Going for higher education abroad requires enormous funding. However, many students don’t know about different sources to fund their overseas education, like availability of Personal Loan for higher studies. Resultantly, they drop the idea of studying in foreign universities/colleges.
Earlier, options for funding education were limited. But the financial market has expanded far and wide. NBFCs bring pre-approved offers for higher education loan, Personal Loan, home loan, EMI product financing and other financial products. It has simplified the process of availing funds and has made it time-effective.
Besides, the unique pre-approved offers help get your Loan for Higher Education sanctioned at ease.
Universities offer various funds to promote international representation among their students. It adds cultural diversity to the campus. Some International organisations also fund specific courses for international students.
Have a look at the sources of funds available:
Fellowships/Scholarships:
Scholarships offered for various graduate and undergraduate courses are available under different criteria.
- Scholarships on merit– Also known as fellowships, these funds are awarded for excellent academic performances or achievements. Many reputed universities like the University of Oxford, University of Bristol, Uppsala University, etc. award these scholarships. Government bodies and big corporations also offer scholarship programmes.
- Sports scholarships– These funds are sanctioned explicitly by local or state governments to pursue one’s interest in sports.
- Need-based scholarships/financial aid– Commonly termed as grants, the purpose of this financing option is catering to the economically weak but meritorious students. The selection criterion is mostly a weak economic background.
Higher study loans:
The most common type of funding for international education is a higher study loan. A borrower must check his/her Loan eligibility before applying for one. Check the feasibility of your course before you apply for quick Loan to fund international education. Planning efficiently using a Personal Loan calculator for repayment details of the loan amount is of paramount importance.
Availability of Personal Loan EMI calculator online helps calculate planned payback of your higher education loan.
Prizes:
A prize is a type of financial aid a student receives for academic excellence under different categories. It does not fund the education but helps a student studying overseas financially in many other ways. Many universities offer rewards for outstanding achievements.
Waver on tuition fees:
Many universities accepting standardised scores like IELTS/TOEFL admit high scoring international students with tuition fee waivers. Students enrolled under research assistance also receive waivers.
Graduate assistantship:
Designed for the mutual benefit of students and professors/universities, the assistantship offers students funding in return for assisting lecturers/professors with their academic roles. Bright students can support their partial or full fees through this assistantship.
Part time jobs and internships:
Students can also take part-time jobs or apply for paid internships to earn their expenses while studying abroad. They can also learn skills in their field of interest in the process. A great way to sustain oneself overseas!
Freelancing:
Another efficient option to earn some bucks for meeting your expenses! Students can cash in on their skills and create a financial backup through freelancing.
Modes of income like part-time job or freelancing can also help a student in repaying higher education loan in chunks. It will ease their financial burden on completion of the course. One can use a Personal Loan EMI calculator to estimate the amount of instalments payable and plan accordingly.
It is imperative to stay aware and keep searching for different options to fund overseas education.
Some tips on having access to the right opportunity at the right time:
- Early preparation: If you aim to study abroad, prepare early. Applying for scholarships at the last moment may not fetch the desired result despite meeting eligibility criteria. Keep track of scholarship dates through past year data.
- Use social media: It is a great platform to connect with the right people and group. Join groups based on studying abroad or scholarships abroad and stay updated with upcoming opportunities.
- Enhance your writing skills: Pitching right on the scholarship essay stating why you deserve it is necessary.
- Flex leadership skills: Leadership skills go a long way in getting your application accepted. Mention them while applying for the scholarship.
With all checks done and all criteria met, do not forget to ensure financial security while in a foreign land. Source your funds right. In the absence of a scholarship or any other financial grants, go for higher education loan conveniently. A Personal Loan for higher studies will give foolproof financial security. Have your checklist prepared, and take your chances.
Go for the course that suits you the best and soar high with Higher Education Loan from Various NBFCs!