Getting an international education is a dream of many students. An international degree goes a long way in paving the foundation of a successful career and so many students seek to study abroad for their higher education. Besides having a meritorious academic background, you also need sufficient funds at your disposal to avail of international education.
Whether it is for yourself or for your child, international education is an expensive affair that requires lakhs of rupees not only on the course fee but also for the ancillary expenses involved in staying abroad and completing the course. Does everyone have the required funds for international education?
No, a major proportion of individuals seeking higher education abroad have a shortage of funds. Does this mean that studying abroad would remain an unfulfilled dream?
No, there are ways to raise funds for your foreign education. Here are some of the most common and easiest ways of doing so –
Get a part-time job and accumulate your earnings
If you are planning to go for international education in the coming years, you should start arranging for funds in advance. Getting a part-time job is one such way of earning your way through higher education. You can do the job while completing your higher secondary studies and accumulate funds to pay for your higher education abroad.
Apply for scholarships
International universities recognize meritorious students and award them scholarships. These scholarships cut down on the course fee. So, apply for scholarships at the universities that you want to study in. If your application is successful, you can get a full or partial scholarship and easily afford a foreign education.
Arrange money from family and friends
Your family members and friends can also help you in raising funds for your international education. Seek loans from relatives who have surplus funds at their disposal. Ask your friends for financial help and avail loans from them too. These loans, from your friends and family, would be easier to pay off and also give you funds for your higher education.
Use an education loan
Education loans are available in the markets which are solely designed for the purpose of funding higher education of meritorious students. You can apply for an education loan for studying abroad too. Education loans provide you with the required funds for funding your tuition fee as well as other study-related expenses. The repayment of the loan starts after you complete the course and get a job. Moreover, loans are available easily and have affordable interest rates. So, an education loan can be your one-stop solution for the funding requirements of education abroad. Almost every lender offers an education loan and you can find the best loan by shopping around.
Apply for a loan against property
Taking a loan (loan against property) to arrange funds for your foreign education is another good alternative. If you or your parents own a property in their name, the property can be mortgaged to avail of a loan based on its value. Taking a loan against property for education is a good choice because you can get a high amount of loan (as the value of the property would be considerable), the interest rates would be low (as the property is mortgaged as security) and the loan can be repaid easily over a long tenure (going up to 15 years). So, utilizing an owned property for availing funds for studying abroad would be a great way to raise funds.
These are some of the popular ways of raising funds for higher education. Assess which way suits you and gives you the required funds. Education loans and loans against property are two of the best options as you get the required fund from one source whenever you apply for the loan. You don’t have to work for years to accumulate funds or ask for financial obligations for your friends and family.
Even if your scholarship application fails or gives you a limited reduction in the fees, the loan options would not let you down. So, fulfill your dream of international education and arrange for the required funds using any of the above-mentioned ways. enjoy these ways to raise funds for studying in abroad.