Tag Archives: education

Did you know that there are certain RBI guidelines for education loans that every borrower should be aware of? Let’s find out!    The RBI is in charge of determining the lending standards for Indian banks. It has agreed to give banks' financing to the education sector priority. Similar to any other loan, the bank considers the borrower's creditworthiness before approving an education loan. It's possible for a student to lack a credit history. Therefore, banks consider the CIBIL score of the parents who are the student borrower's co-signers. Here are the RBI guidelines for education loans The RBI demands that banks give deserving applicants education loans. A comparative phrase, "praiseworthy," is used to describe a student who has passed the admission test for professional and technical programs.   It also takes into account pupils who have been accepted to reputable universities on the basis of their employment history, demonstrating the students' potential for employment through campus recruitment.   The interest component of the loan may be claimed as a subsidy when filing for income taxes, according to Section 80E of the Income-tax Act. In addition to this law, the CSIS program offers the economically poorer portion full interest subsidies during the moratorium time.  Based on the sum provided, loans must be separated into protected and unprotected loans. No collateral is needed for loans under 4 lakhs, however, a security deposit in the form of collateral is required for loans over 4 lakhs.   Banks also provide a suspension period right after the program is over, during which the debtor can start looking for employment to begin paying as soon as the term is over.  Depending on whether you're seeking a student loan for India or abroad, the RBI will determine the interest rate. In India, students who are accepted into highly regarded educational institutions must pay a considerably lower interest rate. In general, interest rates primarily consist of fixed and floating rates.   Foreign loans are available with fixed interest rates, but loans from Indian banks for study at Indian colleges have a floating rate of interest.  In accordance with RBI regulations, you must begin making monthly payments as soon as the grace period is ended. Experts recommend that a person's EMI not go over 50% of their wage.  After the time limit, the payback should be finished in a range of 8 to 15 years. The payback period could be extended based on how soon the subsequent course will be finished in rare instances where a student gets another loan for a program enrolled in soon after the initial course completion.  Parents should take into account several factors prior to actually taking out a loan, such as   The potential increase in interest rates  EMI rates  Repayment options available  The RBI guidelines for education loans strive to ease the pressure by managing interest rates and repayment options to make education loans affordable for all.  FAQ What is the rule of RBI for education loans?  Program length plus one year, or six months following the job offer, which comes first. The loan will be repaid in 5-7 years from the start of the repayment period. If a student is unable to finish the course in the allotted time, an increase in the time limit for completion of the course may be allowed for a maximum of two years.  Are there any criteria for an education loan?  The applicant requesting the loan should be an Indian citizen. He or she should have received written confirmation of admission to reputable universities in India or abroad. When applying for a loan, the participant's age must fall between the ages of 18 and 35.  What is the rule for education loan repayment?  For Student and Scholar Loan Schemes, the EMI payback period begins 12 months after the course is finished or 6 months after obtaining employment, whichever comes first. Repayment of the EMI for Global Ed-Vantage Loans begins six months after the course ends. What happens if an education loan is not paid?  The lender would start sending reminders to you and your insurer if there is one if you don't repay your education loan in India. Failure to accept the cautions will result in loan default, which will negatively impact your credit score. For a very long period, you wouldn't be eligible for any loans in the future.  Consult an expert advisor to get the right plan TALK TO AN EXPERT

It is always a good idea to have a financial expert manage your money. A mutual fund firm or an Asset Management Company (AMC) is exactly that expert when it comes to investing.  What are Asset management company(AMC)?  Asset Management Companies are businesses that collect money from different institutional and individual investors and invest it in a variety of securities. The corporation uses the money to buy capital assets like stocks, bonds, and other types of property. The research team chooses the appropriate assets, and the asset management companies employ specialists known as fund managers to oversee the investments.  Fund managers discover investment possibilities that align with the fund's goals. To safeguard the investment and generate a consistent return, they invest money in debt funds such as bonds and government securities. To maximize returns for investors, an equity fund is typically invested in company shares. Start Investing in Mutual Funds How are the funds managed by an Asset management company?  Direct mutual fund investments can be made through an AMC. The corporation is primarily in charge of managing the mutual fund and making choices that are beneficial to investors. It makes investments as per the scheme's set goals under the direction of a fund manager. The general steps are described below 1. Asset allocation  The specific investment goal of mutual funds aids the fund manager in selecting the assets in which investments can be placed. As an illustration, the majority of debt-oriented funds manage a sizable amount of their assets in bonds and other fixed-income securities. Another instance is how the majority of balanced funds blend their investments in stocks and fixed-income assets. 2. Research and Analysis  A lot of research and analysis of the performance of the asset classes goes into building the fund's portfolio. Experts conduct market, micro, and macroeconomic analyses and communicate their findings to the fund manager, who bases investment choices on the fund's goals.  3. Portfolio Building  The fund manager is often updated on market trends and results by a team of researchers and analysts who work for the AMC. The fund manager then determines which securities to acquire or sell based on these results and the investing goals of the fund. This is how a business develops a portfolio.  4. Performance Evaluation  AMCs are required to give their unit-holders information that directly affects their mutual fund investments. Additionally, it must regularly update investors on sales and repurchases, NAV, portfolio information, and other matters. Simply put, AMCs have a responsibility to represent and protect the interests of mutual fund participants. Additionally, they must address client complaints about their mutual fund schemes. source: pexels What criteria should an investor use to select an Asset management company?  Before selecting an AMC, you must look into both the AMC's track record and the assets it is currently managing. Selecting an AMC with substantial assets under management that can withstand rapid redemption demand from major investors is important.   When selecting an AMC, investors should take the following factors into account:  Credentials of the fund manager: You must look at the manager's history and investment philosophy. The investment approach and expertise of the fund manager determine the performance of many mutual fund schemes.  The AMC's reputation: It might take months or years for a fund house to establish its standing in the industry. An AMC usually develops a solid reputation after continuously performing for five or ten years.  Look at the ratings: Speaking with other investors will help you determine whether prior performance has been consistent and whether the AMC has had any complaints.  Are fund houses as reliable as banks?  There is a common misconception that mutual funds are less secure than bank accounts or bank-sponsored investing programs. People worry that AMCs might go out of business or steal their money at any time. People frequently forget that AMFI is responsible for investor education and that SEBI, the capital market regulator, oversees mutual funds.  AMFI and SEBI's Role in AMC Operations  AMCs operate under the direction of a trustee board. However, they must answer to the Securities and Exchange Board of India (SEBI), which oversees the country's capital markets. Another regulatory organization that answers investor complaints and protects their interests is the Association of Mutual Funds in India (AMFI). The set of risk management standards established by SEBI and AMFI must be followed by every mutual fund house.  The AMFI was created by mutual fund companies, whereas SEBI is a government organization. Together, they maintain the industry's ethical foundation and transparency. Mutual funds require clearance if they are establishing guaranteed schemes, and the RBI is crucial in regulating AMCs. Finally, all of these regulators are under the control of the Ministry of Finance. Guidelines for investors from SEBI and AMFI  Some of the standards and regulations that SEBI, AMFI, and RBI prescribe for mutual fund firms include the following:  SEBI has set some guidelines for the reports that AMCs must provide to the trustees.   The trustees must receive the compliance certificate from AMCs every two months.  They must provide the trustees with quarterly updates on their operations and adherence to these rules.  The firm is not allowed to invest in any of its schemes unless the offer documents fully disclose the company's intention to do so.  The AMC Chairman is not allowed to serve as a trustee for any mutual funds.  AMC's top employees should have a spotless record (not convicted of any financial offense such as fraud or insider trading).  The AMC should be under Rs 10 crores in net value.  AMCs are not permitted to act as mutual fund trustees.  FAQs Which is the best AMC for mutual funds? Some of the best AMCs in India for investing in mutual funds are: SBI Mutual Fund ICICI Prudential Mutual Fund TATA Mutual Fund DSP Mutual Fund Kotak Mutual Fund How many AMCs are there in India? There are over 44 AMCs in India managing thousands of mutual funds. SBI mutual fund is one of the oldest mutual fund management companies in the country. How do I invest in AMC mutual funds? You can directly invest with a particular AMC by visiting and setting up an account on their official website. Many AMC lists their mutual funds on different investment platforms which you can visit and select the best fund based on your financial preferences. How do I choose the right AMC? To choose the right AMC, you need to answer certain financial questions - What is your investment objective and goal of investing? What is your time horizon and how long can you stay invested? What is your risk tolerance? What kind of performance and growth has the particular AMC recorded in the last few years? What is the consistency of performance, fund manager's experience, AMC Track Record, and investment objective? Are fund houses as reliable as banks? There is a common misconception that mutual funds are less secure than bank accounts or bank-sponsored investing programs. Which is the biggest AMC in India? SBI Mutual fund is the biggest AMC in India. There are over 44 AMCs in India managing thousands of mutual funds. If you are interested in investing via AMC curated mutual funds for your child’s education then check out the EduFund App and select the top performers!  TALK TO AN EXPERT

