Here’s a guide to help students plan their finances early and make their study abroad dreams a reality
Analyzing the estimated costs
If you want to study abroad, first find out what your area of interest is and which is the country that can best facilitate it. Next you need to find out the average cost of living in the country. Because foreign education represents a significant amount that you would invest yourself, you need to consider several factors when calculating the size of these costs. This will be especially helpful when organizing funding. If you are looking for an education loan, you need to make a list of the expenses you will incur abroad and make sure that the loan covers other aspects such as living expenses in addition to tuition fees.
Pay attention to the recording dates
Each country has its own admission times for students. There are three main recording periods, namely autumn (September), winter (January) and summer (May). Autumn or September is the most popular of all. Depending on the study preference of your chosen college, you will need to keep an eye on application deadlines and budget accordingly.
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Scholarships, university/private grants that you can apply for
There are various scholarships, study grants, and grants that can help you financially if you apply in good time. These services are usually need-based or performance-based. Several academic institutions even offer partial scholarships to students to help them continue their studies. You can look for a suitable scholarship before or during your application to the university of your choice and combine it with your education loan. The Tata Foundation, Aga Khan Foundation, and others also offer some zero percent loan programs and grants. In addition, the governments of the respective countries offer scholarships and grants to attract more international students.
Considering that almost every country allows international students to work part-time, it’s always a good idea to consider the financial stability option. You can check the city or country minimum wage and apply for part-time jobs. Normally most countries have a rule of 20 hours per week. Universities often also publish information on part-time job offers.
Choosing the right educational loan
With the ever-increasing drive for international education, India needs loan providers that fully understand the issues faced by students, parents and academic institutions. Technology, especially fintech solutions, empowers students with self-education and self-service skills.
When choosing a loan, it is important to know the following:
- Types of loans: Broadly divided, there are two types of loans, secured and unsecured. While the former is available with collateral, the latter can be borrowed without collateral.
- Who can you get an education loan from: You can avail an education loan from the state financial institutions, private and public banks, NBFCs, and new age edtech lenders.
- Repayment types: Regular monthly EMIs after course completion are the most common type of repayment.
- interest rate: This can be fixed or variable. It’s important to note that while variable rate loans may seem cheaper at first glance, industry experts believe that with interest rates rising at the moment, fixed rate loans are a much better and more viable option.
The new age fintech solutions and integrated platforms offer end-to-end processes digitally without having to go through the tedious paperwork. These platforms not only provide students with appropriate funding opportunities, but also educate them about their choices and options and provide support throughout the study abroad journey.