3 questions to ask educational loans for studying abroad in Australia

 

Do you need funds to finance your plans to study in Australia?

If yes, then you should consider taking a student loan. Australia is known for having some of the finest universities that employ some of the smartest minds in the world. Doesn’t Australia sound like an awesome place to pursue higher studies? If you are planning to go to Australia for your higher studies, you need to plan your student loan well. To help you out, we have come up with 3 questions that you should ask yourself when you take an education loan to study abroad in Australia.

1.     What kind of education costs do I want my education loan to cover?

Many students do not have enough money to cover the costs of their higher education in Australia. Even if you have saved a significant amount of money for your higher education in Australia, you should understand that you may still have to rely on educational loans for studying abroad to finance your education there as you should not deplete your savings.

Before you take an education loan, you should calculate the costs of your education in Australia. You should learn about the tuition fees of your choice of course in Australia and the potential cost of staying there throughout your course. Do not forget to calculate the money you need to pay library fees, competitive exam fees, and buy books, stationery and a laptop for your course studies.

Then, ask yourself how much money do you need to cover those costs and accordingly proceed.




2.     How long do I want my repayment tenure to be?

Before you take an education loan to study in Australia, you should calculate how long will you take to pay back the whole amount with interest?

The faster you repay, the better things will be for you as you will save a significant sum of money from ending up in the lender’s pocket as your loan’s accrued interest. You should talk with your lender and set a repayment tenure such that you do not find repayment cumbersome or difficult when you start paying your loan EMIs.

 



3.     Should I opt for a regular EMI payment facility or an income-based repayment facility?

Lenders offer students a few ways for repaying education loans. Either, students have to pay their lenders a small, fixed sum of money—Equated Monthly Instalment or EMI—every month, or pay EMI whose value increases as students gather momentum in their professional career. Ask your lender if they provide the second facility as well. The second way of repayment—also called as income-based repayment facility—sets a small EMI value for students who start working at their first job, and as they start getting paid handsomely with increasing professional experience, the lender increases the EMI value. It helps students repay their loans faster than they would before.

 

Now you know the 3 questions you should ask yourself when you take an education loan to study in Australia. Have a nice day!

 

Comments

Post a Comment

Popular posts from this blog

MBA specializations that you can do in India with the help of study loans

Image
  For the last 15-20 years, the number of students who are opting for an MBA after their graduation has increased rapidly. Reasons behind this sudden increase include demand for candidates with a specialization, lack of job opportunities for basic degree holders, and to increase one’s market value. This has caused students from all the streams to go for an MBA that would give some weightage to their profile. However, unlike earlier times when only a plain MBA degree used to be offered, there are different specializations in MBA that are being offered by B-schools to their students based on their field and requirement. We have listed below a few types of MBA specializations that you could apply for with the help of study loans : 1.       MBA in Digital Marketing One of the most sought after specializations, an MBA in digital marketing is offered by all of the B-schools in India. Digital marketing has made it easier for brands to connect with potential customers using the internet.
Read more

Here’s all that you need to know about the parental involvement in CBSE schools in Gurgaon

Image
  Gurgaon is known to have the best ranked CBSE schools in the country, with experienced faculty members who are also known to provide quality learning methods that result in upgrading the education level.     The one aspect that makes all the CBSE schools in Gurgaon unique is their constant efforts of encouraging parental involvement. Wondering what is parental involvement in schools? Don’t worry, this article will provide you with all the information regarding parental involvement. Read on to find out how.                                                                                                            What is parental involvement all about in school? It means that parents wholeheartedly contribute to the education process of their child. Parents contribute by volunteering in classrooms and helping with organizing functions. Schools that give utmost importance to parental involvement believe that it leaves a positive impact on the academic and overall achievement le
Read more

4 questions to ask yourself before taking an education loan for studying abroad

Image
  Education loans have helped millions of middle-class students to pursue their higher studies in prestigious universities around the world. It is a boon for the ones who can study further in their fields but do not have funds to pay their higher education expenses. In recent times, education loans for studying abroad have become more accessible, which have resulted in students actively applying for such loans. In this article, we will tell you about 4 questions that you should ask yourself before getting an education loan for studying abroad , and thus, be a responsible borrower.       Do I satisfy the eligibility criteria, and do I have documents to prove it? This is the first question you should tackle. If you don’t stand eligible for an education loan for studying abroad, the other questions turn invalid. So, know the education loan eligibility criteria of the lenders. See if you fulfil those eligibility criteria. And gather proofs or documents that prove your eli
Read more