Are you worried about your children’s higher education? Read this article to find the best bachelor’s degree for your kid.  You might know a lot of good options but don’t know which one to opt for. Bachelor in Business and Management  A bachelor's degree in business and management is the best choice if you see an entrepreneur or businessperson when you look in the mirror.  There are up to 11,000 study possibilities in the broad area of business and management. It makes sense that this is one of the most sought-after Bachelor's disciplines given the wide range of options available.  Business administration, marketing, finance, and accounting are some of the most popular areas of study within this field, and after earning your degree, you can find work as a manager, market researcher, accountant, tax consultant, and financial inspector, among other positions. Bachelor in Electrical Engineering  It is not surprising that we include two specialties in engineering on our list given that engineering is a complicated profession that encompasses everything related to invention, design, construction, maintenance, and research.   Your ability to work with just about any system that uses electrical energy, including gadgets and digital devices, will be enhanced by studies in electrical engineering. And let's face it, who wouldn't want a degree that essentially exhorts them to never try looking up from their phones again?  It is possible to work as an aerospace engineer, broadcast engineer, network engineer, and of course as an electrical and electronics engineer in the telecommunications, media, aerospace, and broadcasting industries by pursuing higher studies in electrical engineering. Bachelor in Civil Engineering and Construction  Given that cities have developed into crowded population centers, civil engineering and construction are more important than ever. With this type of Bachelor's degree, you might work as a sustainable counselor, design engineer, or even as a consulting and contracting civil engineer. Bachelor in Computer Science and IT  Considering that practically every sector uses or is touched by digital technologies, we assume you are not shocked to see computer science and IT on our list. While IT focuses on developing networks & databases and maintaining computer systems, computer science is more concerned with programming & software.  Once you graduate from college, you should consider careers as a data analyst, IT consultant, technical support specialist, systems developer, or game developer. Bachelors in Medicine  Doctors always are going to be needed. And when we started this, I don't believe we completely blew anyone's mind. With our 6,000 programs, we can demonstrate that medicine will always be in style.  A Bachelor's in Medicine takes your dedication for at minimum 5–6 years, but it is worth it in the long run. Along with private hospitals and clinics, the government will provide you with employment opportunities. You should be aware that, in addition to human medicine, physiotherapy and nutrition & dietetics are two fields that are becoming more and more enticing.  The rising obesity prevalence in the population and the escalating posture issues among office workers are directly related to the rising demand for nutritionists and physiotherapists.  Kids, don't forget to exercise. Just refrain Bachelors in Architecture  Another discipline that takes time and commitment but pays off when you finish and enter the employment market is architecture.   Developers of real estate and local governments are always in need of architects, interior designers, and urban planners. And the study selection (which includes over 60,000 Bachelor's programs) reflects this.  Bachelors in Design  A subject with over 2,500 specialized programs, including Graphic Design and Interior Design, goes by the umbrella title of "design." A designer degree is certain to fulfill you, regardless of the program you select. Jobs in design are imaginative and well-paid. The majority of students choose to study design in nations like Spain, Denmark, and Italy.  Bachelor in International Relations  We may say if there is one field of social sciences that is rising in popularity, it is international relations, which offers more than 1,200 Bachelor's programs.  This is due to the fact that the field combines elements of political science, economics, and diplomacy. You can work as a public research officer, public affairs consultant, diplomat, or public relations specialist with knowledge and experience in these fields. Australia, the United States, and Switzerland are the best countries to pursue a bachelor's degree.  Consult an expert advisor to get the right plan TALK TO AN EXPERT

Dozens of colleges, universities, and institutions have hundreds of scholarships. The criteria for winning the scholarship differ; some are need-based and merit-based, some are for specific communities, and some are for specific courses. Need-based scholarships for students  1. Fullbright-Nehru Master's Fellowships It’s given to students who are extraordinary to further study in master in the US universities.  Type of scholarship: merit-based  Total expenses covered: tuition cost, J-1 visa support, living expenses, transportation allowance, health or emergency help.  Eligibility criteria: a master's degree from a well-known Indian institution.  Time period: one to two years 2. Fulbright-Kalam Climate Fellowship  It's given to students who are doing research related to climate change in India and the USA.  Total expenses covered: a monthly allowance, j-1 visa support, round trip economy class flight allowance, and health/emergency help.  Eligibility criteria: this is given to students who are registered as Ph.D. students in Indian colleges and affiliated with the U host association. The Ph.D. thesis submission should not be before than 3 months earlier than the given date. Required copies of articles published or presented should be there given.   Time period: one to two years 3. National Overseas scholarship scheme by the Indian Government  It’s given to those students who uplift economic and students with low family income of SC, Denotified nomadic and semi-nomadic tribes, landless agricultural laborers, and traditional artisans who are in need of higher education.  Type of scholarships: Student-centric  Total expenses covered: Tuition fees, cost of books, air allowance, living expenses, health/emergency expenses, and visa fees.  Eligibility: Comes from SC, denotified nomadic and semi-nomadic, landless agricultural laborer and traditional artisans  Scored: at least 55% marks in UG or 55% in PG   Below 35 years  Combined family income less than 6 lakh.  Not having more than one sibling who got the same scholarship.  4. Great Wall program  The Chinese Ministry of Education provides learners and intellectuals from poor nations who want to study and support research in China the completely financed Great Wall Program Scholarship. The program offers support to both junior and senior research fellows. If the program being considered is offered in Chinese, the individual's competence in the language will be assessed.  Total expenses covered: tuition fees, monthly stipend, health insurance, and accommodation.  Eligibility: less than 45 years and having a bachelor’s or master's degree.   Time period: 1 year  5. GREAT Education Scholarships  Type of scholarship: merit-based and chosen college. Amount covered: £10,000 (Rs 9,41,648.52) for one year.  Eligibility: student has to be an Indian resident and has got admission to a selected college in the UK.  Time period: one year  6. Scotland’s Saltire scholarships  Type: merit-based  Expenses covered: £8000 (Rs753318.81), towards tuition fees  Eligibility: Indian residents, admission to selected universities in Scotland, also need to prove they can afford the remaining tuition fees.  Time: one year  7. The JN Tata Endowment  A partial fund of between INR 1-10 lakh to Indian candidates of masters, doctoral, postdoctoral, or research studies abroad.   Type: Rs 1- 10 lakh  Eligibility: It’s the most popular loan for students. Students applying for it should be an Indian resident. Students in their final year can also apply for this scholarship.  FAQ Which scholarship is best for Indian students?  These are some scholarships that are provided to students:  Oxford and Cambridge Society of India scholarships.  QS undergraduate scholarship  Cornell university TATA scholarship etc. Which country provides free scholarships to Indian students?  Germany offers to finance for all higher education programs, regardless of country, making it one of the best free college education nations for Indian students and their foreign colleagues.  Can poor Indian students study abroad?  Scholarships are among the keys to achieving your ambition of studying abroad if you're struggling financially. There are A lot of scholarships available, so regardless of your major, history, final destination, or financial circumstances, there is one with your name on it.  Which country is the cheapest for Indians to study in?  Norway has long been well-known for its high-quality, cost-free education system. Now that everyone, regardless of nationality, is entitled to free education at public universities, it can be regarded as the least expensive country for an Indian student.  Consult an expert advisor to get the right plan TALK TO AN EXPERT

