“It’s your place in the world; it’s your life. Go on and do all you can with it, and make it the life you want to live.” —Mae Jemison
Currently, Indian students are very keen to go to America to pursue higher education such as MS or MBA. The craze is high because America is a land of opportunities, especially for Indians. Indians are highly respected in America and other developed countries including the UK, Canada, Australia, and Germany for their hard work and adaptability. Indian CEOs such as Sathya Nadella of Microsoft, Sundar Pichai of Google, and Indra Nooyi of PepsiCo have become an inspiration for many Indians in India. The quality of education in America is good and is creative, fun, and employment-oriented. However, many students don't have the financial capacity to pursue higher education in America. This article addresses overseas education and educational loans, and the dos and don'ts involved in them.
Overseas education is very expensive for Indians. Many Indians dream of acquiring it but find several financial constraints to accomplish their dreams. The cost of overseas education includes university fees and living expenses. If they understand the right method of choosing their universities and banks, half of the battle is won.
Advantages of Overseas Education
Overseas education helps acquire updated knowledge. It helps interact with diversified students globally. It adds value to your knowledge base. When students from different cultures come to the classroom they think differently and ask different questions. It helps others think from multiple perspectives thus widening their mental horizons. Above all, it is conducive to research paving the way for earning a Ph.D.
Overseas education helps network with people thus enhancing career opportunities. In the present world, connections make a crucial role. When the connections are global, then the growth will be at the global level. If a raindrop falls into an ocean, it loses its significance. If the same raindrop falls into a shell, it becomes a pearl. That is the power of networking which is possible in overseas education where students’ interaction and exposure convert them into gems!
A Blueprint to Your Overseas Education
Educational loans are a boon for poor meritorious students. Several consultants arrange loans for your overseas education. Research to find out genuine overseas consultants. If you don't have any idea, network with your friends from your educational institution and get input from your seniors who have already gone abroad for education. Find out the genuine universities and apply. Assess your financial capacity. Check the income tax returns of your parents. Get the banking transaction statement from your banker. Apply for a loan based the on fees the college is asking. Find out the mode of payment and the installments to pay your fees.
Approach both private and public sector banks for a loan. They will guide you on how much they can fund and the margin money you must have. When you go to private banks, find out the rate of interest and hidden costs involved in it. Usually, the marketing executives from private banks don’t reveal everything to you. Hence, you must clarify your requirements to avoid hassles later. Here are some dos and don’ts to accomplish your dream to acquire overseas education.
Assume that you don’t get any part-time job during your study. If you get it, it is a bonus.
Read the brochure carefully before applying for an educational loan to avoid springing last-minute surprises by your ban. Hence, be sure to read the fine print and get clarity on the rate of interest.
Compare the rate of interest from different banks. Find out the hidden costs involved. Some banks present a rosy picture by promising the moon and finally you end up finally paying more interest. Hence, be careful with banks. Have your queries clarified by the bank representative. If required, talk to his/her immediate manager to find out the facts. It helps you avoid burning your fingers.
Ensure that you hit on the right bank with the right educational loan scheme to suit your needs.
Be careful with fluctuations in currency.
During the visa interview, express your sincere intentions to pursue quality education rather than to settle down there. You must convince them that you have the financial capacity to pay the fees and meet the living expenses during your stay for the course.
Take a loan with protections. Don't look only for the rate of interest but look for flexible repayment terms as well.
You must look for employability prospects for your course. You should pay EMI on time to avoid high penal interest.
Research shows that there has been a sharp rise in the number of loan defaults. Hence, avoid the myth of viewing educational loans as financial assistance which is not to be repaid. Work hard to complete your examinations on time to acquire your qualification. Don't let down your parents, banks, and nation.
Accomplish Your Dream to Acquire Overseas Education
You can easily achieve your dream of studying abroad even if you have limited funds. Govt of India encourages loans on education and housing provided you meet the requirements. Hence, you must plan; do research; get the details; shortlist the best university as per your financial capacity; ensure funding from your bank at a reasonable rate of interest; make room for contingencies; prepare yourself mentally; network with others; learn and work smart to acquire overseas education.
Don't assume that you get a part-time job immediately. Currently, the rules in the USA are getting stricter, and you must find out how many hours you can work part-time. The students who illegally work are sent back to their home countries. Hence, don’t involve in illegal activities that ruin your prospects to complete your course. Therefore, keep all risks in view and make your decisions wisely.
Most Indian parents want to give their best for their children. But due to financial constraints, they may not be in a position to accomplish their dream to pursue an overseas education. Hence, if your parents cannot afford it, don't pressurize them. Empathize with them. Look for alternative means to accomplish your dream to acquire overseas education.
Good luck!
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