3 BIG Reasons You Should Opt For An Overseas Education Loan

 

The last few years have seen a tremendous rise in the number of students opting for overseas education. Countries such as Australia, the UK, the USA, and Canada continue to rule the roost. There have been new entrants such as Ireland, the UAE, Singapore, and New Zealand in the field as well. These countries offer excellent educational amenities as well as a chance to settle abroad and live a high standard of life. If you have plans of pursuing further studies in these countries and more, you may want to consider taking an overseas education loan to help you with the finances. In this article, we take a look at the many advantages a student can benefit from by opting for an education loan.

 


1. Your family's savings are retained 

 

When a student goes to study abroad, it is often their family that has to bear the costs. Many parents save money since the student's younger years. However, there is no surety in such a case that the saved money would be sufficient to bear the costs of overseas education. This may even lead to the parents selling valuable assets to increase the amount. In the future, if any emergency occurs, the parents may not have a financial backup. Therefore, it is better to opt for an overseas education loan. The savings are retained and there is no need for the parents to sell their assets. 

 

2. You get a chance to be financially independent

 

When you apply for an education loan to study abroad, you are getting a chance to be financially independent and sponsor yourself. As the primary applicant, you are largely responsible for repaying the overseas education loan amount. This helps you develop competencies related to financial management and encourages you to become a financially responsible adult. This will not only be helpful when it comes to repaying the loan but will also be a useful skill for your career trajectory. What's more, you also get to brag about the 'self-made' tag! 

 

3. Multiple expenses are covered

 

A student wishing to study abroad must realize that it is not only the high academic fees of the educational institution that they have to pay for but also the multifarious costs that occur in shifting to a new place. If you are planning to study in Sydney, then you will have to pay also for the accommodation there‌. You will have to arrange money for the flight tickets as well. However, if you choose a good lender for the education loan for studying in Australia, then these expenses will very likely be covered as well.

 

If you are considering an overseas education loan, do ensure that the lender offers the following features: 

 

1. Quick loan sanction 

2. Easy and fast loan application process 

3. Student-friendly and approachable customer support and services 

4. Coverage for pre-admission expenses

5. 100% financing/ No requirement for margin money

 

Please note that the information presented here provides a general gist of the features and coverage of an overseas education loan. Do consult an expert before proceeding ahead with any financial decisions. Thank you for reading! 

 


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