The trend for higher education in universities abroad is on the rise. Students now have greater knowledge, greater access and options to pursue a career of their choice in countries like the USA. However, the fees for education in foreign universities are much higher and this reason makes many of the students rethink their decision about studying abroad.
Yes, financial aid is definitely available for all such students, but there needs to be greater awareness amongst them about the financial help they can avail. All you need to know about getting good financial assistance for your higher education.
Better chances of getting a loan:
Many of the leading financial institutions in India do grant education loans to students who wish to study abroad. The interest rates for these educational loans are usually around 11.25% & 13.5%.
If you can show a Bank how good (job worthy) your degree would be, you can get a loan more easily. Similarly it is important to select a good university which is well known to get a faster approval for your loan. Your academic track record is also taken into scrutiny while approving a loan. It's important to have all these aspects well covered to get a loan faster and easier.
Be fully equipped:
We all know that when applying for a loan, you require a lot of documents and certificates in place. Before you apply, make sure all your basic documents are ready and in place.
Now, before you apply for a loan, it is vital that your application for admission is approved by the University or college you wish to study in.
Make sure that you fulfill the criteria/grade limits that the bank may set for granting the loan.
Check to see what the maximum loan amount the bank will grant is and how well it covers your requirements. This amount differs with each bank/financial institution.
Along with your documents, make sure your collateral is ready.
After you acquire your degree, banks usually allow a one year relief for you to search for employment.
Financial assistance from the University:
In addition to an educational loan, you can also get financial help from the university. Several USA universities have special aid programs for international students to aid their university education. They are usually scholarships, or Research Assistance programs, Sponsored loans and so on. When you apply to a university, you should check what aid program they offer and whether you are eligible for the same.
Usually, universities take into consideration factors like: student's academic record, academic achievements and students potential in the chosen field of study, financial need, relevance of the proposed research projects, and finally, the availability of funds for graduate students.
You should make it a point to understand every minute aspect of receiving financial assistance very carefully. In the case of banks in India, make sure all your approved documents, certificates are in place and that you fulfill all the criteria set by the bank.
With respect to University aid, communicate with the University office and understand how it works. If you are eligible to receive the aid, make sure you understand completely the application process for the aid. There will be deadlines and conditions for sending your documents and other formalities, you should be aware of them well before time so that you have enough time to prepare.