Tag Archives: education

Recent statistics state that 32 million children up to the age of 13 have never attended any school in India, and 47 million secondary and higher secondary students drop out because of domestic and financial reasons.  Education can open new doors of opportunities so that children can leave their life of poverty behind and step into a better and enriched life.  Bright children seek education, and one of the best ways to fulfill their dreams is through sponsorship. To know how to sponsor a child’s education, then you must go through this blog. What is a sponsorship? Sponsorship in the context of a child’s education refers to a program that allows an individual, a group, or a business entity to offer monetary contributions so that the money donated can help in educating the child. How much does a sponsorship cost? The cost of sponsoring a child’s education fluctuates from INR 1,000 per month to INR 3,000 per month. The amount varies from donor to donor and organization to organization. If the sponsor wants to pay only for the tuition fees, then they can do so, but if they want to pay for related expenses, there is also a provision for that.  Payments can be made every month or as a lump sum amount for a year. What does the beneficiary get? Financial aid and associated benefits of most sponsorship programs concerning a child’s education cover-  School expenses like tuition fees, lab fees, uniforms, textbooks, and stationery (pen, pencil, rubber, geometry box and sharpener, etc.). Nutritious and balanced meals. Medical screenings and health care to ensure physical and mental well-being. Learning vocational skills. Facilitating extra-curricular activities.  Connect children with teachers and mentors. An opportunity to learn and practice literacy skills. Teaching activities that will help in sharpening income-generating skills. Additional read: Best sip plan for child's future Sponsoring a child’s education 1. Select a verified organization You can sponsor a child’s education in India by selecting a verified and genuine organization. These organizations are often constrained by a lack of monetary resources as the number of needy children far exceeds the support options. Numerous non-profit organizations in India have set up the required infrastructure to help children in getting the education they deserve. Some of them have the backing of government agencies, and some are dependent upon business entities for funds.  2. Get the required information You can call the NGOs directly on the phone, email them or conduct an in-person meeting to gather the related information. Ask about the program, how many children they support, what amenities they provide and how you can make a difference. Ask about the sponsorship amount and what it will entail. Will the organization provide only the tuition fees, or will the amount include related expenses? You can also speak about your budget and what benefits it can offer to the child.  3. Select a child Some people believe in creating a personal bond with a child and if you are one of them, then ask the NGO about the children that need education. Select a child and form a connection by speaking with them and making sure both emotional needs and financial needs are met.  When the sponsor becomes personally involved with a child, then they can ask the organization to send periodic reports of the sponsored child to know how the child is faring. They can also visit or write to the child periodically to maintain the bond.  4. Sponsor a child online If you are not interested in creating a one-on-one bond and just want to donate the money as a charitable contribution for income tax purposes, then you can donate online on the NGO site.  The government encourages its well-off citizens to contribute to the education of children who do not have the necessary funds to get admitted to schools and colleges. Donations related to the sponsorship program are eligible for a 50% tax exemption under Section 80 G (5) of the Income Tax Act 1961.  Thus, sponsorship acts as a two-fold beneficial tool. It will provide education to needy children and help the sponsor to claim exemption during the income tax filing.  5. No refund or cancellation Charitable organizations generally do not allow refunds or cancellations of donations by any donor. Hence be sure before making a payment. FAQs What is sponsorship? Sponsorship in the context of a child’s education refers to a program that allows an individual, a group, or a business entity to offer monetary contributions so that the money donated can help in educating the child. What are the benefits of sponsorship? The benefit of sponsorship is to give someone an opportunity to grow and develop their skills. Education sponsorship is meant for students who lack the financial means to support their education and can benefit from sponsorships to build a career for themselves. Conclusion By now, you must have come to know how to sponsor a child’s education effectively. The sponsorship program can create a positive impact on the life of a student who just needs an opportunity to break the cycle of poverty and improve their living conditions. TALK TO AN EXPERT

There are thousands of UK scholarships to fund your child’s college today. These scholarships are offered by local governments and universities to help children finance their education in a foreign country.  While some scholarships offer absolute funding, there are some that cover a portion of your child’s tuition— including program costs, living expenses, and return flights to the UK. Let’s dive into the different scholarships for the UK and how they can help you finance your child’s UK dream. https://www.youtube.com/shorts/sRiktJ_KLmo https://www.youtube.com/watch?v=Motf8zBtf4c Top scholarships in the UK to fund your child's college List of the best UK scholarships for your child: Scholarships for masters in the UK  Does your child intend to pursue a master's degree in the UK? Mentioned below is the list of scholarships for master's degrees in the UK: University of Reading Master’s Scholarship Marshall Scholarships CastleSmart Scholarships Cardiff University Elite International Scholarships Clarendon Scholarships by the University of Oxford University of Edinburgh Global Scholarships Queen’s University Belfast International Scholarships MBA scholarships in the UK  Mentioned below is the list of scholarships for MBA degrees in the UK: IKOS Scholarships Women in Leadership Scholarship The University of Strathclyde MBA Visionary Scholarship. Chevening Scholarships Commonwealth Masters Scholarships Commonwealth Fellowship Plan GREAT scholarships The Global Study Awards Charles Wallace India Trust Scholarships The Cranfield Trust Scholarships in the UK Inlaks Scholarship Felix Scholarship https://youtu.be/EyP3Li4ofNg Ph.D. scholarships in the UK Mentioned below is the list of scholarships for Ph.D. degrees in the UK: Imperial College London President’s Ph.D. Scholarships Gates Cambridge Scholarship The Royal Society Grants Carnegie Ph.D. Scholarships Charles Wallace India Trust Scholarships Commonwealth Scholarships for Developing Commonwealth Countries The Newton-Bhabha Fund Wolfson Postgraduate Scholarships in the Humanities Goa Education Trust Scholarships Saltire Scholarships Euraxess UK Scholarships Are scholarships enough to cover the cost of education in the UK? There are merit-based and need-based scholarships offered in the UK. Some scholarships typically only cover a portion of the cost of the course, the rest has to be covered by the student. Consequently, there are a number of costs to take into account when a student plans to move to the UK to attend college. These include tuition costs, university registration fees, security deposits, travel-related projects, lodging, food, and even trip-related travel expenses. You can use our College Cost Calculator to determine the precise cost of studying in the UK and help you acquire the funds you need to save for your future education. Additional read: Difference between grants and scholarships Cheapest universities in the UK International students can enroll in affordable degree programs at several UK universities. Each of the institutions listed here has a fantastic campus and offers students top-notch instruction, facilities, and services. Here is a list of the UK's least expensive universities: UK scholarships are a fantastic option to either partially or entirely finance your child's education. By improving their grades and participating in extracurricular activities, community service projects, and outreach programs, your child can also increase their chances of getting a scholarship. Consult an expert advisor to get the right plan TALK TO AN EXPERT

