community service. Check with a school’s student financial aid office to get more information on available options.
Financial assistance from nonprofit organizations and foundations
Non-governmental organizations and foundations have played important roles in international education. Their main focus is providing student financial aid to ensure that even students from modest backgrounds can pursue higher studies. This is very much applicable to Bangladeshi students.
It’s important to explore grants from nonprofit organizations. A number of foundations emphasize supporting students from underdeveloped nations, such as Bangladesh, who wish to pursue higher education. You should always stick to institutions within your discipline or career path for a better-targeted approach.
Student loans and education financing options
If scholarships and grants do not cover the full costs, you should explore student loans. MPOWER Financing could be an ideal choice for you. As Mahmudur Rahman, a student at the University of Windsor, puts it: “I am utterly grateful to MPOWER for making my impossible journey look so easy. Without their financing, it wouldn’t be possible to complete my education in Canada.”
Below are some of MPOWER’s unique solutions specifically designed for Bangladeshi students:
- No cosigner or collateral is required
- Up to US$100,000 in funds
- Eligible for study at 400+ U.S. and Canadian universities
- No prepayment penalty
- Competitive interest rates and repayment terms
Work-study programs and internships abroad
Work-study programs and internships can help you learn while earning money to support yourself. You’ll need to check into the rules and regulations in your host country.
Work-study programs can take care of your daily needs and make your CV much richer. Internships, whether paid or not, are a great way to gain practical experience in your field of interest.
Affordable study abroad destinations and programs in the U.S. and Canada
High-quality education usually means a high price, but there are places in the U.S. and Canada where you can get a high-quality education that won’t break the bank.
Did you know in the United States and Canada, some cities and provinces offer quality education at a more reasonable cost compared to other regions? Consider universities and colleges in states with lower living expenses or provinces in Canada with affordable tuition fees.
Always ensure your chosen study abroad destination aligns with your budget while meeting cultural fit and language requirements. Proper selection will enhance your overall academic experience.
Tips on managing finances while studying abroad
Get tips on how to manage finances effectively while studying overseas. This includes having information about everything ranging from creating budgets to cost-effective living.
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- Develop a realistic budget: Be specific about everything in your budget ranging from tuition fees to miscellaneous expenses like airtime charges. You never know how far money will go due to currency fluctuations or maybe even emergency situations so it’s always better to be prepared.
- Discover student discounts: Explore student discounts especially when it comes to public transportation or enjoying cultural events. Most countries offer special concessions for students, so always flash your student ID card when possible!
- Develop economical cooking and shopping habits: Food is expensive, and your income might be limited so shop at local markets and cook your own meals. Eating out is fun, but it’s not friendly to your pocket especially if you do it often.
- Explore part-time work: Make sure to check the laws governing part-time jobs for students abroad. Many international students work on campus up to 20 hours per week, which allows you to save money while gaining cultural experiences from a part-time job.
Final thoughts: Financial aid for Bangladeshi students
Financial aid can be the key to your success. Work-study opportunities, loans, grants and scholarships are all blessings in disguise because they’re there for the taking. Analyze your opportunities carefully and begin your educational journey with confidence!
As you start on your exciting adventure of studying abroad, navigating the financial landscape can feel overwhelming. MPOWER Financing aims to simplify this process by offering student loans specifically designed for international students like you. So start exploring your options and make your study abroad dream a reality!
