Financing Methods for Overseas Education

In today’s era overseas education has come to be an ambitious benchmark. On the spin side, it is generally believed that not all can afford the soaring price tag that comes with overseas education. But do not worry – paucity of finance need not be a hindrance for anyone who aspires to study abroad.

Till date the trend used to so be that a foreign degree used to be a feather in the cap; but nowadays getting a certificate of excellence from a foreign university of repute imparts the tag of ‘international exposure’, which acts as an asset at the workplace.

This article will put some light on the study abroad funding.

Before knowing the funding options let us first understand what the determining factors are. Here’s how to get your act together:

1. Deciding the Major Costs

To find out if you can pay for an education abroad, the first and foremost step is to do research and strategize for the major expenses that you would face. Check the below list to know the basic financial requirement that has to be managed.

  • Tuition fees
  • Accommodation
  • Living expenses

2. Methods of Financing for Study Abroad

Saving money is the most fundamental way to fund your foreign education but the issue with this is the amount that one accumulates is nowhere equivalent to the study abroad expenditure. Thus, after many failure attempts by the individuals the world now has understood that there are other ways that can be merged with savings to bring in foreign degree in your hands.

Let’s take a look at them:

1. Scholarships and Grants

There are many foreign universities offering scholarships based on your merit and considering various other criteria as well. Apart from this there are several organisations that offer scholarships to those who wish to study abroad if their requirements are met. These kinds of scholarships are provided based on 3 criterion, namely;

  • Need-Based
  • Merit-Based
  • Diversity-Based

It goes without saying that a thorough research on prospective and potential scholarships is necessary. The 10 most renowned and popular scholarships to study overseas is listed further in this article. This list will make you aware of the scholarships available, but it is on you to research about them well.

  • Erasmus Mundus Joint Master Degrees
  • Fulbright Foreign Student Program
  • QS Leadership Scholarship
  • QS Scholarship for Academic Excellence
  • QS Undergraduate Scholarship
  • Great Wall Program
  • Clarendon Scholarships at the University of Oxford
  • Adelaide Scholarships International
  • Westminster Full International Scholarship

2. Education Loans

After conserving and maximizing the scholarship option, an overseas education loan can be availed to meet the additional expenditure. 2 Cr. INR for overseas education is the maximum amount sanctioned for an entire period of degree programmer by the nationalized bank. A foreign degree grants integrity to one’s profile, which transforms into faster promotions and raises. Thus, a loan for foreign education can be easily repaid as well.

Have a look at the benefits of the Education Loan below:

  • Tax Benefits
  • Schemes for Minority Communities
  • Flexible Payment Period

This states that an overseas education loan is one of the best funding options to meet the finance as well as living requirement. With such a simple solution at your disposal, all you need to do is research and plan effectively – and your ambition of financing your overseas education can soon become a reality! You can take assistance for overseas education loan process through online or in person from the Study Abroad Consultants. This will surely clear all the vagueness and take you closer to your study abroad dream.

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About Rita Biswas

I am an Overseas Education Loan Advisors working with the leading Study Abroad Consultant and passionate about writing articles on Finance, Banking, Investments and Funding options.
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