You are young and healthy. You don't care about the future. You like revelry and parties. You want to spend today rather than save for tomorrow. After all, who knows what the future has in store for us? Everything is fine until one day you realize that retirement is not far away and you need to start saving for it. Money mistakes to avoid in your 30s 1. Saving, not investing Many people put money into savings accounts thinking that the 4 percent return will be enough to meet all future needs, and this could be one of your costliest mistakes, as such a low yield would not be able to beat inflation. After you are convinced about investing, the next step is to choose the right product or asset class. During this stage, most people are confused between stocks and real estate. History proves that stocks have outperformed real estate for a long time. 2. Not investing enough If you're making any of the above-listed mistakes, you're almost certainly not investing enough money or even not investing at all. That is one mistake that must be changed. The time value of money is very precious, and you need to get it working in your favor. For example, suppose you start investing Rs 10,000 per month at age 30 at an average annual rate of return of 12%; you'll have over Rs 3.52 crore* by the time you turn 60!  But if you wait till you turn 40, you'll have just over Rs 99 lakh* at age 60.  When it comes to investing, you want to start as early as possible. Additional read: US ETFs for child higher education 3. Not creating an emergency fund Sooner or later, you will be 30 years old, and your obligations, like household expenses, loan EMIs, children's school, fees, etc., are much more than when you were 20 years old. Therefore, it is vital to avoid the financial mistake of not having a financial plan in place for unanticipated emergencies such as job loss, unexpected home repair expenses, etc., by creating an emergency fund. Having an emergency corpus in place will make sure that you don't have to borrow too much or have your savings drop to zero to cover unexpected expenses. To be on the safer side, the emergency corpus should be large enough to cover expenses for 9 to 12 months. This may seem like a considerably large amount to put down. So you can start with a smaller amount, such as 3 to 6 months of expenses, and gradually add it. This will ensure that the size of your emergency fund keeps up with your income and expenses so that your finances are not overstretched. 4. Not buying insurance Increased responsibilities mean you have to plan for different scenarios to protect your family's financial interests. While an emergency corpus can take care of key emergency expenses, you also need to avoid making the financial mistake of not purchasing life and health insurance as part of your overall financial strategy. Insurance is essential to ensure your family's financial well-being in the event of a medical emergency or your untimely death. Purchasing term life insurance can provide financial security for your loved ones at a low cost in the event of your untimely death. In addition, purchasing health insurance can help protect your and your family's financial interests by covering medical bills if a family member becomes sick/ill and requires hospitalization. 5. Not having clear financial goals Sooner or later, you will be 30 years old, and you should already have some savings and, ideally, you should already be investing to reach your various financial goals. If you haven't set specific short-, medium-, or long-term financial goals yet, you still have some time left to get back on track if you start immediately. If you don't start investing based on goals, you will be like a ship without a rudder, and you cannot plan how to achieve the desired goal. This is the biggest money mistake to avoid in your 30s. Setting specific financial goals such as buying a car, planning early for your child's higher education, saving money for a down payment on a house, planning to save for retirement, etc., will help you plan the best course to reach your goal. Conclusion When securing your future financially, the most typical financial mistake we make is not starting early for our future goals. By saving and investing early, it becomes easier to achieve your goals. During your 30s, you are laying the foundation for your future financial plans. Avoiding these money mistakes in your 30s could help you to achieve your financial goals quickly. FAQs How can I be financially stable in my 30s? The best way to achieve financial stability in your 30s is to reduce your debt and increase your investments. Investing is the key to a good life and retirement. For example, suppose you start investing Rs 10,000 per month at age 30 at an average annual rate of return of 12%; you'll have over Rs 3.52 crore* by the time you turn 60!  How can I build my wealth in my 30s? The best way to build wealth is through investment. Systematic and routine investing can help achieve multiple financial goals such as retirement, a house, a child's education and a world tour. Suppose you start investing Rs 10,000 per month at age 30 at an average annual rate of return of 12%; you'll have over Rs 3.52 crore* by the time you turn 60!  What personal finance mistakes should everyone avoid? It's important to regulate your budget, spending and savings as soon as you get old enough to earn. Here are some tips that will help you avoid financial mistakes: Always spend within your means, pay your credit bills on time to avoid paying extra, create an investment plan to invest for the future and save for an emergency fund. TALK TO AN EXPERT

Helping your child to manage finances and build credit is the responsibility of every parent. A credit card is often the first step toward making college-going students accountable for their decisions.  Should a parent give their child a credit card for college or not is a dilemma because there are both pros and cons attached to the situation. https://www.youtube.com/watch?v=uYlrsx9_yog&t=4s Advantages of giving your child a credit card for college  1. Handle emergency A credit card will come in handy during emergencies. Suppose the student has a car breakdown on their way to college or has to pay for something unexpectedly, then they can withdraw the necessary funds from a bank or use the credit card directly to make the payment.  2. Establish good financial habits A credit card helps the student to build life-long skills and establish good financial habits. Managing the money and paying the credit card balance each month will ensure that the student becomes financially responsible from an early age. 3. Build credit history Proper use of a credit card will have a positive impact on the credit score and credit history. Giving your child a credit card for college will help them to build a credit history that they can use later on to make important purchases or to get a much-needed loan. Disadvantages of giving your child a credit card for college  1. Unnecessary burden  Going to college is a landmark for a child as they generally leave their comfortable surroundings for the first time and start taking ownership of their actions. A credit card is a responsibility that has to be handled with care as its misuse can prove harmful. Using and managing the credit card and tracking balances may add stress on the student who already has other challenges to consider.  2. Risk to the credit If the child is unable to act responsibly, then it can have long-term damage to the credit score. If a parent has co-signed the card, then their credit can also be at risk. How to decide whether your college-going child is ready for a credit card Ask yourself some tough questions to determine whether you should get your child a credit card for college or not. Can your child follow the rules? Is the child capable of handling the additional responsibility of a credit card, or are they likely to go on a spending spree? Do they understand the concept of a credit card? Will they be able to make payments every month, or will they forget to do so? Every child is different and so are their actions. A parent knows their child the best. Look at past actions and determine whether the child is capable of handling the responsibility of a credit card. 1. Preventive measures for safe use of credit card If you are still concerned about your child using a credit card in college, then take some precautionary measures so that the child can benefit from the experience and come out stronger.  