MYTHS about Abroad Education

– By Swati Hegde

When it comes to abroad education, a lot of misapprehension and uncertainty outflows in the nerves of an abroad aspirant. It would be filled with fraught when you pick the option of decamping the country. The compulsion to do the right thing and not to regret is extortionate.

A fact-finding report says that 85% of the parents prefer sending their children abroad for graduate studies. It is estimated that more than 1 million Indian students are studying in 85+ countries outside India and only lucky ones realize their dreams. So, you too shouldn’t let erroneous notions stand in the way of your dreams. Don’t believe everything you hear. Instead of listening to tittle-tattle, it is best to get appropriate information from an authentic source.

The expenses of studying abroad are classically higher than that of India but the cost will vary depending upon various factors like the university, location, duration of the program, and financial aids/scholarships.

For this reason, it is important to customize your budget before choosing a country and your dream course. Another way to gape at the finances is not from the expense point of view but from the long-term return on investment point of view.

  • Plan your finances well, and your student journey won’t be a cargo ride. Play cautious and avoid redundant expenses by being unadorned, and practical.
  • In addition, you can take up on-campus jobs, teaching assistance, research assistance, or other work to supplement your income so that you can cover your living expenses. 
  • For every summer one can opt an internship which can be later converted into a full-time job opportunity. In most cases, students manage to pay off their EMI or education loans in the first year of joining internships.

Most of the students won’t turn up for outstanding universities because of their lower grades in undergraduate studies. This is not Right! Trailing behind marks doesn’t always mean that you’ll land at the university of your dreams. Universities shortlist diversified student profiles who have contributed to sports, research, innovation, social service, etc. Be the one building up your skillsets and practically applying everything you learn and expanding your networking linkages.

It’s a fallacy to suppose that education loans involve collateral security. However, this does not always have to be the case. In any abroad student loan process, education loans are categorized into two different types based on the requirement of collateral and it is essential to have sufficient information on both types of abroad education loans.
  • Secured Education Loan: These are lent on the basis of collateral. The typical abroad student loan process for secured education loans requires students to pledge any of the three types of assets as collateral against their education loan. These loans are lent by all prominent government banks in India. One of the biggest benefits of secured education loans borrowed from government banks is the moratorium period which is a loan holiday granted to all candidates before the repayment period begins. This moratorium period buys enough time for other students to find employment and begin their education loan repayment
  • Unsecured Education Loan: This is basically an education loan without collateral. These loans do not require any form of collateral. They are mainly lent by private financial companies called NBFCs (Non-Banking Finance Companies) and a few other private banks. Government banks lend unsecured education loans of up to Rs.7.5 Lakhs too. Unlike government banks, NBFCs and private banks do not offer the benefits of a moratorium period to the loan applicants.

Staying away from family and friends can be tough in the inceptive days of staying abroad. With passing time, the students get engaged with college work and part-time jobs that they hardly have time to sit back and lament. Technology is so advanced that students can face time with his/her family anytime and also day-to-day activities are so frenetic that managing time plays an important role. There are several excursion sites and places to visit in the city during weekends and one can self-explore themselves.

We hope that this blog snapped the common myths about international student life. Never fall for lies. Do multiple research and findings of your dream universities and the industry opportunities after graduation. Understanding the various aspects associated with studying abroad is very important. For personal and customized guidance on taking admission to foreign universities, you may contact the experts of UNIABROAD!!

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