CA, or chartered accountancy, is one of the most popular study courses chosen by students in India. Knowing “What are the total fees to become CA” is vital so that individuals can save and be prepared for it without any financial worries.  Students opting for CA exams have to pass three levels: CA Foundation (previously known as CPT), CA Intermediate, and CA Finals. Students have to focus also on practical training for three years under an authorized CA firm. This training starts after clearing the second level CA Intermediate and is generally completed before the CA Finals. Fees of CA foundation Overview of the total fees structure for CA Foundation, Intermediate, and Finals CA Course FeesCA FoundationCA IntermediateCA FinalsRegistration FeesIndian student -INR 9,000, Foreign student- $700Indian student – INR 11,000 for a single group and INR 15,000 for both groups. Foreign student -$600 for a single group and $1000 for both groupsIndian student – INR 22,000 Foreign student - $1000Examination FeesIndian student – INR 1500, Foreign student - $325Indian student – INR 1500 for single group and INR 2700 for both groups. Foreign student - $325 for a single group and $500 for both groupsIndian student - NR 1800 for single group and INR 3500 for both groups.Foreign student - $550 for both groupsLate FeesIndian student –INR 600Foreign student - $10Indian student – INR 600Foreign student - $10Indian student – INR 600Foreign student - $10 Registration fees Students aspiring to become CA have to clear the first-level CA Foundation to get entry into the study course. The registration forms are available twice a year, generally for May/June and November/December sessions.  The total fee for the CA Foundation exam for Indian Students is INR 10,900 and $ 1065 (nearly INR 87,145) for foreign students. The Break-up of the fee structure is as follows CA registration fees - INR 9,000 for Indian students and $700 (nearly INR 57,456) for international students. Journal membership fees (optional) - INR 200 for Indian students and $20 (nearly INR 1641) for international students. Examination fees - INR 1,500 for Indian students and $325 (nearly INR 26,676) for international students. Online form fees - INR 200 for Indian students and $20 (nearly INR 1,641) for international students. 1. Application/Examination fees For a centre in India - INR 1500. If the centre is Kathmandu – INR 2200. For centres in Abu Dhabi, Doha, Dubai or Muscat – 325 USD (nearly INR 26,676). 2. Late Fees  Students have to pay INR 600 for centres in India and 10 USD (nearly INR 820) for overseas centres as late fees.  3. Reappearing Exams The validity for registration fees is three years, and after this period, the students have to pay INR 500 for revalidation. Students who fail to clear the CA Foundation have to pay the application fees repeatedly before a new attempt.  Fees structure for CA Intermediate Students have two options for registration at CA Intermediate level. The first is by clearing CA Foundation and registering for the Intermediate course. The second is a direct entry where graduates, post-graduates or students at the Intermediate level of CFA or CS courses are exempted from the Foundation level and can directly register for the Intermediate exams.  1. Registration Fees The registration fees for a single group and both groups of the CA Intermediate course for Indian Students are INR 11,000 and INR 15,000, respectively. For international students, the fees for single and both groups of CA Intermediate exams are $600 (nearly INR 49,248 ) and $1000 (nearly INR 82,080), respectively.  Indian students opting for direct entry have to pay INR 15,000 for both groups.  2. Application/Examination Fees The fees for Indian students are INR 2,700 for both groups and INR 1,500 for one group. Fees for overseas students are $500 (nearly INR 41,040) for both groups and $325 (nearly INR 26,676) for a single group.  3. Late Fees Students have to pay INR 600 for centres in India and Kathmandu and 10 USD (nearly INR 820) for other overseas centres as late fees.  4. Reappearing Exams The registration fees are validated for 4 years, after which the student has to pay INR 400 for revalidation.  5. Additional fees Student activity (conferences, seminars, workshops etc.) – INR 2,000. ICITSS Fees – INR 13,500 6. Articleship Fees At the start of practical training, students have to pay INR 2000 as articles fees along with INR 500 for the assessment test.  Fees structure for CA Finals 1. Registration Fees CA Final registration fees for both groups is INR 22,000 for Indian students and $1000 (nearly INR 82,080) for overseas students.  2. Application/Examination Fees The application/examination fees for Indian students are INR 3,500 for both groups and INR 1,800 for one group, and for overseas students, it is $550 (nearly INR 45,144) for both groups.  3. AICITSS Training  AICITSS Training is conducted in two parts, where students have to pay INR 7,000 and INR 7,500 for information technology and soft skills, respectively.  CA Fees Structure Summarised Reducing the price in half. The Institute of Chartered Accountants of India must receive the first contribution, which is required, and the second portion, which is elective, is the coaching class charge.  Foundation fees is around 11,000 thousand.  Intermediate course fees are around 35,000 thousand.  Final fees are around 33,000 thousand  The total would be 78,000 thousand.  With Article ship stipend = 54000  So Rs 78,000 – Rs 54000 = rs. 24000  Thus, after adjusting for all the sums, the required contribution equals about Rs. 24000. It is also crucial to note that the ICAI enhanced this sum as a result of revisions to the syllabus at all levels. The price was previously even low!  How to save for CA?  Investing in mutual funds or SIP is one of the best ways to save for an education course like CA. You could opt to save through the goal-based saving feature on the Edufund App, as it will help achieve the desired target for, say, application fees in the near six months. Assess how much the total course will cost you and choose a suitable saving plan to achieve your goal.  Conclusion  The high salary of a CA and the growing demand for CAs have prompted students to choose this study course as their career. As you are now aware of the total fees to become CA, it will become easier to save for this course and ultimately become a part of the CA fraternity. Consult an expert advisor to get the right plan TALK TO AN EXPERT

GRE and GMAT are considered two of the many pathways to study at top colleges and universities across the globe.  Students clearing the Graduate Record Examination (GRE) with a good score (we will discuss this later in this article) become eligible for admission to graduate study programs. On the other hand, the Graduate Management Admission Test (GMAT) is an undisputed road toward admission to top MBA programs all over the globe. Students often find themselves at a crossroads when choosing which exam to prepare for. Start Investing in Mutual Funds GRE vs GMAT: What are the Exam sections? Verbal Quantitative aptitude (including integrated reasoning in GMAT) Analytical writing Let us compare between GRE and GMAT in a summarized table below Basis of DistinctionGREGMATBody of governanceEducation testing servicesGraduate management admission councilExam duration3.75 hours3.5 hoursTest structure60 minutes: Analytical writing section. 2 essays with 30 mins each.2 sections of 30 minutes (20 questions) each for verbal reasoning.2 sections of 35 minutes (20 questions) each for quantitative reasoning.1 experimental section (30 - 35 minutes) each verbal or quant.30 minutes: Analytical writing section.30 minutes: 1 section for integrated reasoning (12 sections).Quantitative section: 62 minutes (31 questions).Verbal section: 65 minutes ( 36 questions) Cost of exam$205$250Validity of scores5 years5 years Composition of the sections 1. Analytical writing section The GRE Analytical section has two essays, one needs an analysis of an issue, and the other one requires an analysis of an argument. The GMAT Analytical section has one essay requiring critical analysis of an argument. 2. Verbal section The GRE verbal section has questions of three types, namely, reading comprehension, test completion, and sentence equivalence. Reading comprehension requires questions to be answered based on given passages, text completion is synonymous with fill-in-the-blanks, and the sentence equivalence parts have questions having sentences with one blank. The examinee has to choose two options (from six) that fit the sentence similarly. GMAT verbal section consists of questions on reading comprehension, critical reading of passages, and sentence correction questions. The questions test the student's understanding, reasoning, critical analysis, and grammar skills. 3. Quantitative section The GRE quantitative reasoning section comprises questions from topics like algebra, geometry, numbers, and data interpretation. Question types include numeric value entry questions, MCQs, and comparison questions. This section of the GMAT exam has questions on problem-solving and data sufficiency. In addition, integrated reasoning includes questions on data interpretation involving graphs, charts, and tables. Which exam is easier? A significant query in the test-taker's mind is the difficulty of the two exams. No exact answer to this because both these are aptitude exams – to test various capabilities of a student on a subjective basis. On average, the GMAT has a more challenging Quantitative section, whereas the verbal section in the GRE is a challenging game because of the need for a vast vocabulary and two types of essay Who should take the exam? GRE is for students of almost all backgrounds looking to study a masters-level program or a Ph.D. program from some of the best universities in the world – it is a trendy exam among STEM students and economics students. GMAT is the go-to exam for students with the big B-School dream as almost all top business schools have this exam mandatory under normal circumstances. Difference between GMAT and GRE:  GMAT:  MCQs math questions  Accepted by most graduate business programs  Test is online at a test center  $250 fees (approx. Rs 21,000 in India)  3 hours a long test.  Scores good for 5 years   4 sections in the syllabus  GRE:  MCQs math questions  Accepted by most graduate programs  Online test  $205 fees (approx. Rs 17,000 in India)  3 hours 45 minutes long test  Score well for 5 years  3 sections in the syllabus  Should you take the GMAT or the GRE?  It's customary for business schools to take GRE results as part of their admissions criteria, despite the fact that the overwhelming majority of applicants to business schools opt to take the GMAT rather than the GRE. This implies that you can select the test that best demonstrates your academic strengths. Here are a few things to think about as you decide what is best for you.  Academic objectives: The GRE is accepted in a wider range of degree programs, so if you're thinking about different graduate schools or just want to keep your options open, you should consider taking it. Taking the GMAT will show your dedication if you're confident you want to attend business school, taking the GMAT will show your dedication.   School: Many colleges accept either score, but it's a good idea to double-check the admissions requirements in advance. Ask an admissions counselor if they have a choice between the two exams if at all possible.  