Overseas education can open numerous doors of growth and opportunities for a career, but it is expensive and places a huge financial burden on parents who want to send their children to foreign universities.
The covid-19 pandemic, along with other difficulties, has managed to ravage the savings of some parents to a great extent.
Moreover, inflation has also led to high education costs, and it has now become difficult to ensure the education dreams of a student without proper financial planning.
If you are short on money for your child’s overseas education and have hit a roadblock, then it is important to look at options that will help in arranging the money.
Tips to arrange study abroad funding
1. Installment option on fees
Studying abroad is not easy as it requires a huge amount of money to meet numerous expenses. A big chunk of it goes towards the tuition fees, which have to be paid upfront, at least for a full year.
Times have changed, and educational institutes understand the difficulty of arranging bulk amounts to be paid as tuition fees.
Foreign universities are allowing the option of installment payments or deferred payments. If you are short on money for your child’s overseas education, apply for an installment option on tuition fees. Paying fees per semester is affordable compared to the yearly fees as it minimizes the burden on parents to a great extent.
Foreign universities are offering financial assistance to students whose families are facing financial difficulties. In some cases, the fees of the student are reduced, and in other cases, the payments are deferred to a doable period so that the money shortfall does not impact the child’s education.
2. Fast-track your studies
Students can fast-track their study courses if they are facing a shortage of money and are unable to meet the educational expenses in full.
Most foreign universities have two to three-year programs, which are subdivided into semester formats. Students have to earn a minimum number of credits during this period.
When you are short on money, it is not feasible to complete the degree course by attending college for the entire period. Students can enroll for additional credits and complete the program early.
This will bring down the education costs and manage the money shortfall.
3. Apply to university alumni for financial aid
Sometimes unforeseen circumstances can deplete the amount of money that the parents have saved for their child’s overseas education. They may have a considerable shortage of funds and may be unable to meet all the education expenses easily.
Students can approach the university for financial assistance. Most universities have an alumni network that provides monetary aid to deserving students with exemplary records who are unable to finish their education just because of money shortages.
The alumni network evaluates the student’s grades, work experience, past performances, and the reasons for money shortage and, if found satisfactory, compensates by paying the remaining fees.
Some universities have an existing fund for students who are brilliant performers but, due to circumstances, are unable to pay the fees.
If the student applies for financial assistance, then the fees in such cases are either reduced or paid by the fund held by the university itself.
4. Select an education loan with care
If you are short on money for your child’s overseas education, then a loan is also a viable option. Select the education loan with care.
Banks and NBFCs are vital sources of loans; hence check whether any sources are calculating the interest amount on a flat rate basis or on a reducing balance.
Look at the interest rate and consider other factors like repayment tenure, margin amount, and moratorium period as they are equally important. Remember, the interest rate on a reduced amount will be considerably lower than the total loan amount, so choose wisely.
The college cost calculator on the EduFund app helps in calculating the future cost of college, which gives parents time to plan and save for their child’s college expenses in the smartest possible way.
Financial experts will create an education savings plan that will meet the requirements of a student’s education aspiration. It also offers an option of taking out low-interest education loans with top banks.
Conclusion
The desire to educate a child abroad is natural, but it often takes a toll on the parents who find themselves short on money for their child’s overseas education.
Planning the expenses in another country with another currency is a task that, if not done properly, can create serious issues later on.
FAQs
What are the best ways for Indian students to arrange funding for studying abroad?
Indian students can secure funding for studying abroad through scholarships, grants, education loans, part-time jobs, and assistance from family and sponsors.
How can Indian students find scholarships for studying abroad?
Indian students can search for scholarships through government programs, universities, private organizations, and online scholarship databases. Many countries and universities offer scholarships to international students.
Are there specific scholarships available for Indian students to study abroad?
Yes, several scholarships, like the Commonwealth Scholarship, Inlaks Scholarship, and Fulbright Scholarship, are specifically available for Indian students pursuing higher education abroad.
Can Indian students work part-time while studying abroad to support their education?
Yes, many countries permit international students, including Indians, to work part-time during their studies. Students should check the work regulations of the destination country.
What are the options for education loans for Indian students planning to study abroad?
Indian students can avail of education loans from Indian banks and financial institutions, which offer loans designed for funding higher education abroad. The terms and conditions vary, so research different loan options.