2. Explain the fine print Explain the fine print and walk your child through every small detail. The card user should be aware of the fee schedule, the terms of repayment, interest rates, late penalties, and the importance of paying the balance of each month on time.  3. Give a detailed explanation of the use of a credit card  Make sure the child understands the concept of the credit card and both the pros and cons of the credit card scheme. Emphasize the point that any misuse will have consequences, and proper handling will reap life-long rewards.  4. Set some ground rules  Your child will be using the credit card for the first time, hence set some ground rules at the onset to avoid any unpleasant surprises down the line. Be specific about what the card can be used for and what purchases are out of bounds. Focus on the responsibility of paying the credit card amount and how it will be reimbursed.  5. Put a limit on the available funds Put a limit on the available funds so that the child is not tempted to spend beyond their means.  6. Make sure the child follows the rules Keep a check on the credit card statement and make sure that the child follows the set rules.  Conclusion Giving a credit card for college can be a wise choice if the parents can communicate both the pros and cons of its use to their child effectively. Do not set them free so that they can do as they please; instead, establish boundaries and show them the ways to build a financial future. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Before we get into the nitty-gritty of how to get an education loan without collateral for MS in the US, let us first understand how much the MS will cost your child. Get an education loan for your MS in the USA here! https://www.youtube.com/watch?v=fufyFB9aMQI https://www.youtube.com/shorts/D43JJkkQPQI How much money do you need? MS in the US is a graduate-level (master) course done over a period of 18 -24 months. These can be fast-tracked or done over a longer period if the student chooses to do this as a part-time course. The average cost of doing an MS degree typically ranges from Rs. 40 lakhs to Rs. 60 lakhs, depending on the course of study and the institution. This amount can go higher if the student opts for a private university in the USA. Once you decide on the child’s course of study and institute, the task is to get a ballpark on the costs and other travel and living expenses that your child will incur over the course duration. Considering the loans While the public sector and some large private sector banks insist on collateral for such large loans, there are several lenders in the banking and non-banking sectors today who issue education loans of large amounts without collateral. Additional read: How to repay education loans faster? Things to note when taking an education loan without collateral When you take an education loan without collateral here are a few aspects of this borrowing you must keep in mind: 1. Recognized Universities Lenders typically have a list of institutions for which they provide education loans. So you will have to ensure that the institute where your child is taking admission is on the list of most of the lenders. 2. Loans cover different parts of the expenses Some cover only tuition fees, while others may cover travel and part of the living expenses too. So when you are asking about the details, check on these facts. Expenses that are not covered in the loan will have to be borne by you. Ensure you have the reserve finances for that. 3. Credit history matters In loans issued without collateral, the credit history of the cosigner (typically the parent) is considered. So make sure you keep your credit record clean and positive at all times. Most of these loans will also require a guarantor. You must understand that the guarantor is legally bound to make good on the payment if the student / co-borrower defaults. 4. High-interest rates These types of loans also carry a higher rate of interest ranging from 12% to up to 15% per annum. 5. Processing period Processing time in most lending companies for an education loan of this nature is quite short: 2-5 days. So once you have identified the institute and the course, and have an admission offer in hand, you can start the application process for an education loan without collateral for MS in the US. 6. Check on Scholarships You can also consider exploring the scholarships available for students planning to pursue MS in the United States. This can help ease the burden of your loan. Always visit the university website, and check if you are eligible for any monetary compensation, rewards or waivers that can help reduce your loan amount.   7. A collateral loan without property can be tough to pay off FDs, Bonds, mutual funds investments – all of these instruments are also considered as collateral, depending on the policies of the various companies. While a loan without collateral may seem easier to get in the start, it is definitely more expensive and will put a bigger debt burden on your child. Try to borrow an amount you feel comfortable paying off, be regular with your payments, and look for competitive interest rates before deciding on any one loan plan. https://www.youtube.com/watch?v=TNVvKy460dQ Why are capital market investments good for you? The benefit of these instruments is that you do not need a large sum of money to invest in these at one go: which deters most families from investing in property. Small investments done regularly can go a long way in building a substantial corpus for your child’s MS in the US. Before deciding on an education loan without collateral for MS in the US for your child, make sure to read the fine print and interest rates to make a wise choice for your child’s future. Consult an expert advisor to get the right plan TALK TO AN EXPERT

New Zealand is one of the ideal educational destinations for students pursuing their MBA degree as it offers a wide range of academic choices, MBA specializations, high-quality education, affordable fee structure, and sustainable job prospects.  An MBA in New Zealand is a wise career move as the globally recognized degree can get students the desired job in any part of the world. Moreover, graduating with an MBA from New Zealand may get your child a considerably higher income than their peers in other countries. Getting an education loan for MBA in New Zealand is easier than you think! Apply wth EduFund today Overview of MBA course structure and fees in New Zealand New Zealand is home to some of the finest educational institutions in the world for MBA courses. A full-time MBA requires 180 credits over 12 - 16 months or 60 credits every semester. Students can choose an MBA degree with or without specialization.  Average tuition fees for an MBA in New Zealand are between $26,000 - $37,000 with the highest course fee of $51,396 levied by the University of Canterbury and the lowest tuition fee of $36,800 levied by Manukau Institute of Technology.  The fee structure for an Indian student is between INR 11.4 lakhs to INR 31.3 Lakhs per year, depending upon the university one chooses.  The living expenses of the students depend upon their lifestyle. How to save for an MBA in New Zealand? Although studying for an MBA in New Zealand is affordable compared to the study cost in countries like the UK and the USA, parents do need to save and invest money so that their child can get the desired degree without the burden of an education loan.  Take the following steps to save for an MBA degree - 1. Research Remember the first step of any plan is the most difficult one as it requires thorough research. Gathering information is necessary so that you can create a foolproof plan that will prove fruitful in the long run.  you can also use the College Cost Calculator on the EduFund App to find out how much you will have to pay for your child’s MBA. This will help cut your research time.  Reasons to Study in New Zealand Read More 2. Create a financial plan Create a financial plan that will give direction to your ideas and encourage you to take the necessary steps toward your goal.  