Academic talents: The GMAT may provide a better opportunity to showcase your skills if your arithmetic abilities seem to be better than your verbal abilities. If you're a good writer, think about taking the GRE. For non-native English speakers, the GRE might occasionally be more difficult due to the vocabulary required.  Testing method: The GRE format enables you to jump around and review your responses if you choose. This could boost the confidence of some test-takers.  Performance on practice exams: Taking a practice test for each examination is one technique to figure out which one you're best suited for. Take them individually under conditions that are as real-world as possible. You'll have a better notion of that which you feel more often at ease with when you take and grade your examinations.   Score reporting: If you sit the GRE more than once, you have the option of sending different scores to different schools. Schools receive all of your GMAT results. Many programmers just take the highest score into account.  Career aspirations: Some employers, especially investment and business consulting businesses, need GMAT scores as a part of the hiring process. Do your homework on these needs in advance if you have particular target employers in mind. You might avoid having to take the GMAT throughout your job hunt if you take it before applying to business school.  FAQs Which is easier GMAT or GRE? According to experts, the GMAT's quantitative problems are typically more challenging than the GRE's. Thus, Dan Edmonds, a test-prep tutor with Ivy Wise, noted in an email, "Students with higher math skills may prefer taking the GMAT in order to exhibit those talents. Which is more valuable GRE or GMAT? Clearly said, the GMAT is a more trustworthy test for determining an MBA applicant's likelihood of academic achievement, so the admissions process will value your GMAT scores much more than your GRE scores. Do colleges prefer the GMAT or GRE? For MBA applications, almost 90% of business schools accept GRE results. You will only be at a loss if the business school explicitly declares that it favors the GMAT over the GRE if you take the GRE for MBA admission. Nevertheless, the GMAT still retains an edge over the GRE for MBA admissions. Is GMAT or GRE better for an MBA? The GRE is an exam that students may take to obtain admission to graduate programmers across practically all subjects, such as the MBA, while the GMAT is a test that is exclusively created for applicants to business schools. The GMAT has typically been given preference over the GRE.

What is financial planning? Financial planning refers to acquiring information about your financial needs and then making a comprehensive plan to reach your financial goals with as much certainty as possible.   Financial planning considers the following factors: your current financial situation, what you wish to do with the money you will acquire, and how you are willing to invest your money to achieve your goal.   Thus, to define it in a sentence, we can say that financial planning is a means to achieve your future goals through proper development and implementation in accordance with some general guidelines.  Financial planning includes applying globally accepted management principles like planning, directing, organizing, and procurement of funds to invest and generate the maximum possible returns.   It helps you prioritize your investment decisions based on the urgency of your goals. People have both short-term and long-term goals.   For example, a short-term goal like buying a car in two years requires a much different planning approach than a long-term goal like buying a house in 10 years.   Both these aims have entirely different capital, returns, and financing requirements.  We can say that financial planning will lead to asset management and not the other way around. Once a plan is laid out, the implementation requires proper management of the available assets to generate maximum returns to fulfill your goals. Source: pexels Importance of financial planning  A significant advantage of a financial plan is that it helps you build financial security for yourself and your family as well can grow your assets and prepare for financial emergencies.   It helps you fulfill your dreams. Some reasons why you should consider building a financial plan:  1. Give a perspective on your financial goals Once you have a clear goal in mind, you will be able to employ financial literacy in a well-defined direction to achieve your goals.   With a plan, you also employ popular money-management techniques like the 50/30/20 rule (See here: Tips to follow for 50/30/20 Money Management Rule) and the (15-15-15 rule of investing), according to your needs.  2. Income management Through financial planning, you can prioritize monitoring a fixed budget for your expenses and moving towards investing a chunk of your income.  3. Growth of assets The ultimate purpose of a financial plan is to increase your asset base. By investing intelligently (with proper diversification and allocation), you will earn high returns and preserve your wealth, thus extending your investments and increasing your net worth.  Start your financial planning journey now so that you don't miss your goals by the margin.  Steps to follow when creating a financial plan 1. Create an emergency fund The first and foremost step towards saving is to create an emergency fund so that you do not want to disturb your financial routine if any emergency arises. There are many formulas to create an emergency fund. One way is to create an emergency fund for six months of your expenses. So, in situations like job loss, your emergency fund can take care of your expenses until you find another job. You can park your emergency fund in liquid funds to maintain liquidity.  2. Make a monthly budget Making a monthly budget will help you save money better, as you will be able to identify and analyze your income and expenses better. In this step, identify all your income first and then expenses, where you spend most of your money. Making a monthly budget will assist you in segregating income and expenses into different categories. To create a proper budget, you can follow the 50-30-20 rule. It says that 50% of your income should go towards your needs, 30% toward wants, and 20% for saving and investing. By following this rule, you can manage your monthly budget.  3. Spend wisely Spending wisely is as critical as making a budget. After making a budget, you can evaluate where to cut down your unnecessary expenses. And where you do not need to spend your hard-earned money. For example, you may have bought a monthly subscription to some adventure park, but you may not be utilizing it. So, you can cancel your subscription and save a lot of bucks. Also, don’t make quick decisions in buying things. Evaluate its cost and usage, then make a thoughtful decision. If you spend wisely, you can make a huge difference in future savings.  4. Set goals The next step is to set your short-term and long-term goals. Categorize your short-term and long-term goals based on their priority. And start saving for them. For example, sending your child for higher education after ten years is an example of a long-term goal, but paying for the school fees in the next 11 months is an example of a short-term goal. Identifying and prioritizing your goals is very crucial. Some parents could have a short-term goal to pay for a child’s higher education. So, it is essential to prioritize your goals based on time availability to achieve them.   5. Create a savings plan After deciding on your goals, create a savings plan for each goal. Try to save a fixed amount for each specific goal. Evaluate the cost of your goals; save and invest some money to quickly achieve your target. For example, if you want to send your child for higher education in the future, and the cost of IIM Ahmedabad in 2030 may cost Rs 60 lakhs, to save Rs 60 lakhs in the next eight years, you need to save and invest Rs 34000 every month in such asset class which can generate 14% annualized returns over the period. So, creating a savings plan for each of your targets is vital, such that you know how much you need to save and for how long. Before investing your money in any of the asset classes, please do thorough research on it.  6. Review the plan After creating the savings plan, try to review the same yearly and see whether the savings and investment are on track. If they are not aligned with your goals, review your savings plan and make the changes accordingly. FAQs What is the meaning of financial planning? Financial planning refers to acquiring information about your financial needs and then making a comprehensive plan to reach your financial goals with as much certainty as possible.   What is financial planning and why? Financial planning is a means to achieve your future goals through proper development and implementation in accordance with some general guidelines.  What are financial planning and its types? Financial planning is a means to achieve your future goals through proper development and implementation in accordance with some general guidelines.  There are three types of financial planning - cash flow planning, investment, and insurance planning. What are the steps in the financial planning process? Here are the steps in the financial planning process: Give a perspective on your financial goals Income management Growth of assets What is the main benefit of financial planning? The main benefit of financial planning is the ability to meet your short-term and long-term goals while building wealth for your future retirement. A good financial plan helps you achieve your goals with ease and gives you financial stability for the future. TALK TO AN EXPERT

