Why do International Students Experience Financial Stress?

Financial pressure is one of the biggest issues with international students, especially for those who are not able to attain financial assistance from any source and have to pay their tuition fees and living expenses by themselves. For international students, universities fee is pretty high in comparison to the local students. A few of the reasons why international students experience financial stress are listed below:

International students most often suffer from getting adequate financial assistance in terms of either scholarships or research grants.
Not qualifying for scholarships as well as not being made aware of financial assistance opportunities
More likely a victim of depression which clearly indicated that their financial condition has adversely impacted their health
Poor academic relations with instructors
Barrier in language
Creation of scholarships geared solely towards the international student population
Underestimated expenses of living offshore
Many international students are not lucky enough to secure a huge amount of financial support
Part-time work to help supplement the small amount of funding received
Hard to maintain a similar lifestyle that they were accustomed to back home
Take loans to help pay the rising cost of tuition
Living and Tuition fees for international students are a minimum of four times higher in comparison to domestic students.
Various financial aid programs/services are available only for the domestic students not for the international student demographic
Hidden unforeseen financial costs

Are you too financially stressed out? Leave all your stress and worries now. We believe in a brighter future for all students. That is why we are committed to ending financial stress and promoting the well-being of international students.

Impacts of Financial Stress

Financial stress can pose an impact on the students’ life in all aspects. It might not be visible to others but it becomes a real burden to an individual involved. Some of the impacts are mentioned below:

There is a great impact on the student’s social skills such that he is afraid in spending time at social events such as acquaintances, gatherings, and other activities.
Wondering about the food budget for a week can cause an impact on you mentally. Living on a tight budget may force you to skip one or two meals just because one of the projects is coming up and thus, money is more significantly required on it instead of a meal.

Look at the below image to see some other impacts of financial stress on academics.

Financial Planning

Financial planning is the best step-by-step solution to achieve the life goals of an individual. A financial plan serves as a guide as you migrate through life's journey. Actually, it aids you to be in your income, investments, and expenses control such that you can effectively manage the money and attain your goals.

In order to achieve a set goal, students need to plan their finances in advance. The financial goals undergo progression from smaller menial tasks to bigger, more vital goals.

Why do students need financial planning?

Financial planning is vital for students since it can aid them to save money for the future, avoiding debt, and formulating strategies for investment. Students can develop clear financial goals and can learn how they can effectively manage their money. Several reasons for the significance of financial planning are demonstrated below:

Why Financial Planning

Logical Ways of Financial Support for Students

Apart from the management of course load and minimum credit requirement, students can find financial support through different means as mentioned below:

Finding an assistantship (Stipend based) at the University
Up to 40 hours of part-time work outside the university
Finding cheaper insurance, preferably from Indian companies
In countries like the USA, GSSP student is the employee of the college and the college will pay for their insurance
An international student with F1 Visa is allowed to invest in the stock market according to immigration law

How to Earn Extra Money while Studying Abroad?

If you are a student overseas, it can be really tough for you to look for the work that suits your daily schedule. Candidates naturally gravitate towards conventional student weekend and evening work either in retail or hospitality. But several students have searched for other means to fund their lifestyles without opting for traditional roles. Consider the following entrepreneurial means to top up your bank account without interrupting with studies as well as classes.

Freelancing:

Look at the following benefits if you opt for freelance work:

Flexibility: it permits you to work in accordance with your schedule
The real experience of work under your belt before completing graduation
If you are proficient with editing images then opting for a few commercial designing projects may just be up your street!
For those with highly skilled in languages, translation and copywriting is a great path to opt for.

Freelancing while studying

Mentoring or Tutoring Other Students

Look at the following benefits if you opt for this work:

Relying upon your educational skills and field of study.
Helping other students who are struggling with their tough studies
Tutoring scheme at your university
Always a win-win situation.
Brush up your skills and knowledge that you have gained over the years
The earnings depend upon your experience and the duration of time for which you are available to work.
Fliers within the town and on campus on bulletin boards at places of community meetings like town halls and libraries.

Management of Social Media For a Small Business

Look at the following benefits if you opt for this work:

Many small businesses simply don’t possess the time or the know-how to manage their own social media accounts successfully.
Offer posts to Instagram and Facebook for them, as well as reply to their messages, comments, etc.
You could negotiate a contracted monthly fee, and you will be all set.

Penchant for Language

Look at the following benefits if you opt for this work:

Obtain a certification
The National Accreditation Authority for Translators and Interpreters (NAATI) offers various certification programs for translators.
Working with agencies the translation will generally be your best bet since they do the entire work to get clients for you.
Apply to a governmental agency, a law organization, or other organisations directly.
Consistently requires translators across a handful of common languages.
Hone into either one or two industries in which you possess an interest.
Learn the relevant terminologies as required.

How to Set Your Pay Rates?

Are you wondering how much to charge? And how does your experience, skills, location, value, industry, etc., impact the amount of money you can charge?

The most common way students set their rates is hourly pricing. Come up with the hourly rates for the work and multiply this by the number of hours spent doing the work.

Why Do Students Need to Invest in Multiplying their Savings?

Investing gives assurance to the present and future financial security. It allows the growth of your wealth and at the same time yields inflation-beating returns. You also get an advantage from the power of compounding.

Sources of Investment

High-Risk Sources - Crypto, Angel Investments, Crowd Funding
Medium Risk Sources - Stock Market, Mutual Funds, ETFs, Index Funds
Low-risk Sources - Fixed Deposit, Govt. Bonds (Sovereign gold bonds), Real Estate, PPF, Savings Accounts

Invest In Yourself

Grow as a person, travel, and experience things because this time will never come back
Limit eating out, get a coffee maker also
Start with the safest investment option like Gold, high-yielding savings account, PPF, etc., and then experiment with medium and high-risk investments.
A car is a depreciating asset, buy it only when you absolutely cannot do without it or rent it out when not using
Segregate your saving goals and investment goals.
Don't compromise on essential things like apartments, groceries, etc.

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About Author

Nick Johnson

Nick is a multi-faceted individual with diverse interests. I love teaching young students through coaching or writing who always gathered praise for a sharp calculative mind. I own a positive outlook towards life and also give motivational speeches for young kids and college students.