Many students want to study abroad. But, studying abroad comes with many challenges. The biggest challenge to studying abroad is finance. As we know, the cost of foreign education is higher compared to costs in India. But, planning your finances in a good way can help you make your dream a reality. After you do your entrance exams for the foreign universities, you will get enough time to arrange funds. So, here are 5 tips to prepare yourself financially for foreign education.
Here are 5 tips to prepare yourself financially for foreign education:
1. Compare best universities’ fee structures with your budget
There are many foreign universities that offer top-class education with a reasonable fee structure. So, make a list of universities with their fee structure to avoid the confusion of choosing top foreign universities with fee structures. It will help you compare the fee structure with your budget. In short, you will select the quality of education and affordability without hurting your budget.
2. Make yourself eligible for education loan
The education loan is the simplest and convenient way to fund your foreign education expenses. But, you will get an education loan if you are eligible for it. To apply for an education loan, you need to be an Indian citizen.
Before applying for an education loan, you must have an admission confirmation letter from a foreign college/ university. Banks also require collateral security which could be around 100% of the loan amount.
Most banks also ask for a co-applicant. They could be your parents or siblings. Since the terms and conditions for eligibility vary from bank to bank, it will be great to do your research if you are eligibile for an education loan or not.