When to start thinking about Finances to Study Abroad
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One of the biggest hurdles for students planning to study abroad is figuring out the right time to start thinking about finances. It is important for students and parents to know that it is always advisable to start thinking 7-8 months in advance to avoid any last-minute hassle which can be a daunting experience for the student and his family.
The cost of study abroad varies depending on location, program type, duration, and your own personal expense budget. That being said students who choose a study abroad program based on their career aspirations and educational goals report that studying abroad was well worth the cost. However, due to a hefty amount being involved, students must start arranging for their finances at the right time to avoid any delays at the last minute. This is because not just some universities ask for the payment of some portion of your tuition fee, visa offices also require you to have maintained some of the mandatory amount in your account for a desired period. This article presents a guide on when you should start thinking about finances to study abroad.
Planning Your Budget
Before deciding to start thinking about finances, it is important for the aspirant and his family to be aware of the budget they would like to indulge in. Students can opt for self-funding which would basically mean the entire expense would be borne by the family or they can even opt for an Education Loan from a financial institution. Students who excel in academics can also opt for various scholarship programs available on the university websites to ease their financial expenditure. Once the budget has been decided, it is important for the aspirant to figure out the total expenditure and plan accordingly. The expenditure would cover more than just tuition fee and living expense. The expenditure would include visa costs, airline expenses and all other miscellaneous expenses that would have to be endured during the entire tenure abroad.
On Self-Funding
This is when the aspirant decides to fund his entire study abroad. Here, the students along with his family are financially able to handle expenses ranging from tuition fees, living expenses to all other miscellaneous expenses he could come across during the entire duration of his stay abroad. It is compulsory for students to show proof of financial documents while applying for a visa. As proof the student can self-finance his study abroad he would be required to show the following:
- Bank solvency letter
- Fixed deposit certificate
- Bank statement for the last 6 months showing requisite finance
On Education Loan
It is important for students to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The eligibility criteria vary for different banks. However, some common factors that are taken into account by all money lending institutions (banks) include
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- The student is required to be a citizen of India.
- The loan applicant must have attained the age of 18 else his/her parents will have to take the loan.
- The candidate must possess a good academic background.
- The aspirant must have secured admission to a recognized foreign university/institution/college.
- The desired course which the applicant is going to study must be a technical or professional one, as banks give preference to job oriented courses.
A lot of times, students don’t plan accordingly and zero in on colleges that are way above their financial allowance. Such gaffes should be dodged to face end moment disappointments. Studying abroad is an investment in your future. Like any other type of investment, it requires planning, careful management, creativity, perseverance, and commitment. Planning early on in your studies will allow you to financially prepare for your study abroad term and allow you to make the most of it.
You can also contact India’s leading education loan providers through Shiksha Study Abroad
Related reads:
- Indian Banks offering Education Loans for Studying Abroad
- Education Loan Vs. Self Funding to Study Abroad
- Everything You Need to Know About Education Loan
- Financial Documents Required for Study Abroad Applications
- Student Visas for Study Abroad
When to Start Thinking about Finances for Studying Abroad FAQs
Q. Is it risky to take loan and study abroad?
A. It can be both risky and advantageous to take an education loan for studying abroad. It depends entirely upon the course you choose and the college you choose to study at.
If you choose an in-demand course at a top university, then you may receive a good return on investment by getting a good high paying job after completing your studies. However, if you choose a course less in demand from a tier 2 or tier 3 university abroad, then, your chances of getting a good high paying job may be less and hence, your ROI.
Hence, getting an education loan for studying abroad can only be riskier in cases when you become incapable of repaying the loan. In all other cases, getting a loan to fund your abroad education may change your life for several good reasons.
Q. How to finance your education abroad?
A. How to arrange finances for your abroad education remains a common and foremost concern among Indian students. However, there are a number of options available to pay for your abroad education. To finance your education abroad, you must explore scholarships, grants, and education loans (commonly called student loans). You may also consider part-time work options abroad or seek internships, while also researching university-specific financial aid options (tuition fee waivers).
Q. Can a financially poor student study abroad?
A. Yes, it is absolutely possible even for financially deprived students to study abroad. In such cases, students can gain financial support by strategically applying for scholarships and grants and exploring affordable study destinations and programs
Q. Can a middle-class student afford to study abroad?
A. Yes, the middle class can afford to study abroad. They can do so by searching for available scholarships, grants or tuition fee waivers. Students need to have a strong academic profile in order to be considered for a scholarship or grant. For that reason, they can or must seek an expert advice on how they can make a strong student profile to increase their chance of getting a scholarship. Read 29 Questions to Ask Yourself for Creating a Strong Student Profile
After applying to Hertfordshire University UK, the applicants are going to receive an initial decision about their application within 2-3 working days. After the submission of the application and documents, the applicants are required to pay their tuition deposit. Then, complete the Sponsorship interview and the financial declaration. International students are required to pay a deposit of £5,000 before registration. The balance can be paid in line with the liability dates related to the year and entry of the semester.
The minimum PTE scores required for the UK Tier 4 General Student visa for the degree level and above courses is 59.
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With a working experience of 5 to 6 years, a specialised doctor pay in the UK varies between GBP 60,000 to GBP 120,000 (INR 63.46 Lakhs to 1.26 cr). This amount does not include the compensation of overtime and weekend shifts. This salary is higher than the salary of dcotors in India