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A peek into the funding options when planning to study abroad
Educational loans are the best means of financial aid for sponsoring the overseas education. They will help in arrangement of funds as parents usually well aware about their financial condition. So, it's better to approve your loan in advance. There are number of foreign and private banks that are providing loans for foreign education. Banks demands collateral for educational loans which may be insurance policies, FD's, NSC's or a house of same worth.
They charge some simple or compound interest on the loan amount which should be paid during the education period otherwise it will be added to the principle loan amount. So, it is good if the interest amount should be paid during the tenure of education either by parents or their wards.
Also as per universities norm, one can choose 2-3 family sponsors. So, if you have any relative who can sponsor your fund, then it will help you in decreasing the loan burden. One can pay the dues according to his own convenience to their relative. But in case of Educational loan, you have to repay the whole amount within 5 to 7 years after completion of your course. Repayment of loan starts either from six month after getting a job or one year after course completion.
Know more about tax exemption on education loan
Conversation with Faculties:
Students who are pursuing higher education should get in conversation with the faculties of their respective subject. It will help in getting aids in foreign countries. As student will be in touch with their professor discussing their area of interest in academics helps them in fetching some financial aids. If a student of PhD, get in the network of his professor and their views are in sync then may be that professor help student in getting some research fellowship and also financial help. In this manner, pro active conversation always helps.
Look at the total money outflow in particular country: Students should always select a country which seems quite affordable. As, cost of living is higher in Canada & United Kingdom in comparison to United States of America due to the higher exchange rates, so such points must be kept in mind while deciding the admission.
Apart from searching job oriented course, one should also consider which country is offering job opportunities after the course. Like in US, the probability of H1B Visa is stronger if you possess a degree from there. Similarly, in Canada, immigration system offers opportunities for skilled workers. A comprehenssive planning in advance is most important thing while finalizing a foreign study.
