The frequency of Indian students opting to take an education loan for their higher studies and studying abroad is growing exponentially. More than majority of students who graduated with a bachelor’s degree left college with a student’s loan, and that figure doesn’t appear to decline anytime soon. The key reasons to this are better exposure to study abroad, better career opportunities, and a different culture.
Regardless of why you want to study abroad, the biggest concern emerges with how to bare the education cost there. Undoubtedly, the education cost in India, and the cost of education in UK, US, Canada, Australia is much higher than expected. In a scenario so challenging, an education loan or scholarship can turn out to be a boon for students who really want to pursue their higher studies abroad. Since the internationally known universities have limited seats of scholarship, the only option to rely upon is an education loan. Here’s an outline of steps to consider before applying for student loans.
Consider the school costs and prefer cheaper alternatives
Whatever course you select, make sure you research your college options thoroughly. This may help to profile each college you’re trying to consider so that you’ll have a detailed comparison of your options. The price quoted and actual price paid may vary widely, so be sure to keep an eye on it, especially in the early stages of your college. Apart from including your tuition and college fees, remember to include the costs of transportation, accommodation and additional supplies.
Pay the interest while you’re studying
A good way to reduce your debt for near future is by making interest payments while you are still studying. Paying a portion of it won’t seem like much, but it can really make a difference when you calculate the whole amount of your loan.
Consider Work plus study
The government offers a work plus study program that enables students to work part-time at eligible employers to make their living in a new country. These employers can range from an on-campus library to local NGOs. If your interests align with that of the options available, you might want to grab the opportunity to work on campus.
Know your returns
The best way to measure your student loan is by keeping a check on the returns of education. It
basically means estimating how much value your course holds in the market, and how much will
it fetch in return. The course you for which you sought the loan should have a good chance of
placement and job so that the applicant can repay the loan.
Most of the students find the need to take out an education loan at some point or the other.
But, if you make wise decisions and borrow a minimum cost, precisely how much you need, you
should then be able to successfully make it to graduation and higher studies with no second
thoughts.