The financial challenges of studying abroad: strategies for Vietnamese international students

The phenomenon of Vietnamese students studying abroad was on the surge over the past years. The aim of the study was to identify the financial challenges of studying abroad which Vietnamese international students might face and correspondingly provide guidance and practical advice for those who planned to study abroad. Four main research questions were: Among students who have studied abroad, to what degree was money a factor? For those who were concerned about money, how was this problem address? What external financial resources were available to those Vietnamese international students? What practical strategies did students develop to survive? The literature review provided information on the Vietnamese education system, Vietnamese culture and its effects on the educational environment in Vietnam, Vietnamese students mobility and overview of the economic situation in Vietnam. The descriptive research purpose and inductive approach was selected for the implementation method. The mixed-method data collection was also considered appropriate for the research. 139 Vietnamese students who had been studying abroad were studied via a questionnaire and interviews with eight representatives were conducted for the data collection and analysis. A holistic analysis of the data collection revealed financial challenges Vietnamese international students had faced, how they affected students’ decisions and actions, and how they planned to overcome them. 90% of the survey participants concerned about money at some level when making decision to study oversea. Such financial issues affected students in their study choices, caused them to find external financial resources or get personal fund by themselves. Moreover, financial problems also made students’ parents plan ahead in years for the student’s study by having some specific coping strategies. Recommendations and suggestions from experienced students were also provided for those who wish to study abroad