Studying abroad at a renowned university is a dream shared by students around the world. About 8% of the nation’s GDP is spent on higher education, or $28 billion per year, by Indian students. Although it is important to prepare academically for studies abroad, it is also important to organize the funds well in advance so that last-minute problems and scams cannot occur.
In this handbook, students will learn how to plan their finances early in the process of making their study abroad dreams come true.
Examining approximated expenses
To make a decision about studying abroad, it’s crucial to identify your area of interest and determine the country that offers the most favorable conditions for it. Additionally, you need to calculate the average cost of living in that country. Considering various factors is necessary when estimating the cost of overseas education, as it represents a significant investment in your future. This information can be especially useful when seeking financial support. If you’re considering an educational loan, you’ll need to compile a list of expenses you’ll incur while studying abroad and ensure that the loan covers not only tuition fees but also other aspects such as the cost of living.
Being vigilant about the dates of admission
Applications for students are only accepted during certain times in each nation. Winter (January), Summer (July), and Fall (September) are the three most popular intake seasons (May). The most common time of year for intake is often the fall or September. It’s critical to be informed of the university’s admission requirements and to track application deadlines in accordance with those requirements. It’s important to plan your finances in advance since you need to make sure you have enough money to pay for your expenses while you’re at school, taking into account the particular intake season and its accompanying costs.
Various scholarships and grants from universities or private organizations that are available for application
Making prompt applications for grants from universities, scholarships, and bursaries might lessen the financial strain of your study. Usually, these benefits are either need- or merit-based. Also, many academic institutions provide partial scholarships to help students continue their education. Before or during the college application process, you might look for a suitable scholarship and combine it with student loan. Other organizations also provide grants and loans with 0 percent interest rates, like the Tata Foundation and the Aga Khan Foundation. In addition, several governments provide grants and scholarships to draw in foreign students.
Part-time and internship possibilities
Since many countries permit international students to work part-time, it is advisable to consider it as a way to achieve financial stability. Applying for part-time positions in the city or country of study and researching the minimum wage can be helpful. Universities may offer part-time employment opportunities, as most countries impose a limit of 20 working hours per week.
Education loans: choosing the right one
Because international education is becoming increasingly popular, Indian students, parents, and academic institutions need loan providers who understand their challenges. Students are now able to access self-service options due to the emergence of fintech, which has made it easier for them to learn about the loan application process. Financial assistance allows students to support their academic ambitions by making informed decisions. By understanding students, parents, and academic institutions’ unique needs, fintech solutions are able to streamline the loan application process and meet the needs of students, parents, and academic institutions.
The following factors should be considered when choosing a loan:
Loan type: Loans can generally be divided into two groups: secured loans and unsecured loans. Loans that are secured by collateral are required; unsecured loans are not.
From whom can you obtain an education loan: Educational loans can be obtained from a variety of sources, including government financial institutions, public and private banks, NBFCs, and new-age edtech lenders.
Methods of repayment: Payment is most commonly made through regular monthly EMIs upon completion of the course.
Rate of interest: Fixed or variable interest rates are both possible for student loans. It’s interesting to note that while loans with variable interest rates may first seem more affordable, the current rise in interest rates has caused business professionals to consider that loans with fixed interest rates are a wiser and more beneficial alternative.
Current platforms and financial solutions offer digital end-to-end workflows that do not require time-consuming paper-based processes. These platforms not only offer suitable financing solutions to students, but also educate them about their options and choices and support them all the way through their study abroad experience.
The creation of a budget is critical to ensuring financial stability when studying abroad. Studying abroad has become increasingly popular, but budgeting is often overlooked by students who wish to study abroad. It is important for students to research the costs of tuition, housing, transportation, food. And other necessary expenses in order to create an effective budget. Additionally, they should consider currency exchange rates, health insurance, and any unexpected costs. Scholarships and financial aid can also reduce the burden of debt. Studying abroad can be a fulfilling experience if students follow these tips and tricks.
Study permits are essential for international students before they travel to Canada. A skilled worker’s application for permanent residence is processed through an Express Entry draw by the Canadian government. When planning a budget, it’s important to consider the costs associated with obtaining a study permit. Which is a requirement for all international students.