Education is critical to the economic prosperity of every economy. With increased urbanization, there has been significant growth in urban slums. The majority of the urban poor are unskilled or semi-skilled workers. The plight of the urban poor in slum regions stems mostly from their inability to keep up with the skilled workforce class and afford a respectable level of living.  It is essential to raise the educational levels of the urban poor for higher economic growth because slum dwellers in India have very low levels of education. To do this, the government has launched a number of programs. Importance of education in slums in India Educating the child group of semi-skilled and unskilled workers is an urgent requirement. Education is an important component of the development of human resources and is necessary for the country's economic success. All the key indicators of socioeconomic development include the economy's growth rate, fertility rate, fatality rate, infant mortality, and literacy rate. Everything is interrelated.  Only the literacy rate has historically been the major predictor of the other indicators' increase or decline. Recognizing this reality has raised awareness about the need to focus on literacy and primary education, not just for social fairness but also to promote economic growth, societal well-being, and societal cohesion. India's slum education level Slums in India have a low educational level. Various evaluations of slum regions suggest that slightly more than half of the children attend school. It also states that slum children have a significant over-age and dropout rate. Overage is frequently the result of late enrolment in school. Late admission is caused by demand (migration from rural regions to slums) and supply (lack of educational facilities for all children, short admission period, birth certificate need, etc.). One of the primary reasons why children do not receive a basic education is also financial difficulties. Savings is possible for all Save as much as you can. Saving as a technique is not affected by your income. All you are required to do is decide to save anything, whether it's 300/- or 500/- from your salary. When you develop the practice of trying to save money, no matter how tiny, it will not seem strange when you start to earn more. Whether you are a single parent or a family with many incomes, you should change your attention to saving for anybody who looks to you as a source and role model. Save as much money as possible into a savings account each week and maintain it there for unexpected situations and future educational expenses. 10 investment ideas for child education Read More Major problems   1. Schools The condition of the facilities themselves is among the main issues slum education in India faces. These schools frequently have too many students and not enough supplies or infrastructure. Children struggle to study and achieve as a result. Additionally, a lot of the teachers in the slums lack the necessary training and credentials. As a consequence, they are unable to give their kids a quality education. In addition, tuition might be prohibitively expensive for families with low incomes, preventing many kids from attending school at all. And last, discrimination against underprivileged families and children continues to be a serious issue in India. For those attempting to enhance education, all of these elements come together to form a perfect storm of difficulties.  Poor Indian children frequently skip school because they have to work to provide for their families. And when they attend school, the education they receive is frequently inadequate. Each class has an excessive number of pupils, and the instructors lack adequate training. As a result, a large number of kids in slums do not receive the education they require.  2. Teachers Kids in Varanasi's slums are frequently left on their own. Undernourished and ill-healthier youngsters are much more likely to live in poverty. In India, slum living standards are frequently hazardous and unhygienic. Slum teachers frequently lack the tools and education necessary to educate kids effectively. As a result, a large number of kids in slums do not obtain a quality education. One issue with schooling in slums is that teachers there are frequently unqualified. They might not have a college degree or a teaching certification. This implies that they may not be able to successfully teach the kids in their care since they are unfamiliar with the most recent teaching techniques. In addition, many teachers in slums work excessive hours for low pay.  This may cause kids to get exhausted and less productive in the classroom. Another issue is that slum schools frequently have too many students and are short on supplies like textbooks and school supplies. Children find it challenging to learn properly as a result of this. Last but not least, many kids in slums lack access to transportation, which prevents them from regularly attending school.  3. Government Lack of facilities, a lack of qualified teachers, and a lack of management are a few issues slum education in Varanasi, India, is dealing with. Children who live in poverty experience low educational achievements as a result of these issues. As a result, these kids frequently get left behind and miss out on opportunities to better their life. India's slum education has to be improved, and the government must do more. In Varanasi, the government has not provided enough funding for slum education. They assert that they lack the resources to raise academic standards or hire more credentialed teachers. The classrooms are also frequently overcrowded and lacking in essential supplies like textbooks and chalkboards.  Kids in these institutions receive a poor level of instruction and do not gain fundamental abilities like reading and writing.  A significant issue is India's slum situation. The issues with Varanasi's slum schooling have not been resolved by the Indian government. The most vulnerable children are those who live in poverty. They are compelled to live in slums and lack access to quality education. They are unable to pay for private education. The government must take action to solve this issue.  Steps to save money on a low income 1. Concentrate on savings first Set aside 5% to 10% of your earnings for savings each time you get paid before doing anything else. With this approach, you'll save money every month and know how much you will have at the close of the year. Even if you have obligations to pay, ensure you save something for yourself since emergencies usually arrive at the worst possible time. This is essential for understanding how to allocate money on a limited salary since it emphasizes forward-thinking. 2. Plan on a budget Establishing a budget is an excellent strategy to save money regardless of income level. Set a budget for food, bills, personal care, and so on, and make sure you don't overdo it. When creating a budget, be practical. First, research your family's food and spending patterns and devise a financial strategy to stiffen things up without attacking everyone. You may also think of deploying automatic budget dashboards and spending forecasting. Use them to plan your costs for a few months so you may create a budget that will help you save in the future. 3. Investments to protect the family's future Investing in avenues such as life insurance, mutual funds, and savings programs offers you a safety net and an excellent savings instrument. When used properly, you may develop your wealth to fulfill your monetary goals and future needs, like a kid's education. Investment programs assist you in meeting your savings needs by preparing you for the future and effortlessly building your wealth. FAQs How is education in slums? In India, slum living conditions are frequently hazardous and unhygienic. Slum teachers frequently lack the tools and education necessary to educate kids effectively. Because of this, many kids in slums need not obtain a quality education. The teachers in slums are frequently unqualified, which is one of the issues with the system. How right to education benefited the slum children? The right to education has aided in the education of slum children. They have benefited from this by being given a variety of chances. They can increase their income because education enables them to pursue better careers. This enables them to support their split families as well as oneself. What role education can play in the life of slum dwellers?  Education promotes the economic, moral, and intellectual development of people and, by extension, of the community. Not everyone, though, has been able to benefit from the current educational system.  Why are slum children deprived of education? One of the primary causes of children's absence from school was financial difficulties. Recent research suggests that the service charge for private education that was previously common in slum regions has risen and now serves "low-income" families' needs. Conclusion People with low incomes find it difficult to save because they either do not have enough money after regular expenses or aren't in the practice of saving. Nobody can deny the significance of saving, regardless of how they handle their finances. So, gather your thoughts, prepare carefully, and plan for your future needs. It may appear complex at first, but with a few modifications in your style of living and thinking, you'll be well on your way to a financially rewarding existence. Consult an expert advisor to get the right plan TALK TO AN EXPERT

The affordable living expenses in Germany, a stable economy, high-class living, and numerous job opportunities make the country one of the premier destinations for quality education and successful careers.  The cost of living in Germany depends on the location of the university because some cities are relatively more expensive than others. It is important to be flexible if a student wants to thrive on a limited amount. The average living expenses in Germany for Indian students vary between 10,200 EUR – 12,000 EUR (nearly INR 8.1 lakhs – INR 9.5 lakhs) every year.  Students should be aware of their living expenses before traveling abroad as it is helpful in creating a budget for living expenses. The college cost calculator on the Edufund app is a blessing as it helps to get an estimate about the future living expenses besides the education costs and create a personalized financial budget based on needs and requirements. Semester contributions Most of the universities in Germany are state-run; hence the education cost is a bare minimum. Students, however, have to contribute between EUR 175 – EUR 250 (nearly INR 13,993 – INR 19,990) per semester for administrative fees and student amenities.  Students can also apply for a public transport pass or a semester ticket that costs between EUR 25 – EUR 200 (nearly INR 1,999 – INR 15,992) for six months, based on the type and location of the university. They will not have to pay for transport for the next six months.   Private institutions in Germany charge tuition fees, especially for non-EU citizens. Additional read: Education loan process for Germany Living expenses in Germany for Indian Students 1. Accommodation (average monthly cost) An important chunk of the living expenses goes towards accommodation costs, which depend on the location of the university and the type of accommodation the student prefers.  The preferred accommodations and their average cost per month are. 2. Food (average monthly cost) Students have access to restaurants and cafes on the university campus, where they can eat at discounted prices. For students that live off-campus, local street vendors and food trucks are an option.  The living expenses in Germany are manageable for Indian students as there are Indian stores that can provide ingredients to cook authentic food items. Students who have to rely on restaurants need to remember that eating out on a regular basis will prove expensive.  Self-cooking is the best way to manage funds because the cost of basic food and beverages is affordable.  Average costs on some of the common food items include. 