5 STEPS TO SECURE FUNDING FOR YOUR STUDIES ABROAD
Embarking on a journey to study abroad is an exciting prospect for many students, but securing funding can often be a daunting hurdle. With the right approach, however, turning this dream into a reality becomes more achievable. Here's a comprehensive guide outlining five crucial steps to secure funding for your studies abroad.
Are you eager to pursue your education overseas but unsure how to finance it? Fear not, as we've curated a roadmap to help you navigate the intricate world of funding options for international studies. From scholarships and grants to loans and part-time work, there are various avenues to explore.
So, let's dive in and unravel the five essential steps that will pave the way for your educational aspirations abroad.
1. PRIORITISE YOUR NEED
Do you want a higher loan amount or a lower interest rate or a guaranteed approved loan for sure? Do you want the loan to be secured with collateral or not have the burden of using collateral?
Do you have someone from your family cosigning the loan or would you want to go apply for a loan all by yourself? Do you have the luxury of time at your side or are you running late for a deadline to apply for your student visa? Do you want a loan in INR or USD because you want to save on forex costs?
There's no best loan for all students. Based on your priorities, there could be the most suitable loan available for you. You just have to set your priorities right!
2. QUESTIONS TO ASK YOUR BANKER
You may be a working professional or a fresh student going for your master's abroad. You may not have taken a loan of this huge an amount before this point in time. You want to ensure that you are committing to a financial obligation with complete clarity.
ASK QUESTIONS! Bankers generally do not proactively share every single detail with the customer, you'll have to probe. Work with your banker by asking clarifying questions to unlock the best deal. This helps ensure everyone is on the same page for a smooth loan process.
3. CRUNCH THE NUMBERS
Plan your budget, budget well and re-set the budget may be? Compare all loan terms across different lenders. Understand how much would be the total loan payout. Get into the depth of rate of interest vs annual percentage rate.
Know your repayment terms / cycle and charges involved. Remember to ask the slightest details including the upfront fees and other one-time and recurring charges during the loan term.
Don't forget to detail out the pros and cons of each bank / lender and check the return on investment basis, the university ranking, graduate employability, and the cost of education.
When you are calculating the numbers, include the personal costs such as PF, forex, travel, application fees, visa fee, emergency funds etc.
Most importantly, understand the entire disbursement process and the average time that it takes for the loan amount to be credited into the account to action your next steps.
4. TALK TO ALUMNI
Don't underestimate the power of your network. Alumni who have navigated student loans abroad can give useful tips. Reach out to them and ask about their experiences with different loan options, repayment plans, and budgeting strategies.
For example, one student who is in the process of repaying the loan and one alumni who has already paid off.
Their valuable insights and current experiences with the banks/financial institutions can help you make informed decisions about your educational journey.
5. MAKE THE DECISION
Finalise your university selection or make a preference list before you start the loan application process. This will streamline the loan experience and potentially save money. Also, it can help you incur processing fees for only the loan specific to your university needs.
Confirm receipt of all necessary admits from the university before engaging with banks/lenders to optimise your financial needs.
2024-05-03T10:00:03Z dg43tfdfdgfd