How to send your child to study in New Zealand debt-free? Read More 3. Take the help of professionals If you are a new investor, it might become a tad difficult or confusing to make the right decisions. Take the help of professionals because they have the necessary tools and resources to compile the required data and make the correct choices.  The saving experts on the Edufund App are adept at creating a customized financial plan and selecting the best investment opportunities through mutual funds, US ETFs, US stocks, and Digital gold. These experts, along with the Edufund investment calculators, will act as a guiding force and be with you every step of the way.   https://www.youtube.com/watch?v=uYlrsx9_yog&t=4s Top Universities in New Zealand Read More 4. Create a diversified portfolio Do not be dependent upon only one type of scheme. Instead, create a diversified portfolio that includes managed funds, savings accounts, term deposits, mutual funds, etc. The high-accuracy fund tracker on the Edufund App can monitor over one lakh data points and 400 financial situations to make solid suggestions about the most profitable investment schemes. a) Managed funds According to available data, one of the most common reasons for setting up a managed fund is to save money for a child’s higher education. It is feasible to put some money aside in a growth-oriented managed fund as early as possible. By the time the child is of age to study for an MBA in New Zealand, the parents will have saved a good chunk of the required money.  b) Savings accounts and term deposits If you cannot deal with the volatility of the growth fund or have started late and have a considerably shorter period for saving and investing, do not worry. The safest and the best possible mode of saving is by investing in a savings account and term deposits. It is better to add to the term deposits whenever they come up for renewal so that after a few years you can have a good amount of the money for your child’s MBA degree in New Zealand. c) Mutual funds The best investment scheme in the current market is investing through mutual funds. Take the help of SIP for regular investments as the estimated returns are between 12% to 15% in large-cap equity funds and 14% to 17% in mid-cap equities. The SIP calculator on the Edufund App can prove useful in determining the available returns from the chosen funds.  Conclusion International students, especially Indian students consider an MBA in New Zealand a good move as it gives them global exposure to cash in excellent career opportunities in any business sector.  Parents who have the necessary funds through saving and investing can easily send their child abroad and fulfill their dreams of better education, as compared to the parents who have to look at other means to fund their child's education. 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Students often apply to more than one college because admission is not guaranteed in any of the institutions. Even if someone has good marks, there is no certainty that it’s enough to reach your dream university. Hence it becomes difficult to know where one might ultimately end up.  Let us first understand what is a college application fee and why colleges levy an application fee before answering the question - Are college application fees refundable? What are college application fees? College application fees refer to the money students must pay when they apply for admission to a college. It is considered negligible compared to the cost of studying in a college, which will include tuition fees and other related expenses.  Why does the college charge an application fee? The application fees help colleges to recover the cost of reviewing the applications. Colleges generally receive a fair number of application forms and it takes time, money, and effort to review each one of them. They have to hire specialists to go through the application forms and assess which of them are eligible for admission. Colleges levy application fees so that only the students who are serious about attending apply. If there were no application fees, every student would be applying to every college, and the overwhelming number of applications would increase the burden on the colleges. What is the average cost of application fees? The average cost of an application fee is between $44 to $50 in most parts of the world. Some of the prestigious colleges charge as high as $105 and $100. The average application fee in these prestigious colleges is $78.  In India, the cost of the application fee is between INR 0 - and INR 3,000. Some of the colleges charge as low as INR 100, whereas some of the prestigious colleges for specific courses have an application fee range between INR 2000 - and INR 3,000.  As students often apply to several colleges as backup, the total cost of application fees can cost them hundreds of dollars.  Why are students worried about application fees if it is such a small amount? Students have to apply to several colleges to increase their chances of acceptance and thus pay the application fees every time. This amount adds up and becomes quite a lot, especially for someone short on funds. Are college application fees refundable? College application fees are non-refundable regardless of whether a student has been accepted into the college or not.  A student can sometimes avoid the application fee by taking the help of fee waivers.  What are fee waivers? Application fee waivers refer to the process where the student does not have to pay the application fees because of special circumstances.  Who is eligible for college application fee waivers? Are college application fees refundable? Well, the answer is no, but students can take the help of fee waivers to avoid the application fee. The applicants must check with a recognized authority or high school counselor to find out if they are eligible for the fee waiver and under which category.  Some of the eligibility criteria for a college application fee waiver are Applicants who are eligible for the Pell Grant. Students who are eligible for the Federal Free or Reduced Price Lunch Program. Applicants in financial aid programs. Member of a family whose annual income is very low. Students living in foster homes. Applicants who are a ward of the state or are homeless or orphans. Members of a family who live in subsidized public housing or on public assistance. Colleges also accept NACAC, ACT, or SAT fee waivers. Additional read: Why India needs a Higher Education Savings Fund? Ways to lower the overall cost of college application fees Application fees can range from $25 to $60 and, the total cost of the application becomes quite high if the applicant is applying to several colleges. Follow the below tips to lower the overall cost of college application fees. 1. Narrow down the list of colleges Students are often tempted to apply to almost all the colleges they prefer, but it is not feasible. Narrow down your choices by shortlisting the colleges that you consider a good fit. Make sure that you meet the eligibility criteria of the college because it will increase your chances of admission.  2. Apply for SAT, ACT, or NACAC fee waiver If the applicant is eligible for any of these waivers, they will not have to pay the application fees. 3. Ask the college Call the admission office and explain your circumstances if you are unable to pay the application fees. If they consider your reasons justified, then the application fees might be waived.  4. Look for colleges without application fees Apply to some of the colleges without any application fees, as it will reduce the overall costs.  FAQs What are college application fees? College application fees refer to the money students must pay when they apply for admission to a college. It is considered negligible compared to the cost of studying in a college, which will include tuition fees and other related expenses. Are college application fees refundable? College application fees are non-refundable regardless of whether a student has been accepted into the college or not. What are fee waivers? Application fee waivers refer to the process where the student does not have to pay the application fees because of special circumstances. Conclusion The most important thing to do before applying to college is to talk to educational counselors to find out the best-fit college for your child. Talking to counselors will also clear all your doubts about college application fees. Download the EduFund app now to talk to the best education counselors in the country.