3. Transportation  The daily public transport facilities in Germany cost around EUR 20 (nearly INR 1,599) and a monthly pass will cost EUR 200 (nearly INR 15,992). Students can apply for student passes or choose to move around via rented bicycles at a nominal fee. 4. Health insurance International students must have health insurance in Germany. Students who are studying degree programs are eligible for a public health insurance plan that costs between EUR 70 – EUR 80 (nearly INR 5,597 – INR 6396) per month. Whereas students above 30+ should have private health insurance that costs between EUR 400 – EUR 500 ((nearly INR 31,984 – INR 39,980) per month. 5. Utilities and Bills Students living off-campus have to pay for water, electricity, garbage, and heating. In some cases, the bill is included with rent, otherwise; it costs nearly EUR 29.42 ((nearly INR 2,352) for a kilowatt-hour. How to save more as an international student in Germany?  Keep a fixed budget for the month Studying abroad means, you will be away from your parent and you’ll be alone so you need to have a budget for everything.  Talk to locals  Talk to locals around you because they know that place more than you. They will tell you the best deals around you in restaurants, cafes, and all.  Cook for yourself Go to the local grocery market and cook for yourself. Eating outside daily can cost you way more than cooking for yourself.  Get a flatmate/roommate Sharing space and your accommodation mean that you will be able to cut costs. It will save you money. Staying alone in a flat or room means you will spend more. If you get a flatmate/roommate, the price of that place will be half. You will end up splitting utility costs as well.   Do a side hustle Earn money by doing some part-time jobs or a side hustle. By doing that you will learn and also earn extra for you.   Use public transportation or a bicycle Using public transport daily is the best way to save money in countries like Germany. Private cabs and rentals can be very expensive for students. If you live in a small town, then opting for a bicycle to roam the city is the most cost-effective method.   Go secondhand Cut costs wherever you can and the best way to do this is by opting for second-hand products. Suppose you need a bicycle, no need to get a new one! Buy it from a second-hand market or from someone who doesn’t want his/her bicycle anymore.  Save money wherever you can Cut off your unnecessary plans. There is Wi-Fi everywhere so instead of buying data plans use them. You should also unsubscribe from OTT subscriptions you are not using anymore. Or any auto-debit subscription that is not in active use.  FAQs How can international students save money in Germany? Here are some tips on how to save money in Germany: keep a maintained budget  Talk to locals  Cook for yourself   Get a flatmate/roommate  Do a side hustle  Get a bicycle  Go for secondhand  Save on your mobile bills  Is it expensive to live and study in Germany as an international student? In comparison to other countries and cities, Germany is one of the places which is less expensive. How much money can international students earn in Germany? You can earn around 450 euros (Rs 37,000) per month by doing part-time jobs. How much money do I need as a student in Germany? On average around 870 euros (Rs 71,000) for a month is all you need for your expenses. Conclusion Prestigious universities and reasonable living expenses in Germany make the country an excellent choice for studying abroad. If you are in a dilemma about the cost of living, then consult with the counselors on the Edufund app to know more about it in detail. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Living expenses in Canada for Indian students are very high and aspiring applicants need to be aware of them before traveling abroad for the desired study course. Canada is the preferred study hub because of its growing economy, cultural diversity, access to seamless medical care, and unlimited job opportunities.  The country is known for its excellent education system, distinctive curriculum, numerous study courses, and reputed colleges and universities. A promising future encourages Indian students to travel to Canada for higher studies but what about the living expenses?  There has been a lot of speculation about the living cost in Canada hence let us find the answers to the queries related to the cost of essential expenses. Living expenses in Canada for Indian students The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  The essential living expenses that an Indian student has to incur include- 1. Accommodation (average monthly cost) The most popular options for accommodation are dormitories which house many students and townhouses which house three to six students. Both on-campus accommodations have several facilities like hot water, internet, and heat. Other popular choices are shared apartments and unfurnished rental apartments. The average monthly living cost of the accommodations is-  Dormitories 350 CAD – 600 CAD (nearly INR 20,958 INR 35,928)Townhouses 250 CAD – 650 CAD (nearly INR 14,970 - INR 38,922)Shared Apartments 400 CAD – 800 CAD (nearly INR 23,942 – INR 47,904)Unfurnished Rental Apartments300 CAD – 500 CAD (nearly INR 17,964 – INR 29,940) Master's vs. PGDM in Canada? Read More 2. Food (average monthly cost) It is easy to get an estimate of food expenses by going through the rates of some of the most common food items. Water (1.5 liters)1.84 CAD (nearly INR 110)Rice (1kg)3.74 CAD (nearly INR 224)Apple (1 kg) 4.24 CAD (nearly INR 254)Cheese (1kg)12.99 CAD (nearly INR 778 )Milk (1 Liter)2.46 CAD (nearly INR 147)Eggs (12)3.63 CAD (nearly INR 217) How to finance a child's master's in Canada? Read More 3. Transportation (average monthly costs) Students use public transport in Canada as it is quite safe and easy to navigate. You can get student discounts by showing your student ID card. The average monthly costs of using some of the common modes of transportation are –  Bus 100 CAD – 150 CAD (nearly INR 5,988 – INR 8,982)Subway65 CAD – 99 CAD (nearly INR 3,892 – INR 5,928)Taxis per km40 CAD -50 CAD (nearly INR 2,395 – INR 2,994) Canada University Fee Structure Read More 4. Health Insurance (average annual premium) Every international student must have a health insurance policy in Canada. The coverage depends upon the province where one lives. Some popular medical insurance plans with their costs are BC MSP Program74 CAD/month (nearly INR 4431)iMED 225 CAD for 3 months (nearly INR 13,473) 5. Miscellaneous (average monthly cost) It is important to factor in personal expenses like clothing, laundry, toiletries, etc. which are part of everyday spending and depend upon an individual’s lifestyle.  Other important expenses include Electricity (average monthly costs) – 50 CAD (nearly INR 2,994) Phone bill - (average monthly costs) – 40 CAD – 100 CAD (nearly INR 2,395 – INR 5,988) Internet (average monthly costs) – 30 CAD – 50 CAD (nearly INR 1,796 – INR 2,994) Tenant’s Insurance (average monthly costs) – 15 CAD – 30 CAD (nearly INR 898 - INR 1,796) Cost of living in some of the cities of Canada The cost of living for Indian students depends upon their lifestyle and the city they live in. Some of the popular and most costly destinations for students and the average cost of living in that city are mentioned below- City The average cost of living every yearToronto37,000 CAD (nearly INR 22 lakhs)Montreal 25,000 CAD (nearly INR 14.9 lakhs)Ottawa20,000 CAD (nearly INR 11.9 lakhs)Calgary26,904 CAD (nearly INR 16.1 lakhs)Vancouver38,484 CAD (nearly INR 23.08 lakhs) 10 Tips to save money in Canada 1. Try to save money Save money whenever you can. If you find alternatives to doing something on your own then instead of spending it, save the money.   2. Apply for scholarships Every college has scholarships. Canadian universities offer amazing scholarships to potential students, so take advantage of them.     3. Keep a budget To save money as a student, you need to keep a budget for everything. When there’s no budget maintenance, people tend to spend more. Have a fixed budget for the month and don’t spend more than it.  4. Cook your meals University campuses are filled with food stalls and fast food joints and when you are hungry, you buy them, and then your bank balance drops.  So cook for yourself.    5. Claim student bank discounts and offers All bank in Canada has offers for students. Take advantage of them. Save every penny.   6. Buy second-hand stuff if you can You might need something but you don’t need to buy everything new. You can buy them in any second-hand marketplace and you can find anything there.  So instead of buying everything new or on amazon search it in these marketplaces.  7. Don’t use credit cards Credit users tend to spend more as they think they have enough money but you spend more than they need.  So cut them off.  8. Start doing a side hustle  Start earning!   Start doing a hustle so that you can earn more. Then you don’t have to worry much about your expenses. There are too many ways to earn more.   9. Use a bicycle If you need to travel daily and it’s a short distance then buy a bicycle instead of using public transport and spending more money.  10. Lower your party days Party is okay, everyone loves to party but don’t do too much of it too. Set a monthly budget for it.   FAQs How can I earn money in Canada? Students can work up to 20 hours per week off-campus in Canada. You can take up some internships or part-time jobs or start a side hustle. International students on a student permit are legally allowed to work and earn a living in Canada to help with finances.   What is the average living cost in Canada? The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  Is living in Canada expensive? Canada is considered one of the most expensive countries to live in. The most expensive city in the country is Toronto. How much money do you need to live in Canada comfortably? As a student, you need roughly 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year. What problem an International student can face? Problems like cultural shock, new language, new people, accommodation, money management, etc. There are many student accommodation scams and foreigner scams that you need to be aware of so that you do not end up losing your hard-earned money. Conclusion Canada is no doubt an expensive country and it is challenging to manage the education and living costs simultaneously. A well-structured financial plan can be a blessing in disguise but you need an expert who can formulate such an organized plan for you.  Knowing about the living expenses in Canada for Indian students is important especially when they are preparing for overseas education. The college cost calculator on the Edufund app takes into account the future living costs so that the students can be aware of the average total cost of studying abroad and plan accordingly. 

