Although your education loan, for which you have signed up for seems to fulfill all the criteria of covering your expenses while at home, things may not seem that easy once you are abroad.
Countries like US, Canada, UK etc, Under graduate students are required to stay compulsorily on-campus hostels, where as the Post graduate students are given the liberty to stay off campus as it proves to be a cheaper option.
But equally important is to weight the pros and cons of your options to stay off campus. Although expensive it is safer to stay on campus, but proximity to your campus, transportation and emergency services on your off campus options need to be considered.
How to earn more?
Under the F-1 student visa regulations, undergraduate and graduate students are allowed to work on campus for up to 20 hours per week in the US. On-campus jobs could be in libraries, cafeterias, admissions offices, or any other office or department of the university or college. Graduates who get awarded teaching or research assistantships can get $1,200 or more per month. Off-campus opportunities are possible under the curricular practical training (CPT) or optional practical training regulation. Under the CPT option, you can do a full-time job that is directly related to the programme’s curriculum during vacations, typically the long summer breaks. You can also take up teaching during your PhD programme.
Concession cards and discounts:
Most countries offer discounts to students. You need to get into the habit of showing your student identity card at every shop, restaurant, and museum since not every student deal is advertised.
There are international student identity cards that offer several discounts. The International Student Identity Card (ISIC) is available in various countries including India. Visit http://www.isic.org/student-card/the-isic-student-card.html for specific locations and other details. You only need to give a proof of your student identity. The card offers various discounts on shopping and also travelling. It is valid for 16 months and is accepted in over 100 countries; it has over 40,000 discount offers.
As there is no question of taking another personal loan, it is best advised to reduce your expenses and try and earn money along with an experience during your stay in abroad. Though the basic cost of education overseas will remain high, you can pull it down to fit it into your budget. A dollar saved, in any part of the world, is always a dollar earned.