The intense education inflation and extremely higher fee structure leave little room for pursuing a higher degree course abroad at one’s expense. Students with genius brains cannot put their intellect to use due to the lack of appropriate funds.  At such times the Commonwealth Scholarship sponsored by Commonwealth Scholarship Commission (CSC) is a blessing in disguise for brilliant minds as it provides a much-deserved opportunity to boost their academic brilliance and skills. Apply for EduFund's Scholarships and make your dreams a reality! What is a Commonwealth scholarship? The Commonwealth Scholarship is a program initiated by the British government that provides fully-funded scholarships to deserving students residing within the Commonwealth countries. The scholarship program is funded by the UK Foreign, Commonwealth, and Development Office to attract talented individuals to UK universities and support sustainable development.   The Commonwealth Scholarship program is open to 800 students each year. The number keeps on increasing every year so that the CSC can make constructive changes on the global stage. Additional read: Questions to ask before sending a child to UK? Who can apply for a Commonwealth scholarship? A permanent resident or a citizen of a Commonwealth country. A refugee or a British-protected person. Students with an undergraduate honors degree of at least upper second class. Students applying for the Ph.D. program must have a Master’s degree. There is no minimum age for applying but the maximum age limit is 40 years.  For the academic year 2023, the CSC is accepting online applications from students of all majors. It has launched varied programs for both the Master's degree and Ph.D. levels for the students to choose from. How can you apply for the Commonwealth scholarship in the UK? The Commonwealth Scholarship Commission does not accept a direct application hence students can apply through the nominating bodies. These include government, non-governmental bodies, and charitable institutions.  Students have to visit the MHRD website and then the ECAS portal and apply to both before the stipulated deadlines. Additional read: Can your child do an MBA within 25 lakhs? List of documents required for the Commonwealth Scholarship in the UK Proof of citizenship. If the applicant is a refugee then the document that proves the refugee status. A full transcript with details of higher education qualifications. References of two persons should be submitted by the referee in the online application system. Supporting statement from the proposed supervisor in the UK.  Scan copy of the passport. A concise CV/resume Time to apply for Commonwealth scholarship 2024 The process for receiving applications is open between October to December and students should start checking on the official website even before the tentative dates.  Numerous programs under the Commonwealth Scholarships 2024 are open for applicants throughout the year hence interested students can log in to the website and find the timings for their preferred degree courses.   Funding by the Commonwealth Scholarship Commission and related benefits The Commonwealth Foundation provides grants of up to £200,000 (INR 18,464,000) to eligible students for four years as funding for the postgraduate degree courses. This is a fully-funded scholarship program by the UK government that covers all the expenses of the students. It includes Economy class airfare tickets for round trip. Transportation cost. Visa and travel fee. Medical expenses. Tuition fees. Textbook costs. Accommodation expenses. Allowance for woolen clothes during the winter season. Personal expenses - allowance of £1,133 (INR 104,599) per month and £1,190 (INR 109,860) per month for small cities and big cities respectively. The scholarship also covers family allowances if the couple stays for at least 18 months. It includes- Spouse allowance of £225 (INR 20,772) per month if the applicant and spouse are living together at the same address in the UK. Child allowance of £225 (INR 20,772) per month for the first child and £110 ( INR 10,155) per month for the second and third child under the age of 16 if the scholarship applicant is living with their spouse and children at the same address in the UK.  Child allowance of £450 (INR 41,544) per month for the first child and £110 (INR 10,155) per month for the second and third child under the age of 16 if the scholar is a single parent, divorced or widowed and is accompanied by the children and living at the same address in the UK.  Is the Commonwealth Scholarship enough to study in the UK? The Commonwealth Scholarship is enough to study in the UK as it is a fully funded program that covers both the study costs like tuition fees as well as related expenses. FAQs What is the commonwealth scholarship? The Commonwealth Scholarship is a program initiated by the British government that provides fully-funded scholarships to deserving students residing within the Commonwealth countries. The scholarship program is funded by the UK Foreign, Commonwealth, and Development Office to attract talented individuals to UK universities and support sustainable development. Conclusion The Commonwealth Scholarship is a golden chance for deserving students who are unable to study abroad just because of the lack of funds. The program offers opportunities to such students so that their dreams can come true. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Education loan has become quite common for students aspiring to study further for their higher education. But what happens when the loan applicant cannot pay the amount back? The burden of repaying then falls on the co-applicants.  Education loan insurance minimizes the financial risk of the education loan significantly. It provides the necessary backup in case things go south and the loan applicant is unable to pay the loan amount. In some cases, like terminal illness, the entire amount is paid by the insurance company instead of the co-applicants, if the primary applicant has taken the loan insurance.  Get an education loan for higher studies at 9.85% What is education loan insurance? As the name suggests, it refers to the insurance taken by an applicant on their education loan. The current job market conditions, limited career opportunities, poor campus placements, local economy slowdown, and uncertainty in global economic conditions have resulted in a negative impact on the employment market.  The education loan insurance comes to the rescue if the primary loan applicant fails to repay the loan in dire situations like death, terminal illness unemployment, etc. It also ensures that the burden of repayment does not fall on the co-applicants.  Finding the right education loan that fits your needs, as well as affordability, is confusing but not when you do it on the Edufund App. The financial team with the app provides the right guidance so that the co-applicants do not have to suffer if any misfortune falls on the primary applicant.  Best Banks for Education Loans in India Read More Is it compulsory to buy education loan insurance?  It is not compulsory to opt for education loan insurance as the requirement to do so varies from one lender to another. For loans taken from govt banks, it is not necessary for you to get insurance. However, for some private banks or organizations, you may have to get insurance as a condition to take out the loan.  Most government banks let the applicant decide on the necessity of purchasing insurance on secured education loans.  Applicants applying for abroad education loans processed by private banks and NBFCs without collateral have to buy education loan insurance. It is a mandatory requirement as the lender has not asked the applicant to pledge collateral security against the loan.  Questions to ask before taking education loans Read More What is the amount charged as a loan insurance fee? The amount charged as a loan insurance fee varies from lender to lender as private lenders and government banks have different terms and conditions for the borrowers.  Government banks charge 0.5% to 1% of the entire education loan amount as an insurance fee for secured education loans. They offer loan insurance schemes via in-house loan insurance lenders.  