In the previous article, we talked about the difference between IELTS and TOEFL. In this article, we will learn about the difference between IELTS and PTE. English proficiency exams like IELTS and PTE and the GRE and GMAT also form part of the requirements for university applications in English-speaking countries.   In many cases, all applicants with a non-English speaking background must submit their IELTS/PTE scores to the university to which they are applying. What is IELTS?  The International English Language Testing System (IELTS) is made to let you work, study or move to a country without worrying about your English which can be the native language. This includes countries like Australia, Canada, The UK, New Zealand, and the USA.  Your capacity to listen, read, write, and talk in English could be assessed in the course of the test. IELTS is marked on a scale of 1-9. IELTS is collectively owned by the British Council, IDP: IELTS Australia, and Cambridge English.   What is PTE?  PTE is the Pearson Test of English. It is a worldwide totally computer-based English Competency check. To get a seat down the check, candidates need to sign in online and get a seat down their check in a licensed PTE check center.   Difference between IELTS and PTE Basis of DistinctionIELTS (Academic)PTE (Academic)NameInternational English Language Testing SystemPearson Test of EnglishConducting BodyBritish Council and IDP Education LtdPearson PLC groupDuration2 hours 45 minutes145 minutes to 190 minutes to finish fullySectionsReading, writing, listening and speakingReading, writing, listening and speakingMedium of conductComputer-based and Paper-basedComputer-basedScore rangeBand 0 to 9Band 10 to 90No. of timesCandidates can take this exam 48 times a yearCandidates can take this exam for more than 360 days a yearCountry of PreferenceAll UK universities accept IELTS academic test scores as a certification of English language abilityUsually accepted by universities in the UK, Australia, and New ZealandCost (Usual)$225$150 - $210Validity of scores2 years2 years IELTS vs PTE: Deep understanding 1. Speaking   The IELTS speaking test is given face-to-face and lasts 10-15 minutes. Students must speak at length about a familiar topic and answer questions.   PTE requires you to make a personal introduction, read aloud, repeat sentences, describe the visual, retell the lecture, and answer a question.  2. Writing In IELTS writing test is to explain a graph or diagram, and the second is to write an essay on a given topic or the evaluation of an argument.  PTE, you must summarize a text in one sentence and then write an essay based on it.  3. Reading The IELTS test includes questions based on the reading of three long passages; students must answer questions in various formats such as gap fillings, short answers, and so on after reading.   The PTE exam consists of five academic passages with questions designed to assess various skills. The student must respond to inquiries by filling in the blanks, rearranging paragraphs, and answering multiple-choice questions (MCQs).  4. Listening In the IELTS listening section, students must answer questions based on four monologues that as played for them.  PTE, this section includes questions such as summarizing the spoken text, highlighting the correct summary, selecting a missing word, writing from dictation, etc. Score report: IELTS and PTE  1. Marking system Overall scoring is between 10-90 for PTE.  Overall scoring is between 0-9 for IELTS.  2. Subjects-related Communicative skills (includes reading, speaking, and writing). A score for each section for PTE.  Communicative skills (includes listening, reading, writing, and speaking). A score for each section for IELTS.  3. Overall scoring Not an average score calculation for PTE.   Average score calculation for all sections for IELTS.  4. Global Acceptance Selected universities but popular in many countries in PTE.   A lot of universities accept IELTS.   FAQs Which is much easier to crack; IELTS OR PTE?  The IELTS exam is much easier to crack than PTE because the grading process is better than PTE’s grading process.  Why PTE and IELTS are important to pass?  PTE & IELTS both exams are both important because it helps in checking if someone is fluent in English or not for attending college abroad.  What’s a good score to obtain for PTE exams?  On average around 75-85.  Are 12th/10th marks important for giving any of these exams?  No, your 12th/10th doesn’t matter for giving these exams. Also, there are no minimum marks given to give these exams.  What happens if I pass IELTS?  If you can pass IELTS then it opens different choices of career opportunities in English as a native language.   Looking for more information? Talk to a professional! Consult an expert advisor to get the right plan TALK TO AN EXPERT

Along with the GRE and GMAT exams, English proficiency exams like IELTS and TOEFL are essential for university applications to English-speaking countries.   Usually, all applicants having non-English speaking backgrounds have to report their IELTS/TOEFL scores to the university they apply to.   Difference between IELTS and TOEFL IELTS and TOEFL test format Difference between the exams of IELTS and TOEFL 1. IELTS and TOEFL: Writing section In IELTS, students have to answer two writing questions First question requires students to examine and explain a picture or a chart. Second question, the student has to write 200-250 words on a given argument.   For the TOEFL, First question’s answer is a 5-paragraph essay. In the second question, the students have to write notes (150-225 words) from a given text.  2. IELTS and TOEFL: Speaking section The IELTS test is conducted face to face, for 10 - 15 minutes students need to talk at length about a familiar topic and answer questions.   In TOEFL, the duration of the section is 20 minutes the speaking assessment is recorded through a microphone, then sent to the examiners.  3. IELTS and TOEFL: Reading section IELTS test includes three questions in this section, and the students have to answer questions in different formats like gap fillings, short answers, etc., after reading three long passages.   For TOEFL, the reading consists of 36-56 tasks based on reading academic texts and answering them through your lens of understanding.  4. IELTS and TOEFL: Listening section In the listening section of IELTS, students will have to answer questions based on four monologues that will be played for them, whereas the TOEFL test will be on classroom lectures and applicants taking notes while listening to the audio.   Students have to solve MCQs in a given duration of 40-60 minutes in the TOEFL listening component. Source: pexels.com What are the main differences between IELTS and TOEFL? Category IELTS TOEFL Mode of Conducting Computer-based exam Paper-based exam Computer-based  Time duration 2 hours, 45 mins 4 hours Types of Questions Variety of questions MCQs in reading and listening Score chart  Scores are from 0-9 Scores are from 0-120 Accepted by UK, Canada, New Zealand, Australia, etc USA universities  Which universities accept IELTS vs TOEFL?  IELTS exam score is accepted by around 9000 institutions and a lot of countries like the US, UK, Australia, Canada, and New Zealand.  TOEFL exam scores are accepted in more than 10,000 institutions and a lot of countries like the US, UK, Canada, Australia, New Zealand, France, and Germany.  Score Comparison IELTSTOEFL9118 - 1208.5    115 - 117 8110 - 114794 -1016.579 - 93 5.546 - 595 35 - 45 4.5  32 - 340 - 40-31 Major factors to consider  Check if the universities you want to go to accept IELTS or TOEFL because if don’t then nothing else matters.  TOEFL is preferred in most American universities whereas IELTS is accepted in universities in other countries.  If your university accepts both tests then pick one which is more suitable for you as both tests are different. Such as TOEFL has MCQs while IELTS has varieties of questions.   TOEFL is a computer-based test while IELTS is a pen-paper test so if you prefer a computer because you can type faster or your handwriting is not that good then you can go for TOEFL.  The cost is different for both of the tests but depends on the exam location.  Which exam should you take?  The above question depends on the country and the institute you want to study in. Some universities accept either of these tests with individual score requirements.   However, we recommend you think closely about the question types and formats that suit you and then decide. After the university’s requirements, it boils down to your needs. FAQs What’s the full form of TOEFL?  Test of English as a foreign language.  How many times can I give IELTS?  As many times as you like to.  Is 7 a good score for IELTS?  If you have scored 7, then 7 is definitely a good score.  Is TOEFL easier to pass?  In comparison to other tests, TOEFL is considered easier to pass. Consult an expert advisor to get the right plan TALK TO AN EXPERT

