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Planning to study abroad? Here are some ways to be financially prepared for foreign education
Study abroad programs are very expensive at some universities. Here's how to plan and make it easier.
Updated : Dec 18, 2022, 07:43 AM IST | Edited by : Maitry Kothari
 "Planning to study abroad? Here are some ways to be financially prepared for foreign education")
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A lot of students desire to study abroad. But undertaking a study abroad programme has several drawbacks. Finances present the main obstacle to studying abroad. As is well known, the price of education abroad is more than the price of education in India. However, careful financial planning can assist you in realising your dream. You will have enough time to make financial arrangements when you complete the entrance tests for international universities. Here are a few tips to be financially secure to study overseas:
1. Look for scholarships or grants:
Start your research on which scholarships and grants you can apply for and see if there are any grants or scholarships available to help defray part or all of the costs. Scholarships and grants, in contrast to student loans, do not need to be repaid; all you need to do to be eligible for them is submit an application. Furthermore, confirm whether you qualify for any scholarships. If so, don't be afraid to apply for scholarships, which range in value from a thousand dollars to a full waiver of tuition.
2. Education loans:
The most straightforward and practical way to pay for your overseas education costs is with an education loan. But if you qualify, you will receive an education loan. You must have an offer letter from the university before you visit any bank and request for education loan. Banks also require collateral security which could be around 100% of the loan amount.
3. Seek government help:
You might look into the funding programmes for international education offered by the federal and state governments. The Indian government provides financial aid for study abroad programmes both on its own and in partnership with numerous overseas institutions and universities. Find out whether your state government offers a similar programme for funding international education.
4. Prepare your budget:
If you create a budget that specifies how much you will spend each week on meals, souvenirs, travel, and housing will help you when you plan to leave and study abroad. Your budget will also include the bank’s margin money of the total fund requirement. One of the best ways is to start investing in advance to accumulate the required fund.
