Top 5 Mistakes International Students Make While Applying for Student Loans
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An education loan is one of the best ways to finance your overseas education dream. It helps you to avoid financial burdens. Naturally, for some students, it's their first time borrowing a study loan and they may have less information. You must understand some common mistakes related to education loans so you can avoid them.
So, you have decided to borrow a study loan and are preparing for this. It's great to know what are some common mistakes related to borrowing education loans that you should avoid. Indeed, that's a great proactive approach. Borrowing a student loan for studying abroad is a significant financial decision. Understanding common pitfalls in the early stage of the application process can save you from future headaches.
High interest rates, and no financial planning to repay the study loans are most common issues. Other than this, let's know about some other mistakes!
Related Blogs:
- 5 Student Loan Mistakes to Avoid
- 1. Missing EMI Payments
- 2. Not Understanding of Foreign Exchange Rates
- 3. Not Exploring Financial Aid Options
- 4. Having No Planning for EMI
- 5. Not Enabling Automatic Payments
5 Student Loan Mistakes to Avoid
Here are some common mistakes to avoid.
1. Missing EMI Payments
This one goes without saying, you have to make sure your loan installments are paid on time. It is not a good idea to skip or miss the loan repayment installments. The results of delayed or non-payment can result in default, which will impact your future ability to take loans for your car or a home. It is important you figure out the number of installments for the complete payment beforehand and choose the plan which suits you the most.
2. Not Understanding of Foreign Exchange Rates
As an international student, you have to make the loan payments in Indian currency but the tuition and living costs are in foreign currency. So you need to know exactly how the new currency rate works. Indian students going to countries with stronger currency have to make sure they are not outspending their living budget. Or while calculating your cost of education, make sure you include other costs apart from the basic tuition fee like insurance fee, lab fee, books and resources etc.
Note: Students, who wish to study abroad, may contact India’s leading education loan providers through Shiksha Study Abroad.
Related links:
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3. Not Exploring Financial Aid Options
American colleges know that the easiest way to attract foreign students to their institution is by offering scholarships. Look into the options available to you and see how you can apply to various scholarships offered by the college and independent organizations. This way your total loan amount will reduce drastically as you have to pay only part of the tuition fee to the college. Which means repayment will only be easier for you later on.
4. Having No Planning for EMI
You need to ask your bank representative in advance about the total payable monthly amount. You can negotiate the amount and adjust it according to your capacity. Some banks may not offer the option to change the amount afterwards so it is better to keep a note of it earlier on.
5. Not Enabling Automatic Payments
Almost all banks offer the option of making an automatic payment every month where monthly payments will automatically be made from your debit account. This method is the best hassle-free bet as you don't have to remember the payment deadlines. It is easier to miss a payment deadline if rely only on your memory.
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Commonly asked questions
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.
Uni Manchester application process for Indian students is as follows, across the UG and PG levels of studies:
| University of Manchester UG Admission Process | University of Manchester PG Admission Process |
|---|---|
|
|
With a 16.8% acceptance rate, the University of Hertfordshire is very hard to get into and follows a difficult selection criteria during admissions. This does not mean the university accepts all the students applying for different programs.
The selection is based on the factors given below -
- Academic performance
- English language requirements
- References
Some of the programs at Hertfordshire even demand an experience of 4-5 years. In addition, students with average performance can showcase their relevant experience or extracurricular activities participation to increase their selection probability.
International students coming from diverse backgrounds must prove their English proficiency by submitting the scores of IELTS, PTE, and Duolingo at Hertfordshire University. The university demands an IELTS score of 6 from the students. Along with the IELTS scores, students can refer to the table below for all the required English proficiency score:
English language test | Minimum Score required UG | Minimum Score required PG |
|---|---|---|
6 or above | 6 or above | |
59 or above | 58 or above | |
105 or above | 120 or above |
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Raj Vimal is an education writer and editor with over 8 years of experience. He helps Indian students find the right universities, visas, and courses abroad. Currently, he leads content strategies at InfoEdge India
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