So what do you do if you are enrolled in a medical degree in India and want to study abroad after MBBS? Or if you want to practice law in the United States? The GRE is a broad general-purpose aptitude test that is accepted by a wide range of postgraduate programs. However, if you want to study abroad for a professional degree like medicine or law, you will have to take specific aptitude tests for those disciplines.  MCAT vs LSAT MCAT The Medical College Admission Test is conducted by the Association of American Medical Colleges. It is a standardized computer-based test for admission into medical programs that test the aptitude of students who have already completed basic pre-medical training at the university level. 1. Eligibility In order to be eligible for the MCAT, you have to be planning to apply to medical school and not currently be enrolled in any professional health courses. These include MD programs, DO programs, and Podiatry or Veterinary medicine programs. For Indian students looking to study abroad, if you are enrolled in or have graduated with an MBBS degree, you are eligible to sit for an MCAT. If you don’t fulfill the above criteria, you may have to take special permission before sitting for the MCAT. 2. Format Unlike the GRE and GMAT, the MCAT is not computer-adaptive. This means, the questions are standardized and do not get automatically adjusted to the difficulty level as you answer. The MCAT has four sections: chemical and physical foundations of biological systems, critical analysis and reasoning skills, biological and biochemical foundations of living systems, and psychological social, and biological foundations of behaviors. The exam tests students' broad and specific knowledge of biology, chemistry, organic chemistry, physics, psychology, and sociology as well as critical reasoning, research methodology, and scientific reasoning and inquiry.  The entire test is around 7 and a half hours long, including optional breaks: a 10-minute break after each section and a 30-minute mid-exam break after the first two sections. Each section is 95 minutes long, except the critical reasoning section which is 90 minutes long. There are also a few ‘void’ questions that are not scored but are used for experimental or research purposes. Additionally, there is an end-of-the-exam survey which is optional.  3. Scoring The MCAT is scored on a scaled and equated scale of 118-132 with 125 being the median. Your raw scores will not be revealed on test day or mentioned on your score report. Candidates also receive a percentile score. 4. Validity MCAT scores are accepted and required by all US medical schools and all Canadian medical schools. The scores are valid for three years from the date of taking the exam. 5. Registration and Fees You can register for the MCAT through their website and book an appropriate test date and center according to the MCAT schedule.  If you register for the test at least 29 days before the date, you will be charged $320. This number is for Indian nationals looking to study abroad after MBBS. MCAT Syllabus About physics, chemistry, and biology,  Social demographics,  About behavioral science,  Critical reasoning,  Problem-solving knowledge in the medical sciences  Prevalent lifestyle trends,  The role of a physician  How do I prepare for the MCAT?  Try to understand what’s MCAT: Learn about the MCAT exam. It has MCQs, and it is a computer-based exam. This exam is for the medical school selection process.  Think before selecting your undergraduate course:   Don’t overload yourself with too many science subjects. The MCAT itself has too many subjects to learn. Learn about humanities, accounting, and literature, which are going to help you in your MCAT preparations.  Start your preparations as early as you can:   If you start early, you will have plenty of time to prepare for the exam. At least keep three months on your hand.  Make a study schedule that suits you:  Prepare a timetable so that you can work accordingly.  Take mock tests yourself:   After completing your preparations, take mock tests to prepare yourself more.  LSAT The Law School Admission Test (LSAT) is administered by the Law School Admission Council (LSAC) for admissions to Juris Doctor (JD) and LLM programs in the USA, Canada, and some Australian universities. The LSAC also conducts LSAT India which is for admission to LLM programs in certain law schools in India. 1. Eligibility There are no specific criteria for taking the LSAT as determined by the LSAC. Legal degree-granting programs and law schools that accept the LSAT may have specific criteria. However, most US law schools require an undergraduate degree in any discipline as a prerequisite for admissions. Law schools in the US generally don’t prevent international students from applying to legal programs in the US. However, it is always a good idea to check the eligibility requirements of the program you are applying to before registering for the LSAT. 2. Format The LSAT consists of five sections: logical reasoning, reading comprehension, analytical reasoning, writing sample, and an unscored experimental section that is indistinguishable from the rest. The logical reasoning section asks students to analyze logical arguments to identify assumptions, alternate conclusions, errors, or logical omissions. The reading comprehension section involves reading a particular passage and analyzing it to interpret meaning, draw inferences, determine the structure of the passage, etc. It also often includes a comparative reading question that involves reading, analyzing, and comparing two passages. Analytical reasoning tests a candidate through 'logic game' based questions that test the candidate's ability to analyze a range of possibilities within a given set of rules. The writing sample involves writing an argumentative essay based on a given writing prompt. The unscored section consists of questions being used by the LSAC for experimental purposes and is not counted toward the final score. However, it is indistinguishable from regular, scored sections. Any of the sections can be used for the experimental section The LSAT is 3 hours long excluding an optional 15-minute break that is offered in between. Each individual section is 35 minutes long. In light of COVID, the LSAC now offers the LSAT-Flex and LSAT-Writing. The LSAT-Flex is a 2-hour long, remote-proctored, at-home, computer-based test. This includes the logical reasoning, reading comprehension, and analytical reasoning sections. The writing sample will need to be submitted by taking a separate remote proctored, at-home test, the LSAT-Writing. This is a 35-minute long test taken at a later date. 3. Scoring The LSAT is a scaled, standardized test like the MCAT. Scores are distributed on a scale of 120-180. They also receive a percentile score. 4. Validity LSAT scores are recognized and required by law schools across the USA, Canada, and some Australian universities. The scores are valid for 5 years following the date of taking the test. 5. Registration & Fees Indian students looking to study abroad for legal studies can register for the LSAT through the LSAC website. You will be required to use your passport as an ID document for registration.  The basic fees for LSAT are $200 plus an additional fee of $195 and $45 for the Credential Assembly Service (CAS), and Law School Report respectively. The Law School Report is a streamlined compilation of all your law school application documents like scorecards, transcripts, letters of recommendation, etc. The CAS is a centralized service used by law schools to access the Law School Report. Extra charges may be levied for test date changes, score previews, etc. FAQs How hard is the LSAT exam? It’s generally hard, but if you have done your preparations nicely, then you can pass it.  I study for just one month and clear the MCAT exam? Studying just for 1 month is risky, but if you’re already good at science or the humanities, then you may clear the exam.  Is studying for 3 hours a day enough for the MCAT?  You can study 3-6 hours a day or whatever suits you for MCAT. What is the lowest mark accepted in the MCAT exam?  If you score as low as 508, then you might get accepted.  Is it possible to study for the MCAT exam on my own?  Yes, you can study on your own if you think you can do it efficiently.  Conclusion A professional degree is a great option for those who have specific goals that they want to commit to. While degrees like law and medicine are very intensive, sometimes expensive and require a lot of hard work, they are equally rewarding. If you are willing to put in the time and effort required for these degrees and entrances, you can look forward to a bright future! Consult an expert advisor to get the right plan TALK TO AN EXPERT