Private banks and NBFCs charge 1.5% and 2% respectively of the entire education loan amount as insurance fees for unsecured education loans. If you are misguided or confused about the education loan insurance terms and conditions reach out to the financial advisors at the Edufund App for a consult at the earliest.  What is the payment process for education loan insurance? Once the education loan insurance is secured, the first question that comes to mind is whether the applicant will have to pay the required loan insurance fees to the lender immediately.  The best part about the insurance is that it is not required to make a separate payment for the education loan insurance fees as the due amount is adjusted with the total amount of the education loan. For example, if the applicant has applied for an education loan of INR 30 lakhs and the insurance amount is INR 30,000 then the approved loan amount is INR 30 lakhs + INR 30,000 = INR 30.3 lakhs instead of INR 30 lakhs. The burden of paying the insurance amount does not immediately fall on the applicant. The loan insurance fees depend upon the length of the loan tenure and if the applicant wants to lower the loan insurance fees he will have to lower the loan tenure.  Tips to manage abroad education loan payments Read More Benefits of education loan insurance Education loan puts a significant burden on the applicant because the financial responsibility of repayment is on him. The co-applicant is equally responsible for the total amount if any misfortune befalls the primary applicant. The benefit of purchasing education loan insurance is that the co-applicant will not have to pay the loan amount in case of non-repayment as the burden now falls on the insurance company.  Students who purchase education loan insurance get an additional 0.5% waiver on the loan interest rate. It is a relief for the applicant as the overall interest rates are reduced.  Collateral vs. Non-Collateral Education Loans Read More https://www.youtube.com/watch?v=TNVvKy460dQ Conclusion The education loan insurance acts as a protection for the co-applicant who will not have to bear the financial burden of paying the loan amount in case of non-repayment.  Applicants who do not have comprehensive knowledge about the education loan process and the related education loan insurance can consult our team of experts on the Edufund App and know about the whole process in detail. TALK TO AN EXPERT

Australia, the land of incredible opportunities and job scopes is known for its top-class educational facilities. It is an excellent choice for international students who want to study abroad and gain vocational and technical education innovatively and effectively. There are several reasons why children who study in Australia have found the experience academically and emotionally rewarding. Let us go through some of them. Get an education loan for Australia at just 9.85%! https://www.youtube.com/shorts/Ew2MC3RCo68 https://www.youtube.com/shorts/Gs1p_6rVuI8 Important reasons to study in Australia 1. World-class institutions Out of the top 100 global universities, the best-known six, including the University of Sydney and the University of Melbourne, are located in Australia. The world-class institutions offer international standards of education in fields like technology, finance, medicine, accounting, engineering, etc. The technologically-advanced classrooms, impeccable lectures, outstanding training facilities, and extensive support services are a magnet for international students who aspire to study abroad.  2. Teaching and learning process Parents should send their children to study in Australia because of a unique education system that supports innovative teaching and advanced learning programs. The strategies encourage students to become critical thinkers so that they can easily achieve their personal and professional dreams later on.  3. Globally-recognized programs The degree programs offered by Australian universities are authorized by the Australian Qualification Framework (AQF) and accepted by national and international agencies adding high value to the acquired qualification.  4. Affordability Both the college fees and the cost of living in Australia are affordable if someone has planned their finances well. The government also offers different earning opportunities to students that prove an immense help in meeting daily expenses successfully.  Additional read: Fund your child's master's in Ireland 5. Scholarships Lots of students want to study abroad but are unable to do as it is an expensive affair. In Australia, almost 300 million dollars worth of student scholarships are for grabs every year. If your child is one of the lucky ones who has managed to win a scholarship for higher education then they are up for a winning ride.  The Edufund App has a dedicated team of experts who provide support for children’s overseas education. They counsel students and their parents so that it becomes possible to apply for scholarships and make their dreams true.  6. Advanced research opportunities  Australia offers advanced country-based research opportunities to learners who want to boost their careers with help of research and development. Several universities spend a significant budget on R&D to ensure progress in different fields. They also offer fellowships to interested students to undertake research in their area of choice.   7. Easy access to student visas One of the major reasons why students prefer to study in Australia is because of the easy accessibility to a student visa. The process is simple and quick for applicants who have their health insurance and finances in order.  8. Gain work experience and earning opportunities along with studies Students in Australia are allowed to work 40 hours every two weeks or 20 hours every week during the semester and full-time during the semester break. This is a golden opportunity for students who want to gain work experience and earning opportunities along with their studies.  The minimum wage for part-time jobs is 17 dollars per hour and this earning opportunity is a blessing in disguise for students struggling to meet their financial needs.  8. Multi-cultural society Australia boasts of a multicultural society that promotes cultural diversity. This place is a boon for international students with diversified backgrounds who can easily find familiar people within the communities.  9. Safe environment According to the UN’s World Happiness Report, Australia is among the top 10 safe and happy places in the world. The government has a strong infrastructure in place that provides security and safety to all its citizens including domestic and international students all over the country.  10. Student support system The Australian government has an excellent student support system in place that provides help to international students facing any issues. The Federal Department of Education in Australia operates an easy-to-contact helpline that offers help to students with issues related to safety, accommodation, education or work, etc.  11. Numerous employment opportunities The career-focused programs offered by Australian universities offer extensive knowledge in different subjects. The diverse curriculum empowers students with the necessary skills to face challenges in the outside world and gain employment opportunities.  https://www.youtube.com/watch?v=TNVvKy460dQ Conclusion Australia has proved itself as one of the most welcoming education providers in the global arena. International students who study in Australia are attracted because of the interactive learning environment, globally-acclaimed universities, affordable educational programs, and scenic attractions. Moreover, the country is known to open new doors of opportunities that promote personal and professional growth. Consult an expert advisor to get the right plan TALK TO AN EXPERT

