Education is one of the most important aspects of any person's life. In most cases, a child without education ends up spending his or her life doing petty things and trying to survive through his whole lifespan. Furthermore, education is a major part of a person's personality. This is why the majority of governments across the world have set up a variety of programs and associated instruments providing financial aid to a child looking for proper education.

This is especially important for a child who wants to study abroad. Studying abroad can be extremely expensive owing to the higher currency rates and standards of living in most first world countries. However, these expenses are mainly driven by the difference in currency rates. Most children aiming for this kind of an opportunity look for student loans, scholarships, grants and other forms of financial aid. As the subject is sensitive, student loans are considered to be easy to get up until the candidate sees the procedure. There are a variety of loans that a student can apply for. Again, the available loans can vary in a number of ways i.e. some require collateral, some have extremely tough interest rates, some are lenient with rates, some do not give loans to students going to universities that don't have ranking etc.

In fact, most students also look for part time jobs while studying abroad in order to support themselves or collect enough to repay their loans. Doing part time jobs is something that depends directly on a number of variables. The ability to take on a part time job depends directly on the type of course the student is going for, the university that he or she is in and even the place and country that he or she will be located in. For example, a course in medicine would make it very difficult for a student to take on a part time job. Also, many universities do not approve of their students doing part time jobs and expect the student to be wholly devoted to his or her studies. Similarly, there are certain countries that do not allow foreign students to take on odd jobs while on a study permit. However, many universities in countries like these offer jobs on campus to a student looking for one.

Another way to find financial aid is on merit. These are scholarships provided by government organizations to students with a lot of talent. Furthermore, even private organizations provide scholarships to students with potential. These become a part of the organization's Corporate Social Responsibility (CSR). However, it should be added that getting these kinds of scholarships can be extremely difficult as many of these require tests, write-ups and interviews for judging the student's potential. Also, the difficulty is not restricted to the qualification criteria but also to the competition. There are only a few scholarships available if one considers the large number of students that are actually looking for and applying for them. Needless to say, there are many ways for a talented student to obtain financial aid and this is good for the country as a whole.

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The Grants & Loans Forum is a great resource on Financial Aid for Students. More information on student loans and government grants can be found at the available link.