Do you also imagine walking on the campus shown in teen dramas like ‘Dead Poet Society’ or ‘Never Have I Ever’? Or do you dream of getting a lesson in a vast laboratory from an experienced professor like in those movies? This dream is enticing and full of opportunities and growth. But let’s come into the real world and confront the challenges. The main reason students stop pursuing overseas education is the lack of finances.

Here are a few ways to ease your journey in this tempting dream. It will help you to manage your finances for your education.

Plan the Loan Amount

Selecting the study destination is a vital step before you plan your finances. If you feel you are short on budget or will burn a hole in your parent’s pocket, plan your loan amount wisely. Being the founder of India’s one of the best study abroad consultancies, I have seen people stepping back before reaching the milestone just because of a few pennies.

Thus, create a budget amount by conducting thorough research. Consider every factor like course, accommodation, daily meals, transportation, stationery and, of course, the duration of the course. Planning a budget wisely will help you a lot in future during the repayment time.

Also Read: Retirement Planning: Why managing your retirement savings is important

Take Education Loan

Since you have planned each penny to be spent in a foreign land, it is time to find a genuine money lender now whose interest rate and repayment terms are favourable. If you have planned your budget and can not find an authority to finance your study, you can take advice from experts.

Also, you can opt for interest-free borrowing by raising funds. Nowadays, raising funds through platforms like Milaap and Ketto is easier. Your loan amount will decrease if you look for alternate options like this.

Seek Scholarships/ Sponsorship

Every university and government provide scholarships to aspiring study-abroad students. Conduct in-depth research to know the choices that align with your financial planning. 

Also, various kinds of sponsorships are available where the desired organization funds your studies, and in exchange, you work for them for a certain period.

Keep an Eye on the Currency Exchange Rate

A significant factor affecting overseas education is the fluctuating exchange rate. Every student takes a loan in Indian rupees and must spend it in dollars or pounds. The increased exchange rate leaves students in despair.

Thus, keeping an eye on currency rates can be a boon and, of course, a smart move. The chances of saving money are higher, which will help you in early repayment of the loan that was granted.

Use Student Card

Almost every study destination has special discounts for students, from transport to restaurants. The discount amount is insignificant but will help you in the long run. Suppose there is a discount of 10 cents every time you use public transport. Even if you use it twice a day, you will save 20 cents daily. In 5 days, it will be 1 dollar. It will be equal to 82 rupees as per the current exchange rate.

This was just the example with the least amount and one service. You can add up these amounts to bear the expenses of things you did not plan to buy, like electronic gadgets or a driver’s license. All the discounted amounts in a day will be added, which becomes considerable by the month’s end.

Plan the Repayment

Taking the loan and using it is not the only responsibility you have. Repayment on time is also your duty. Also, you must create a realistic plan to avoid any mental pressure. A timely payment will help you move forward quickly. The earlier the repayment, the earlier the future planning will be.

Moreover, one can search for loan repayment options like income-driven or loan forgiveness schemes. Planning the repayment will help a lot in future endeavours.

Summing Up

Students who dream of overseas education can benefit if they plan well and follow the financial guide. However, if they need any help, they can always reach out to experts for aid to finance their dream of studying abroad wisely.

(By Mamta Shekhawat, Founder of Gradding.com. Views are personal)