Financial Considerations to Understand as a Student

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Education is a booming industry, especially in the developed world. Therefore education hotspots like USA, UK and Australia extend time, money and manpower resource to attract foreign students to their shores. This means that students aspiring to study abroad have plenty of options when it comes to financing their studies.

Some of common financial aid instruments available for international students;

      ·        Education loans

      ·        University scholarships

      ·        Government scholarships

      ·        Scholarships granted by charitable institutions

Most universities offer grants, scholarships and fellowships to deserving domestic and foreign students. Many of these instruments are offered with no obligation to pay interest or even to repay the principal. Many governments also offer repayment-free scholarships to citizens aspiring to study at a foreign university. However, there may be some other type of obligation attached to the instrument, such as a commitment to return to the home country to work for a certain period of time.

Loans are different from grants or scholarships because a commitment to repay the borrowed money within a certain period is part of the loan agreement between borrower and lender. Loan terms vary by issuing institution, issuing country, loan amount, loan type and borrower’s profile.

Banks in some countries like India offer specialized education loans with interest rates that are lower than the rates on personal loans. The repayment terms for an education loan also tend to be less stringent than the terms for a personal loan: longer repayment period, longer non-repayment holiday, interest discount for women students, etc.

Basic ways to fund higher studies abroad:

1.      Financial Aid: Many educational institutions and third-party organizations offer sports, merit-based or need-based scholarships, study grants, fellowships and other financial aid opportunities for international students.

2.       Student Loans: This is a common way for funding higher education, but considers all your options carefully before taking one. An education loan provided by a government may have lower interest rates and more flexible repayment options than a bank or private financial institution.

3.      Work options: You can also doing a part-time job to help pay for education fees and living expenses while studying abroad. Your earnings may not be high enough to cover all your costs, but they will reduce some amount of your expenses.