Know The Suitable Options To Finance Your Overseas Education
- September 1, 2021
- Posted by: admin
- Category: Education
Overseas education has become a preferred choice of many students because of the changing lifestyle and need for global careers. However, its financial implication still restricts many students from following their dream. But, with the increase in demand, there has been a boom in financing options that are supporting students to pursue their education abroad.
5 Highly Opted Options To Finance Your Overseas Education
- Collateral-based Loan
Many Indian and foreign banks provide collateral-based education loans to students, which is highly secured and perfectly structured. The amount covers around 85-90% of overall expenses including tuition fee, travel fee, lodging, etc. However, the loan should be paid within 7 years after completing your degree, which usually starts after 6 months of your degree completion.
- Collateral-free Loan
Many financial institutions offer collateral-free loans at a higher interest based on certain conditions like your credit score, etc. It is not the safest option as the lender remains at risk. But, it is suitable for the person not having the desired collateral. Besides, the option can be viable if you understand the terms and conditions of the loan well and act accordingly.
- International Financial Institutions
It is a trending option where numerous international financial institutions provide education loans to students with or without collateral. They calculate the student capability to pay the loan in future rather than digging into his/her financial background. The higher the potential of a student of repayment, the lower might be the interest rate.
- Systematic Investment Plan (SIP)
It is a suitable option for working professionals who want to pursue higher education from any international university. The benefits depend on how early you start investing and the frequency of the amount invested. The practice fulfils both the saving and investing option of a person in SIP. The amount you pay regularly sizes up to support you in financing your educational dream.
- Scholarships & Grants
Many foreign Universities and governments provide scholarships and grants to international students based on merit, diversity, need and related aspects. Hence, do a thorough research about your university and the country to find out the relevant scholarships. If you are unable to find any, contact an Overseas Education Consultancy to help you out with the process.
Apart from these 5, there are award prizes given to exceptional students for academic excellence, sports scholarships for those who excel in any sports & other such related ways to assist you with your overall expense. And, there is always an option of part-time job to cover your living expense.
If you are unable to decide which option you should choose, try consulting an abroad education counsellor. They have a vast and updated knowledge about the scholarships plying in every country for all the courses. Besides that, Overseas Education Consultancy In Delhi like University Leap offer personalized & result-oriented advice and help students choose the right financing option based on their course and college selection. Learn more on how you can finance your overseas education with certied education consultants at University Leap: 09899101239
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