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In today’s scenario, everybody wants to have a foreign degree in their dossier but pursuing it was never so easy. Indian student’s desire of foreign degree is becoming tougher due to the downfall of rupee in international market as well as poor job conditions. Besides your academics, GRE/GMAT and IELTS/TOEFL scores, you also have to take care of your fund availability.
Funding becomes major issue for pursuing any foreign degree. If you don’t have ready fund flow, you will never be able to get enrolled as it is first and foremost requirement of all universities. Parents are always worried to represent their net worth for sponsoring their wards education and livelihood.
As they have to show their documents (i.e. bank guarantee letter) to visa officers in visa interviews. In such conditions, relatives abroad become ray of hope if they are willing to take the financial burdens partly. Visa officers have full right to check the documents which represent stability and net worth of such relatives as well.
So, before giving a thought for applying any foreign degree, consider some points in your mind which will help you in fetching the sources of funds otherwise your dreams can collapse. Here are few suggestions which may help you in getting ready for financial obligations:
Give a thought very early in career: You should start planning about the course one year in advance because it will take time for all the procedures to get into the University of your Own Choice. One is required to clear IELTS/TOEFL and GRE/GMAT. Afterward, they have to go through essay writing, SOP (Statement of Purpose), filling application and applying for scholarship. All these steps are time consuming and also required to make you arrange the funds.
Loan is a good option:
Educational loans are the best means of financial aid for sponsoring the overseas education. They will help in arrangement of funds as parents usually well aware about their financial condition. So, it’s better to approve your loan in advance. There are number of foreign and private banks that are providing loans for foreign education. Banks demands collateral for educational loans which may be insurance policies, FD’s, NSC’s or a house of same worth. They charge some simple or compound interest on the loan amount which should be paid during the education period otherwise it will be added to the principle loan amount. So, it is good if the interest amount should be paid during the tenure of education either by parents or their wards.
Also as per universities norm, one can choose two-three family sponsors. So, if you have any relative who can sponsor your fund, then it will help you in decreasing the loan burden. One can pay the dues according to his own convenience to their relative. But in case of Educational loan, you have to repay the whole amount within 5 to 7 years after completion of your course. Repayment of loan starts either from six month after getting a job or one year after course completion.
Conversation with Faculties:
Students who are pursuing higher education should get in conversation with the faculties of their respective subject. It will help in getting aids in foreign countries. As student will be in touch with their professor discussing their area of interest in academics helps them in fetching some financial aids. If a student of PhD, get in the network of his professor and their views are in sync then may be that professor help student in getting some research fellowship and also financial help. In this manner, pro active conversation always helps.
Look at the total money outflow in particular country: Students should always select a country which seems quite affordable. As, cost of living is higher in Canada & United Kingdom in comparison to United States of America due to the higher exchange rates, so such points must be kept in mind while deciding the admission.
Apart from searching job oriented course, one should also consider which country is offering job opportunities after the course. Like in US, the probability of H1B Visa is stronger if you possess a degree from there. Similarly, in Canada, immigration system offers opportunities for skilled workers. A comprehenssive planning in advance is most important thing while finalizing a foreign study.
Source: InvestmentYogi is one of the leading personal portals in India
