When to start thinking about finances?

Pragya Sharma ✅

Pragya Sharma ✅

Co-Founder @ Ace My Prep & Study Abroad Expert



The biggest hurdle for aspirants planning to study abroad is interpreting the right time to start thinking about finances. Parents and students need to understand that it is highly advisable to start working before 7-8 months to avoid any last-minute hassle, which can be a daunting experience for the student and his family. 

Study abroad costs vary depending on location, program type, duration, and expense budget. That being said, students who choose to study abroad based on their dream careers and educational goals usually report that studying abroad was well worth the cost.


Before thinking about finances, the aspirant and the aspirant’s family needs to know the budget they would like to indulge in. Students can opt for self-funding, which would mean the family would bear the entire expense, or they can choose to opt for an Education Loan, like a lot of other students, from a financial institution like banks or NBFCs. Students who excel academically can opt for various scholarship programs available on university websites to ease their economic expenditure. Once the budget has been decided, the aspirant needs to figure out the total payment and plan accordingly. The price would cover more than just tuition fees and living expenses. The total monet  spending would include the visa costs, travel expenses like the plane ticket, and all of the other possible miscellaneous expenses that would have to be endured during the entire tenure abroad.


This is when the aspirant decides to fund his entire study abroad. Here, the students and his family are financially able to handle expenses ranging from tuition fees and living expenses to all other miscellaneous expenses he could come across during his stay abroad. Students must show proof of financial documents while applying for a visa. As proof that the student can self-finance his study abroad, he would be required to show the following:

• Bank solvency letter is the foremost requirement in order to start the entire process legally.

• Fixed deposit certificate, if applicable or required.

• Bank statement of last six months showing requisite finance.

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