Foreign studies are becoming increasing popular among Indian students. Parents also lay a lot of emphasis on sending their children to reputed institutions outside country for potentially higher career opportunities. The fact that you have an international exposure often works in your favour. However, studying abroad has a high cost attached. And often, fulfilling the requirement just by using your savings may not be possible. Having said that, overseas education costs, which are much higher than those of domestic institutions, should not be a hindrance for aspirants. There are several ways by which one can fund education in foreign institutions.

There are three major costs which determine your overall education costs abroad: namely – tuition fees, accommodation and day-to-day living expenses. Following are the ways you can use to arrange funds for overseas studies.

Savings for Higher Studies

Since children’s higher education is one of the top priorities, there is a likelihood that your parents might have sidelined some funds in the form of savings or investments to cater to this need. Sit and talk to your parents, explain your education plans and take a stock of funds which are readily available for utilisation. If parents had done a systematic investment for a long term, the corpus will be sizable and can be a dominant portion in your overall needs.

Adhil Shetty, CEO, Bankbazaar.com, says, “If you’re planning to send your child abroad for education, it’s important to plan their finances carefully. Start by creating a budget that takes into account tuition fees, living expenses, travel costs, and any unforeseen expenses. It’s a good idea to start saving early and look for opportunities for scholarships, grants, and financial aid. To optimize currency conversions, research and compare exchange rates. Parents should also consider long-term financial planning, including investments and savings specifically tailored for education expenses. By planning effectively, you can ensure that you won’t have to struggle to arrange funds for your child’s education.”

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Interest-free Borrowing

Though not possible all the time, you should at least give it a try. You may contact close acquaintances of yours for the same and see if some funds could be raised. Even if smaller in size, the funds thus organised can be helpful.

Using Your Own Funds

This option is suitable for working professionals who aspire to add excellence in their knowledge in a particular sector or industry by studying abroad. Such individuals may consider their investments — SIP, bank deposits or shares — as a contribution to the overall required budget.

Seek Grants and Scholarships

There are several scholarships offered by foreign institutions, domestic trusts and organisations to the students who wish to have higher education in foreign countries. However, such provisions and availability of scholarships are need-based and merit-based. It’s advisable that every aspirant must do a good amount of in-depth research for availing scholarships. Ideally, one should start hunting for scholarships and various other programs which facilitate funding foreign education a year before the actual date of admission.

Apply For Education Loan

Though education loans are available for higher studies for domestic as well as foreign institutions, it is wise not to make it the first option and exhaust the limit. Once you are done with the above-mentioned ways to raise funds, take a review of the required balance still needed. For instance, if your total requirement was, say, Rs 50 lakh and you managed to arrange, say, Rs 20 lakh, you need Rs 30 lakh more. This is the sum you can seek from a lender as the last resort. The more the corpus arrangement, the better for you as the loan amount decreases and so does your repayment liability.

In conclusion, the ease of funding can help you achieve your education goals. What all you need is adequate planning, a thorough research on institutions and most importantly, your own sincerity. Advance planning for education funds can help in a big way to secure sufficient money when needed. You must also study hard to score higher so that you could make your admission secure and seek scholarships wherever possible.