How to pay my education loan back before its a burden
Every year more than a million students decide to accept their offer letter from universities, they have applied with enthusiasm and dreams to make it big, thus begins the story of every graduate…
From the initial application fees to the total cost of your course. From the flight tickets to living expenses required. The amount of money one has to spend for quality education abroad is very high and growing exponentially also with universities raising the bar every year in countries like UK, USA, Australia. There is nothing much of a relief for students and their dreams.
The only relief at this point, for majority of the students, comes in the form of scholarship opportunities and/or external funding via loans, deposits etc. Getting a scholarships is not very easy. According to a survey conducted by WeMakeScholars in 2015, more than 70% of students apply to a university on the basis of scholarships, but still only a few make the cut. Even though 90% of the students will still go ahead with the application and attend the university taking financial aid from other sources.
With graduation there is only one big problem to face, how to pay my education loan back?
Planning your funds before the word “Go”
For many reasons this is something to be taken into consideration before even the thought of planning higher education abroad comes into your mind. Most of us may have different source of incomes and savings that was made up with time by parents, relatives or your previous job and other sources. This funds may be not available in liquid state for we always invest or direct our money for future requirements. Like pension funds or marriage funds, saving for education is also a worthy decision to be taken early on. When you have such an study opportunity by hand you could look to fund your education by resourcing your funds, One strategy is with many people who invest in properties early on and find it a right time to seek the benefits of selling the assets at this time, which could fund your current needs.
Is it worthwhile to invest on a college for that coveted degree?
You make it really sure whether your desire to study abroad is in terms of your career or just a desire to make it big and out. any degree is worthless if you find the opportunity another expenditure which may/may not propel your careeer. So the best advice at this point is to reason why and how could that particular degree escalate your career choices. Its a kind of investment you are making on yourself as a product over the long term results. So are you having a great USP in life ?
Now you are sure sit down with your parents and make the business plan ready about how you are going to make the leap useful. Talk to mentors and seek opinion of seniors over everything related to your choice from job prospects and income standards for the particular field in any country you are looking forward to apply.
Earn and Save for the best of times!
There are plenty of opportunities and even success stories I have come through about people working part time during their course and funding their living expenses. Its not a hard task to find a part-time job abroad within many countries, also there are companies which look to recruit young students from universities to aid their workforce. You can look to work full time during vacations. Keep focused with your studies as well, since the main reason to come abroad need not be secondary to your primary earning requirements.
Applying to Jobs
Start applying to jobs from day 1, you are in your desired country, you will never fail to find the best job by the end of the course. Socialise and network with people and try to understand the job market over the place. Find time to visit the job shops and career help centres of the universities since they provide great help in finding an option that suits your profile. But get into it right away.
What is the Final outcome?
From high school freshmen to grad school applicants and to worried parents, the experts all have one big piece of advice. Talk honestly about your finances—and do it early. Always consider, what would be it like for your dream to study abroad going to have an effect on the finances in the long run.