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Funding an abroad education program is not a cheap process. A lot of students stop themselves from even dreaming of going for an abroad education program due to funding issues. This article explores the pros and cons of the three major ways of funding an abroad education program. Before diving into details, Here's a quick revision of the three funding options available in India. We begin by describing the most common method adopted by students, which is "International education Scholarships".
Scholarships in colleges abroad work differently as compared to scholarships in your home country. While looking for scholarships, look out for the following essential points.
What if a student is not eligible for a scholarship? Do they self-finance or do they borrow an education loan? There are many students who cannot afford an abroad education program without a scholarship. In such a case where they are not accepted, education loans are the next viable option for such students.
Read More about Best Study Abroad Scholarships For Indian Students
Most students generally go for education loans in India. Some do so even though they have the means to fund their higher education abroad, just to avail the benefits of an abroad education loan. Here's how education loans work in India. Education loans are mainly divided into two different categories.
Self-funding an abroad education is a very good method of avoiding debts as a student. The decision to self-fund your education is a sure-shot way to spend your course in a peaceful,debt-free manner. Let's take a look at how you can successfully fund your way through college.
Self-funding is an amazing way to finish your course with no financial baggage. However, going bankrupt in order to fund your way through an abroad education course is not advised. There are numerous reasons why an education loan is a clear winner when you compare them both.
Despite a myriad of scholarships being offered by a lot of universities abroad, a lot of students who wish to pursue an abroad education course, don’t qualify for them. Such students are left with only two choices, self-funding their higher studies or borrowing an education loan. Every decision regarding the funding of a student’s abroad education needs to be taken carefully. While those who come from financially stronger backgrounds can still consider self-funding, most students are only left with one option-abroad education loans.
Here are a few points on the basis of which one can compare education loans with self-funding. Although self-funding is an excellent option to have an abroad education without any financial baggage, it is not the recommended method of funding your abroad education. Here’s why.
The education loan policies of government banks have proved to be extremely reliable, time and again. Apart from providing time to students to arrange for their education loan repayment amount, they also support numerous subsidy schemes, which helps you save a significant amount of money.
Financing is a major deciding factor while planning your studies, especially when you decide to study abroad. Not everyone is capable of funding themselves while studying abroad, and not many students are lucky enough to win scholarships that help them navigate their way through a good course. A lot of students have the wrong notion of not borrowing an education loan to avoid debts. Government banks are reliable as they deal with education loans in a very transparent manner. Also, the numerous revisions in education loan policies made by them now ensure that a student goes through his abroad education course without any financial obstacles. This is why borrowing an education loan is your best bet towards achieving your academic goals.
How do I know if I'm eligible for a scholarship to study abroad?
To know if you are eligible for a scholarship to study abroad, you should check the eligibility criteria of the scholarship you are interested in. Most scholarships are awarded based on academic merit, financial need, or other criteria such as community service, leadership, or research potential. Check the requirements carefully to ensure that you meet them before applying.
How much does it cost to study abroad, and how can I find out?
The cost of studying abroad can vary depending on the country and university you choose, as well as the duration and level of the course. You can find out the cost by checking the university's website, contacting the admissions office, or checking with the embassy or consulate of the country you are interested in.
Is it better to take an education loan or self-fund my education abroad?
Taking an education loan can be a better option for financing education abroad, as it allows students to focus on their studies rather than worrying about financial obligations. Education loans also offer more flexible repayment options and can help build credit. Self-funding can be expensive and may limit a student's ability to participate fully in student life. Additionally, education loans may provide access to higher amounts of funds than self-funding options.
What factors should I consider when deciding between a scholarship or Education Loan ?
While scholarships can provide financial aid for studying abroad, they may not cover all expenses, and eligibility requirements can be highly competitive. In contrast, education loans offer a more reliable source of funding with flexible repayment options, allowing students to focus on their studies. Loans also offer access to higher amounts of funds and can help build credit. Ultimately, the choice between a scholarship or an education loan will depend on individual circumstances and financial needs.
Can I apply for more than one scholarship at a time?
Yes, you can apply for more than one scholarship at a time. In fact, it's a good idea to apply for as many scholarships as you are eligible to increase your chances of receiving one. Just make sure that you can meet the requirements of each scholarship you apply for and that you have enough time to complete all the applications. But as a backup plan keep your funds ready. You can take Education Loan because your visa approval chances increase if you take Education Loan as it is a verified source of funds.
The state's decision to boost foreign education scholarships for OBC students from 10 to 50 per year initially generated optimism. However, now, nearly a month into their overseas courses, these students are in financial limbo. They were assured reimbursement for expenses, but the funds haven't materialized.
An anonymous student told The Indian Express, "We were told that scholarships would cover tuition directly and reimburse travel, accommodation, and food. I started in early October, and the funds are nowhere in sight."
In a letter to Chief Minister Eknath Shinde, a student stressed their reliance on this scholarship in a foreign land. Their personal funds are running low, and they need clarity on the reimbursement.
Kuldeep Ambekar, an advocate from Student Helping Hands, urged the state government to act swiftly. He highlighted procedural delays causing distress despite the government's commitment to increase scholarships.
Praveen Deore, Director of Other Backward Bahujan Welfare Department in Pune, mentioned that funds should reach students by November's end. He explained the need for students to initially cover costs due to admission prerequisites. Students eagerly await the financial support promised to fulfill their foreign education dreams.
Last Updated - 06/11/2023