An education loan is borrowed to cover the costs of post-secondary or higher education costs of students. Education loans cover tuition fees, textbooks and supplies, and daily costs while the borrower pursues a degree. Get 100% coverage for your education loan with EduFund https://www.youtube.com/watch?v=fufyFB9aMQI Germany - A world-class education system https://www.youtube.com/shorts/ly0C1VM7YFc Germany is home to brilliant minds such as physicist Albert Einstein and philosopher Karl Marx. International students who decide to pursue their studies can expect to encounter cultural diversity, friendly natives, and a high level of education.  Students would be relieved to learn that the vast majority of public colleges in Germany have now had their tuition costs waived. Students would only be needed to pay an administrative charge at the start of each term. The cost of living in Germany is deemed reasonable, putting less financial strain on Indian students interested in studying abroad. Overseas students will also be allowed to work part-time to help with living expenses, making life even more affordable. Overseas students may work up to 20 hours per week. This part-time work opportunity will help students reduce their living expenditures and provide them with important job experience in their subject of interest. Like most other universities, international students can take advantage of the many scholarship programs mentioned on university websites.  Germany's world-class education system, excellent industrial interface, innovative and research-based environment, and multicultural opportunities make it an outstanding choice for students studying abroad. Student loan for study in Germany Low tuition costs, a high standard of living, quality education, secure and safe environment are just a few of the features that make Germany an appealing study destination for students from all over the world. Germany has something for everyone. International students who want to further their studies may expect to encounter cultural variety, friendly natives, and a high level of education in Germany. Students would be relieved to learn that the majority of public colleges in Germany have already had their tuition costs eliminated. Students would only need to pay an administrative charge at the start of each term. Expenses covered under the education loan During registration, the university will provide you with documentation that clearly states the cost and the total amount required to complete the selected course. Please keep in mind that, while institutions in Germany do not impose a tuition price, students incur other expenditures during their residence in the country that are covered by the loan amount. However, an institution's loan would be purely for educational purposes and would not support personal expenses. The loan amount approved would cover: Tuition costs (if any) Spending on lodging Caution with deposit funds (security) Expenses for travel Study visits and project work. Purchase of books, a laptop, and office supplies Other required costs associated with completing the course https://www.youtube.com/watch?v=TNVvKy460dQ Documents needed for an education loan to Germany Education Loans are given to deserving students who want to study in Germany. However, even before the bank can execute the loan amount, the borrower must provide several documents. These are some examples: Admission letter from the college/university A completely updated application form Documents about the cost of study Identification evidence, proof of residence, and the borrower's PAN number Bank records of the student/guarantor/co-borrower Statement of assets for the student/guarantor/co-borrower Proof of income from the student/guarantor/co-borrower Additional read: Best ELSS Funds for child’s higher education Student loans in Germany from 1991 to 2020 From 1991 to 2020, this statistic illustrates the number of students in Germany who received a student loan. In 2020, 465,543 students received student loans, a reduction from 489,313 the previous year. The German academic year is generally split into two semesters: winter and summer.  The actual start and end dates of classes may vary depending on the institution or university attended, along with the nature of the course. In recent years, the number of first-year students has decreased in the winter semesters, possibly due to factors such as altering education laws and specific course acceptability rules or electing to pursue an apprenticeship instead of a degree. In 2020, German institutions issued 236,472 bachelor's degrees. This was a reduction from 2019. The average age of German first-degree university graduates has decreased in recent years, indicating that students are starting and finishing their studies earlier rather than later. The current average age is 23.6 years old. College expenses comparison Here is a list of nations based on the number of students, tuition costs, and average student loan debt. Germany is one of the countries where college tuition is not charged, albeit this varies depending on whether you are a local or an international student. Conclusion German universities provide a diverse range of courses and degrees. In terms of topic areas, law, economics, and sciences had the most students enrolled, followed by engineering.  Managing your expenses is a critical obstacle you must overcome as an international student. It's advisable to start planning your money and how you'll fund your living cost and educational expenses in Germany. Parental income, financial assets, part-time employment, scholarships, and student loans are all options for funding your studies in Germany. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Parents now need to plan their children's higher education far in advance due to the rise in education costs in India as well as abroad. It would be a risk to rely solely on student loans to obtain the necessary money for your child's higher education. In this blog, we will discuss everything about higher education savings funds and why India needs a higher education savings fund. https://www.youtube.com/watch?v=uYlrsx9_yog&t=1s What is a higher education savings Fund? A higher education savings fund is an investment vehicle that aids in building up funds for educational costs and offers tax-free withdrawals for certain higher education expenses. Tuition, books, equipment, and other significant costs are all permitted. Why does India need a higher education savings fund? There are numerous benefits for Indians who are planning to invest in a higher education savings fund. Mentioned below are a few of them: Parents have the convenience of saving for their child's education in one place with a higher education savings fund. Parents or investors don't need to consider how much of the fund should be allocated to debt or equity because the fund will do it on its own. Because it is an automatic investment, the specified sum is invested responsibly. The account is entirely in the parent's control. Subject to some limitations, close relatives may also contribute to the account in the form of gifts Problems faced while investing in education savings funds The parents do face some common problems while investing in their kid's education, as it is difficult to figure out how much to save for a child's higher education. The following are some of the challenges Indian parents have while setting up a higher education savings fund: Most parents are not aware of higher education savings funds, so they end up making unorganized plans for their investments and savings, which usually don't work out. You can always get in touch with our experts at EduFund to know how to invest your money and fulfill the dreams of your kids. Some parents fail to keep track or are not aware of the inflation rates. Thus they end up estimating a lower amount of money their child would need to spend on their higher education. It can be challenging for many parents to establish and keep track of investments over a lengthy period, making it tough to save enough money for children's higher education How to invest in higher education savings fund in India The Sukanya Samraddhi Scheme, mutual funds, and children's insurance policies from insurance firms are the most popular investment options in India for your child's higher education. The government's Save the Girl Child, Teach the Girl