This will help the international student to keep on top of important payments, such as rent and utilities. Finally, if possible, aim to have your financial services in place at least two months before you or your child moves abroad – consider opening a bank account in the host country pre-departure.
Beyond banking support
As someone who was born in the UK and moved to the US as a child, before returning, from my experience, banks have a greater role to play in customers’ lives than just financial support alone.
We have a responsibility to go beyond basic banking through collaborations with our global partners to deepen our understanding of the needs of both parents and students.
We have built a network of international partners who can help families take the guesswork out of overseas education planning, this includes trusted accommodation and insurance providers. But support for the family does not end with us.
Families should seek guidance from academic advisers and higher education consultants for advice on the admissions process, financial grants, and academic or sport scholarship applications.
There are a number of scholarships available to domestic and international students, and a higher education consultant can support with scholarship and financial grant applications. Assess which scholarships you meet the criteria for and begin applying as early as possible.
Multiple scholarship funds are only available on a first-come, first-served basis, and are not based on competitive merits, but are means-tested. Financial aid options, big and small, can top-up education funds and alleviate the strain on family finances.
A holistic approach to preparation
Creating an international education check-list that covers everything you need can help relieve angst and stress.
Your check-list could include important practicalities, such as registering at a local doctor, submitting visa applications and purchasing local transport cards – all of which are crucial to giving students everyday support and parents peace of mind.
The link between financial fitness and emotional wellbeing are well documented, so taking a holistic approach to pre-departure planning can make the world of difference.
Students who are already abroad, or about to depart, should attend orientation events to familiarise themselves with their new surroundings and build a sense of community. These experiences are just as important as financial planning in ensuring a smooth transition and preventing feelings of isolation.
For a positive experience, I recommend families tackle the decision-making and planning process together.
From co-selecting where to study and finding the best course and duration abroad, to ensuring you’ve budgeted in-line with the local cost of living, combining research efforts will not only enhance your child’s financial literacy and independence, but it can also build valuable, life-long money management skills.
