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Education is a costly affair especially when it comes to pursue higher studies at overseas location. • The tuition fee, travelling costs, accommodation, income sources etc. often create a huge concern in your minds. • Secondly, your parents’ regular source of income naturally proves insufficient to fund your higher studies in university or a college abroad. Even riches need to give a second thought when it comes to sending their • Therefore, Study Abroad Loan comes as a helping hand for students and parents to rescue them from the concerns of pursuing higher studies abroad.kids for studies abroad.
However, many times there are people who are not fully aware of the concept of education loan, interest rates, repayment options and end up graduating with huge amount of debt on their head and no easy options for loan repayment.
Do thorough research • Study loan is your vital finance medium for pursuing foreign studies. • It is obvious there has to be interest rates, processing fee, loan repayment tenure and repayment options attached to it. It is advisable do not apply for an education loan in a hurry. • Spend some time researching the options that you have, rate of interests that banks or private finance firms are offering, repayment methods that are available and then arrive at a decision.
Take better Judgment • Check what all expenses are covered while taking a Study Abroad Loan. • Ideally the loan takes a complete care of your expenses incurred towards the tuition and other fees, library charges, hostel and mess charges, cost of books and equipment, maintenance, caution fund/building fund/refundable deposit and cost of passage (for studies abroad), etc. • And also there is no need to borrow maximum amount. Borrow only that much that you necessarily need.
Stop splurging • Never get carried away when we move to foreign countries for our higher studies. • Understand the difference in currency costs. • Look for discounts or concession wherever applicable, student deals at various places to cut costs, borrow books from the library instead of purchasing them etc. • Learn to live simple student’s life and save as much as you can because it will help in easing out your repayment burden at the end.
Know your capability • Before finalizing the Study Abroad Loan do proper assessment of the prospective income that you’ll be earning after you graduate. • Talk to the financial expert or speak to other student representative of the university or college you’ll be joining. • This will ensure that you do not get overwhelmed with loan amount once you graduate.
Loan Structure • Students should understand their study loan in terms of fund allocated, expense covered, interest rate applicable, discount or concession available, tenure for loan clearance, repayment options, strategy for repayments and other costs they’ll have to incur on their own and then come to suitable consensus.
Although Study Abroad Loan involves lot of logistical and technical loose ends which might create the unnecessary confusion, they are a boon for those needy students who wish to fulfill their dreams of study abroad. • They can attain good position in their career for better amenities, lavish lifestyle and possibly get an opportunity to make a mark of India on global platform if they opt to live abroad.