Child (Beti Bachao, Beti Padhao) campaign included the introduction of the Sukanya Samraddhi Scheme, a deposit scheme for young girls. A Sukanya Samriddhi Yojana account can be opened as soon as a girl is born, up till the age of 10. Any post office or authorized commercial bank branch may open one. It remains operational until the girl decides to get married or until 21 years have passed since the account was first created. When she reaches maturity, you can withdraw half of the balance to use for her higher education. Because the majority of the policies have risk elements attached to them, it can be challenging for investors to select the optimal type of investment. Below we have mentioned the top mutual fund schemes in India for education savings. Top mutual fund schemes in India for education savings NameIdeal forTata Young Citizens' FundInvestors seeking a balanced strategy to saving while thinking ahead for their children's requirements.SBI Magnum Children's Benefit FundPeople who want to meet their children's future financial demands by finding long-term capital growth as well as steady employmentHDFC Children's Gift FundInvestors who desire long-term financial growth in addition to a stable income to provide for their children's needsAxis Children's Gift FundLong-term capital growth is what investors need in order to meet their children's financial demands in the future. In addition, when it comes to educational costs, investors should not consider factors like growing inflation rates. India is in desperate need of an investment vehicle like the National Pension Scheme NPS to garner funds for meeting Higher Education Expenses.  The fund for higher education savings should be of low cost to many pension fund managers  and offer different investment plans. In order to encourage parents to save for their children's higher education, the Indian government should offer certain tax incentives on withdrawals. You may speak with financial experts at EduFund if you're unsure about where or how to invest. By using EduFund to invest your money, you can support the dreams of your kids. Install the EduFund app on your device to book a free consultation call with the experts. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Ireland is a preferred destination for international students as it offers easy access to quality education and job openings post-study. Sending your child for a master's in Ireland is a dream come true for parents as it opens numerous doors of opportunities in both, personal and professional lives.  The globally recognized universities maintain international standards and thus attract lots of students from all over the world. It is a fact that nearly 35,000+ students are currently enrolled in Ireland universities and colleges and the majority are studying for their master’s degrees.  Studying abroad requires a lot of money and parents often are in a dilemma about how to arrange the required funding for their child’s master's in Ireland. Let us discuss the length and cost of the degree and some simple and effective ways of arranging the required funds. https://www.youtube.com/shorts/WdQuvSpwrVQ Master’s degree in Ireland The master’s degree takes at least one year of study to complete but some of them, especially the research-based programs, last even for up to two years.  EEA and EU Students are expected to pay €4,400 to €10,000/year but the fees for subjects like medicine and business range from €20,000 to  €30,000/year. Other international students are expected to pay between €9,950 – €34,500/per year. Steps to fund child’s masters in Ireland 1. Personal savings Some parents start investing in their child’s education quite early and have a decent amount of savings that can be used to fund the master’s degree in Ireland. Sometimes, students have a work experience of a few years and they manage to save some money that can be used partly to fund their education.  2. Parental sponsorship If parents are the education sponsors of a child then parental sponsorship is accepted in Ireland as valid financial aid.  The students need to submit the necessary documents that will prove parental income.  3. Education loan An education loan is one of the best ways of arranging the funds for studying abroad, especially if the student does not have the support of his parent’s income, scholarship, or grant. It is available through financial institutions like banks or private lenders.  The Edufund App helps Indian parents to plan, save, pay and arrange for education loans so that their child can complete their education and fulfill all their dreams.  4. Scholarships and fellowships Several scholarships and fellowships are available as financial aid for a master’s degree in Ireland. The amount of scholarships often covers 100% of tuition fees and a large part of living expenses. Students can apply for university scholarships or government scholarships. But it is important to conduct thorough research beforehand to know about the applicable terms and conditions in detail. Some of the popular scholarships and fellowships for international students are Government of Ireland International Education Scholarship Government of Ireland Postgraduate Scholarship Programme Irish Aid Fellowships The Walsh Fellowship Additional read: How to fund child's masters in Dubai 5. Grants and bursaries Several universities offer grants and bursaries to eligible students who are interested in pursuing master's in Ireland. Parents can arrange the necessary funds for their child’s education through these financial aids.   6. Fee waivers Individual universities offer reduced or free tuition fees to students who are excellent at their studies. Students can apply for a fee waiver if they meet all the eligibility criteria as it is an important means to arrange the necessary funds for a master's degree in Ireland.  7. Part-time jobs International students in Ireland are allowed to work up to 20 hours every week during their semester. Part-time jobs are a vital source of funding to meet some of their related expenses effectively. Moreover, some students manage to find work in the same field as their ongoing studies and this helps them to gain work experience for future reference.  8. Professional consultants Some parents find it difficult to plan for their child’s education, especially if they want to go abroad. In such times, professional counseling becomes a necessary tool to conduct thorough research and come up with a feasible plan.  The professional consultants associated with the EduFund App can help create a financial plan to fund your child’s master's in Ireland. This includes saving for expenses in the right way or borrowing funds from the best possible institutions at minimum interest rates. FAQs What is the best way to fund your child's foreign education? The best way is to invest in your child's higher education and use that investment to fund it. An investment in mutual funds can easily beat inflation and college costs, help you manage payments in foreign currency and allow you to pay out of your pocket without taking on any debt or digging into your family savings. Investing early on for your child's higher education can be a boon for your entire family and their future. Can international students work in Ireland? International students in Ireland are allowed to work up to 20 hours every week during their semester. Part-time jobs are a vital source of funding to meet some of their related expenses effectively. Is it affordable to study in Ireland? Ireland is an upcoming study destination for Indian students. It's affordable and allows you to study in the heart of Europe. It's one of the countries where English is spoken easily and allows Indians to adjust easily and build a career in a thriving economy. Conclusion The excellent education system and numerous choices in all subject areas make the country an excellent destination for students who want to pursue their masters in Ireland. The cherry on the pie is the partnerships between educational institutions and the various industries and firms that open doors for job opportunities post-study. Consult an expert advisor to get the right plan TALK TO AN EXPERT