How to fund your master’s abroad: A complete guide

You’ve decided to study abroad. You’ve shortlisted your universities. Now comes the question that shapes everything else, how will you fund it?

For many students, this is the point where things start to feel less certain. Costs can look high, funding options can feel confusing, and it is not always obvious where to begin.

The good news is that most students do not rely on one source of funding. They build a plan using a mix of options, and once you understand how those fit together, the process becomes much easier to manage.

This guide walks you through the main steps.

Step 1: Understand your total cost

Before looking at funding options, start with a realistic picture of what your degree will cost.

Your total cost will usually include:

• Tuition fees

• Living expenses, such as rent, food and transport

• Health insurance

• Visa and travel costs

• Study materials and day-to-day spending

Universities often set a cost of attendance, which helps define the overall amount you may need to cover.*

Knowing the full picture matters because it helps you plan properly from the start and avoid underestimating what you need.

Step 2: Start with what you already have

Most students begin with the resources already available to them.

This may include:

• Personal savings

• Family support

• Fixed deposits or other funds set aside for study

Using existing funds can reduce how much you need to borrow later.*

At the same time, it is worth being realistic. You may not want to use every available saving on tuition alone. Keeping some money aside for emergencies or unexpected costs can give you more flexibility once your course begins.

Step 3: Explore scholarships, and plan beyond them

Scholarships can make a real difference, though they are not always enough on their own.

Common places to look include:

• University scholarships

• Government funding schemes

• Country-based or programme-specific awards

They can reduce your overall cost, though many are competitive, partial, or confirmed later in the process.

That is why it helps to treat scholarships as part of your funding plan, not your only plan.

Step 4: Use a loan to cover the gap

Once you have accounted for savings and any scholarship support, you may still have a funding gap. That is where a student loan can come in.*

What makes Prodigy Finance loans different

Prodigy Finance offers loans designed for eligible international postgraduate students studying abroad.*

With this type of funding, students may be able to:

• Apply without collateral*

• Access funding linked to their profile and chosen programme*

• Complete the process online*

• Use the loan towards tuition and, where applicable, living costs within approved limits*

When we send the funds to your school, the money goes directly to the university.*

Our current offer includes USD 100 per month in-school payments, and full monthly repayments begin 6 months after your course is complete.*

This can help students move forward with their plans while working within a structured funding option.*

Step 5: Understand how the application process works

Funding your studies can feel like a big task, though the process is usually more manageable when you break it into stages.

A typical journey looks like this:

1. Check eligibility

You begin with an online eligibility check.*

2. Receive an initial offer

This gives you an early view of the funding that may be available to you.*

3. Complete your application

You submit information about your course, finances and documents.*

4. Get your final offer

Once your application has been reviewed, you receive a confirmed offer if approved.*

5. University confirmation

Your university confirms your enrolment and eligible study costs.*

6. Funds are sent

We send the funds to your school based on the university’s timeline.*

A clear process can make a big difference, especially when you are managing admissions, visas and accommodation at the same time.

Step 6: Build your funding mix

Most students do not rely on only one source of support.

A common funding mix might include:

• Savings, to reduce how much you need to borrow

• Scholarships, to lower the total cost

• A loan, to help cover the remaining gap*

For example:

• Total cost: USD 60,000

• Savings: USD 15,000

• Scholarship: USD 10,000

• Loan: USD 35,000*

This kind of approach can help make your plan feel more balanced and realistic.

Step 7: Think about repayment early

It is easy to focus on getting the funds in place and leave repayment for later. It helps to understand both from the start.

Your loan offer will set out how repayment works, including what you pay during study and when full monthly repayments begin.*

With Prodigy Finance students make USD 100 per month in-school payments, and full monthly repayments begin 6 months after the course is complete.*

Thinking about this early can help you feel more confident about how your funding plan fits into your longer-term finances.*

A simple student example

Imagine you have been accepted into a master’s programme abroad.

You have some savings. You have applied for scholarships, though the results are still pending. You do not want to lose time waiting for every piece to fall into place.

So you build a plan:

• Use your savings first

• Apply for funding to cover the remaining gap*

• Adjust the overall mix later if scholarship funding comes through

That approach can help you keep your plans moving while staying flexible.

Final thoughts

Funding your master’s abroad is not about finding one perfect solution. It is about building a plan that works for you.

When you combine savings, scholarship support and the right funding option, the process starts to feel more practical and more achievable.

What matters most is having a clear view of your costs, understanding your options, and creating a plan that helps you move forward.

Ready to fund your studies?

If you’re planning your master’s abroad, you can explore funding options for international students and check your loan eligibility to see what may be available for your profile.*

*Loan and promotion offers are subject to our eligibility, funding, and credit assessment criteria. Loan amounts are subject to the cost of attendance limits set by schools.