Loans for study abroad become very necessary when you have desire of studying abroad is one thing but what cost comes up with this desire needs the real dare to face. Studying abroad is a life-changing experience for a student. When we go abroad, we explore the world and discover new cultures. People from different cultures and sects will fascinate you. People from different backgrounds and different nations will share their experiences with each other. Your interpersonal skills will groom by interacting with intellectual people. You will have opportunity to work with people of different castes.
You will gain global competency by working with people from all over the world in an international workplace. Studying abroad will also broaden the horizon of your resume which will lend a hand in accomplishing good job. By visiting a foreign country, you will see this world with a new perspective and it will boost your confidence level. But everything comes with a price even if we want to turn our dreams into reality.
Cost Of Studying Overseas
Studying abroad is very expensive. if your want to study in Canada or USA or Study in Malaysia, Austria or study in cyprus then you have to pay tuition fee. The tuition fees of high prestigious universities are notably high. To afford such huge amount of money is not in everyone’s power. To make it affordable, different kinds of scholarships or loans are offered by the universities and federal government for international students. There are two possible ways for international students through which they will be able to get financial help during their study tenure.
- They can go for scholarship
- They can also seek to apply for financial loan.
Always remember you do not have to decline the option of financial aid if you already got scholarships. Scholarships do not always cover your whole tuition fees, you also have to mull for financial loan without any hesitation. First of all see yourself where you stand. Your previous academic performance will help you in getting admission abroad based on scholarship. Maybe it will not be full-funded but it will assist you to some extent. In some European countries like Germany, Denmark, France and Italy there is no tuition fees for international students but the living costs in these states are very high.
Study Abroad Loan for International Students
Students of BISE Lahore and other boards are looking for educational loans are the funds which you have to return to the focal domain with rate of interest. It can be taken from bank whether private or government of that country where you are getting education. The amount of loan you are getting, varies with bank to bank and with your program. The best time to consider for applying loan is when you get your admission letter from foreign university. There are many types of study abroad loans available to assist international students in their education abroad.
Types of Loans for study abroad
Loans are available in enormous kinds.I can’t put them all in a single bottle so here I will discuss about the most common types of loans.
In this type of loan, an amount of money is given to students by federal government or bankto assist them in their academic, living, books and other expenses. Each loan institute give financial aid to their students with respect to enrolled program. In Europe, commonly known loan project for Masters Levelis Erasmus-Mundus which through European Commission offers bank financial aid up to 12,000 EURO for 1-year discipline and 18,000 EURO for two-year discipline. In U.S, federal student loan is given to undergraduate and graduate students between the capacity of $5000 to $25,000. The first step to get loan is through your university’s financial aid office or you can complete free application form by visiting their website for FAFSA. This loan is further categorized into two genres:
- Direct Subsidized Loan:
In this loan, federal government will pay the amount of interest for half-time of your program duration. Graduate students can’t qualify for this loan. Aggregate loan of total $23,000 is allotted to the concerned students. Those who cannot exhibit financial aid need are not able to get this loan. This is much appreciated option than the latter one.
- Direct Un-Subsidized Loan for loans for study abroad:
Both undergraduate and graduate students are eligible for this loan. Amount of loan given yearly is high in unsubsidized loan. Aggregate loan of total $31,000 is given to the borrower throughout his academic career. Borrows are accountable to pay the debt in full including interest rate which will start right after 6 months of leaving college.
According to U.S report, the interest rate first disbursed before July 1, 2016 for direct subsidized professionals is 6.8% and for direct unsubsidized undergraduates is 4.6%.
loans for study abroad has another category which is called Private loans is an other type loans for study abroad are actually the loan which is provided by banks, lenders or some other financial cooperation unions rather than by federal government. Be aware of scams in this regard. If you are going for private loan first of all seek help from your university’s financial aid office they will suggest you authentic place of your need. A cosigner is also needed for this purpose because if you become unable to pay the debt, the cosigner will do. In my opinion this loan is recommended only if you are unable to get federal loan. Because federal loan come up with many benefits and less interest rate for the borrower. Some private loan organization provide flexible repayment and low interest rate. Here I am quoting examples of lenders who have good repute throughout the world:
- Citizens Bank
- Wells Fargo
- Common Bond
Click here to start getting private loans.
Tips to Get Scholarship
Try to be more competitive than others because this will increase your chances of getting loan.
After you arrival in the foreign country, you should apply for student credit card. This will also assist you in being accepted for loan.
Your program matters a lot when it comes to financial aid. Research about your program, it will aid you in many ways to get closer to the financial aid requirements
Always stay intact with your university’s financial aid office. They will counsel you about the right and well-suited option.
Some Resourceful Links
- For US study funding click here
- International Student Loan
- International Education Financial Aid
- International Student Loans