They say Education is life, it is learning what you didn’t even know you didn’t know. For most parents, education is the most expensive investment, something that they expect will come back when their kids start earning. London, for example, is foreign education paradise and the most expensive place for students unless you manage a scholarship or you work particular hours a week and manage the day to day expenses. London was also my sister’s dream; she managed to get admission in one of the best universities. Parents were proud but also scared, scared that their daughter was travelling alone, to a new country, scared that will they manage the expenses?
Foreign education is worth the investment when you choose the right university, get the right part time job and do not have to pay exorbitant fees; of course, this combination is rarely found. The selection of right course and the right college is very important, as only the quality of education will decide the kind of jobs a student can fetch in future.
The advantages of foreign education are:
- My sister developed a strong network with fellow students. The network reaps benefits even today.
- Her foreign degree gave her exposure to international business scenarios and thus helped her secure a job in one of the premium banks in New Zealand immediately after her graduation.
- Her dream of settling in a new country almost came true with new avenues not only in India but different parts of the world.
My parents didn’t have to save all the money; they had the option to take education loan. Education loan is a financial aid given to students for meeting the expenses of higher education in India or abroad. The word higher education here means any course pursued after passing the senior secondary examination from a recognised board or university.
Few key Points to remember before applying for an education loan:
- The annual gross income from all sources should be greater than 4.5 lakh.
- There is an interest subsidy scheme that is introduced by the Department of Education, Ministry of Human Resource Development, Govt. of India.
- Original income certificate.
- Original letter of admission issued by the institute.
- Franking charges/ Stamp duty.
- Any other subsidy details required.
It is important to remember these tips when one is looking to study abroad:
- Banks only lend a limited amount.
- It is advisable not to over-borrow, try to look for financial aid in the college.
- There are few charges attached to the loan, prepayment penalties, guarantee charges, and processing charges that will add up to the total cost.
- Always choose colleges that make the loan procedure easier.
All in all, foreign education is good and has its own advantages. Choosing the right college and the right country is all it needs to get there.