Admission to international universities is a dream for every student who wishes to make a bright and successful career. Students seeking higher education abroad get broad exposure to research and varied cultures, enhancing their career prospects. Many students face financial issues while applying for admission to universities abroad because of high tuition fees, living expenses, travel, and other expenditures.
Meritorious students often get scholarships but not everyone is lucky enough to get such financial assistance. The students who find it challenging to meet the financial requirements for their study abroad plan, abroad education loan is the best way out.
Here, we will discuss why education loans are the smart choice for students who wish to study abroad.
Why are Students Abroad Education Loans the Smart Choice?
Various aspects make education loans a smart choice for students who wish to study abroad:
1. Quality education without financial constraints
Abroad education loans offer opportunities for students to get a quality education without worrying about the financial burden. Middle-class students usually find it hard to meet the tuition fees, accommodation, and other costs required for studying in the USA, UK, Canada, etc. The education loans to study abroad cover tuition fees, food, study materials, and various other expenses. Stunts can focus on their studies and professional development and not worry about financial requirements.
2. Flexible Payment options and Moratorium period
Education loans for studying abroad often provide the flexible repayment options song with Moratorium period. The moratorium period is the duration in which students are not required to repay the loan. The loan repayment usually starts after 6-12 months of completion of the course or securing a job. You can easily calculate the loan repayment using the education loan EMI calculator.
3. Low interest rates
Education loans usually offer low interest rates as compared to other types of loans. Government and financial institutions offer help to students to get higher education as a social responsibility, due to which they give relaxation in interest rates. There are various government schemes also where students can get financial assistance for studying abroad. Various financial institutions offer even lower interest rates to female students. You can use an education loan EMI calculator to calculate the EMI as per interest rates and tenure.
4. Tax Benefits under 80E
Indian students get tax benefits under section 80E of the Income Tax Act. The interest amount paid qualifies the tax deduction and there is no upper limit. The benefits are available for 8 years or until the full repayment tenure.
5. Better career opportunities and ROI
International higher education opens wider career opportunities for students. Graduates from well-known international universities are in higher demand and get attractive salary packages which makes loan repayment easier.
Students also get global market exposure, internships, and various other opportunities that develop their skills and career growth. The long-term financial benefits of getting a quality education outweigh the loan cost.
Conclusion
Education loans are not just financial tools, but they offer students a chance to dream big and make their careers bright. Education loans are the smart option for students who are seeking education abroad because they get a world-class education, wider opportunities, global exposure, and a promising career prospect.
Abroad education loans offer various benefits such as a Moratorium period, easy repayment, low interest rates, tax benefits, etc. It allows students to study without worrying about finances. Also, the responsibility of loan repayment develops financial discipline in students which benefits them in the future.
FAQs
What are the benefits of Abroad education loans?
Ans. Abroad education loans offer various benefits such as lower interest rates, better career opportunities, moratorium periods, flexible repayment options, tax benefits, etc.
Why do people prefer to study abroad?
Ans. Students prefer to study abroad in international universities because they get a chance to attain world-class education, global exposure, and better career opportunities.
How can I find the EMI required to repay the education loan?
Ans. You can use the education loan EMI calculator to determine your loan repayment EMI and other essential details.
