How to fund your foreign studies with student loan abroad?

Education is a costly affair especially when it comes to pursuing higher studies in the foreign country. Fees for college/institutes, accommodation, income source, traveling expenses etc. often create a huge concern in your mind. Secondly, your parent’s regular income will obviously prove insufficient to fund your higher studies in foreign university or a college abroad. People have to think twice before sending their kids to study abroad, especially the middle class. Therefore, overseas education loan is the best helping hands for students and parents that will rescue them from the financial concerns of pursuing higher education abroad. Many times there are people who are not fully aware of the concept of education loan, interest rates, repayment ways and end up graduating with a huge amount of debt on their head and no easy options for loan repayment.

The article guides on how to take a suitable Educational Loans For Studying Abroad with few tips to save and repayment options:

Do some research?

Study loan is a vital finance medium for pursuing foreign studies. It is obvious there have to be interest rates, processing fee, and loan repayment tenure and repayment ways attached to it. It is advisable doesn't apply for study loan in a hurry. Spend time on researching the options, interest rates, banks or private finance firms offering, repayment strategy available and then arrive at a decision. If possible, speak to a financial expert before making up your mind. Few leading finance companies are offering overseas education loan at no margin money costs with interest rates as low as 12.75% and the processing fee is mere 1-2% of the education loan amount being calculated on a case-to-case basis.

Right Judgment

Check what all expenses are covered while taking a study loan for foreign studies. Ideally, the loan will take care of your study expenses incurred towards tuition and other fees, library charges, hostel and mess charges, the cost of books and equipment, maintenance, caution fund/building fund/ refundable deposit and cost of passage (for studies in a foreign country), etc. Also, there is no need to borrow maximum amount. Borrow only the requisite.

Curb Splurging

Never get carried away when moving to foreign countries and start splurging on costly gadgets, accessories or other things. Instead, try and save the money as much as possible, look for discounts or concession wherever applicable, student deals at a various place to cut costs, borrow books from the library instead of purchasing them, etc. Try and live a sedentary lifestyle and save more because it will help in easing out your repayment burden at the end.

Capacity

Before finalizing the overseas education loan do a proper assessment of the prospective income that you’ll earn after graduation. Speak to the financial expert or other students representative of the university or college you’ll join. It will ensure that you don’t get overwhelmed with loan amount once you graduate.

Loan Structure

Students should understand their overseas education loan in terms of fund allocated, an expense covered, the interest rate applicable, discount or concession available, loan tenure, repayment options, strategy and other costs incurred.

Although overseas education loan involves a lot of logistical and technical loose ends which may create unnecessary confusion, they are a boon for those needy students who wish to fulfill their dreams of study in foreign countries. You can attain good position in your career for better amenities, lavish lifestyle and possibly get an opportunity to make India proud on a global platform.

Source: https://onmogul.com/products/how-to-fund-your-foreign-studies-with-student-loan-abroad

Interest Rate For Education Loan to evaluate your monthly EMI by providing loan amount, rate of interest and loan tenure.