A hike in tuition fee here, a hike in tuition fee there, and a hike in tuition fee everywhere! Every year as Unis around the globe increase their tuition fees, you can’t help but cringe — given our current exchange rate. But let that not demotivate you! When there are ways to overcome these obstacles and live your study abroad dream, why stop now? What you need to remember is that you are making a lifetime investment with your study abroad experience. So let’s have a look at how to make your dream a reality through the educational loan.
Now, don’t go dismissing the idea of applying for an educational loan just because you nailed a scholarship. Sure, your hard-earned scholarship will come to your rescue but it will most definitely not cover the overall cost of your education abroad. So you most definitely will have to consider applying for an educational loan. We know you feel educational loans are complicated monsters, but we assure you they are nothing to be scared of.
So wondering what kind of coverage the education loan will offer? It will basically cover your tuition fees, book and any supplies fees, room and board fees, transportation fees, health insurance fees, and also your living expenses. It should take care of all your education-related expenses. The bank won’t actually hand you the money but will generally credit it into the Uni’s account at the start of each year or semester as required. Interesting? Read on for more…
To help you get started, we want to spell it all out for you — the basics of the educational loan…
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Once you receive the offer letter from your dream Uni, apply for an educational loan right away. To be able to do this, you must research your loan options thoroughly during the lull after you’re done with your Uni applications and are awaiting your offer letter anxiously. Make use of this in-between time period effectively. This is definitely not the time for you to take a break!
Interest to Compare!
As you run a research on loans from leading banks, you will find that they offer loans with varying rates of interest. We recommend you to take your time to compare the different kind of loans that are on offer and run a thorough comparison. A helpful tip: state-run banks have lower interest rates in comparison to private ones (if you didn’t know that already).
Don’t set all your hopes on just one though — we think it’s best for you to apply to multiple banks, in case your loan application were to get rejected by one.
