Studying abroad is the dream of many Indian youths. This ambition remains only a dream of millions of Indians. Studying abroad is very expensive. The whole expenses like tuition fees, living, accommodation, and travel can be twice as expensive as an Indian wedding. That's why studying in reputed universities has become a special reserve for those with deep pockets. This all is possible due to the growing appeal of a global career and lifestyle. The rising popularity of abroad education is an illustration of the actual importance of money in education.
How Indian students are funding their dreams of studying abroad?
The deadly pandemic could not lessen the craze of Indians in sending students to various countries. According to a common app release in the year 2020, the number of international student applicants increased 10 percent as compared to 2019 to 2020 levels. The question arises of how these students are making their dreams of studying abroad come true. Let’s know major concepts here:
#Self-financing
According to an analysis data provided by a research agency, more than 85 percent of the total international students prefer bootstrapping education abroad. Some students believe in saving their funds for family needs and creating assets for their studies. This kind of self-financing can put the whole family at risk if there is no certainty of reserved plan B.
#Secured education loan
Many private and public sector banks offer education loans against collateral of some value like land, house, or other property. Education loan is a systematic and structured approach that offers various benefits including tax saving schemes.
There are certain mandatory requirements for loan repayment. It usually starts six months after the completion of the degree whether you have a job or not. It must be repaid within seven years of finishing the degree. Before taking any education loan, students must consider it before signing up for any such loan.
#International financial institutions
Apart from education loans, there exists another lucrative fund option for students. Many international financial institutions offer educational loans to students. These loan amounts are provided in foreign currency either with a co-signer or without collateral. Interest rates are calculated on the basis of the future repayment potential of the loan applicants rather than historic data. Owing to this reason, they can also provide loans at lower interest rates than NBFCs or banks.
#SIP Investments
The systematic investment plan method is effective for working professionals, and its success depends on how early you start making investments. This plan is much better for salaried professionals rather than students looking for a post-graduate degree. SIPs have gained a lot of popularity in the previous few years for accomplishing financing endeavours of PG students.
I hope, you find this article helpful. If you want a bright career by pursuing a post-graduation degree from abroad, then you should understand the importance of money. For financial suggestions, and the latest news keep visiting APNLIVE.com.
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