Ways to Finance Your Education Abroad
Education turned to be expensive for the students who are willing to complete it abroad. With the globalisation, awareness about high standard education has increased during recent times and parents are walking that extra mile to afford this education for their children despite their difficulties. When you plan education for your children in the countries abroad, you must make sure that you have sufficient funds at your disposal to afford educational expenses of the children. Visa approval needs you to have sufficient funds to meet the educational expenses of the children at least for a year. There are many education programs offered abroad for both postgraduate and undergraduate programs. You need to explore all the options available to raise the funds for the education of your children when you cannot afford from your pocket.
Financial assistance from universities
Many universities in the abroad countries are offering financial assistance to the students that are on merit/need(rare in nature). However, the amount of assistance offered by the universities varies depending on department and level of study. You are likely to get funds for the undergraduate program if you are pursuing courses like engineering, physical sciences, and biological sciences. When you submit an application for financial aid, you may be asked to submit income proof, average expenses, income proof of parents, assets of your parents. Though the chances of getting financial aid are tough in first semesters, most of the students manage to get the funding after two semesters.
Pursuing education abroad is a popular option for the students when they go for post graduation program. You can get different types of financial assistance when you opt for a postgraduate educational program like tuition fee waiver, scholarship, and assistance ship.
Educational loan stands as last resort to fund education for your children when they don’t stand eligible to get any other financial aids listed above. You will stand eligible to get an educational loan in the US with the help of international student loan when you have a green card holder as co- signer. This co-signer should have good credit score and employment history to improve the chances of education loan approval and reduce the interest rate.
If you cannot get help from the co-signer abroad, education loan from Indian bank becomes an option. To get a student loan from an Indian bank, you should have confirmed admission from the college, satisfactory academic record, ability to pledge collateral for the loan above 4 lakhs, co- signer guarantee to reduce the risk of defaulting loan.
The best part of getting education loan in India is a grace period. The repayment of loan starts only after 6 months of completing the course. The maximum repayment period for this education loan is 15 years which is sufficient for any student to pay off the student loan comfortably.