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.
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Note: Students, who wish to study abroad, may contact India’s leading education loan providers through Shiksha Study Abroad.
Related links:
- Financial Documents Required for Study Abroad Applications
- Education Loan Vs. Self Funding to Study Abroad
- Public v/s Private Education Loan Providers
-
Top Private Student Loans without Cosigner
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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The application process at the University of Manchester can change depending on course chosen and level of study. The steps to apply for undergraduate and postgraduate courses at the university are given as follows:
UG Application Process:
- Student must apply through the UCAS common application portal.
- They can go to the website and select the course that they are interested in.
- Students are required to meet the eligibility requirements (Academic qualifications, English proficiency, etc.
- Once they have decided on the course, the important documents are to be submitted such as SOP, Transcripts and personal statements.
- You can track the application's progress through your given credentials by UCAS.
- Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
- The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
Check out: tips to improve your SOP.
PG application process:
- Select the postgraduate course you are interested in from the University of Manchester.\
- Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
- Complete the online application by providing your personal information.
- Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
- If your application is successful, you will receive an offer from the University of Manchester.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
With a 70% acceptance rate, the University of Hertfordshire is not hard to get into and follows easy selection criteria during admissions. This does not mean the university accepts all the students applying for different programs. The selection is based on academic performance, English language requirements, references, and many more. 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.
Pick your stage and get free guidance from counsellors who've helped thousands get into top universities.
Starting research
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Exam preparation
SOP/LOR writing
Scholarship & finance
Visa application
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
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.