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4 Ways To Fund Your Abroad Study in 2019

India’s education sector is globally acclaimed and hosts one of the largest networks of institutions for higher education. While this sector is estimated to have a market size of approximately US$ 101.1 billion in 2019, the government also aims to boost higher education abroad for eligible candidates.

Subsequently, the estimated gross enrolment ratio of higher studies abroad is expected to rise by 30% in 2020 from 25.8% during FY 2017-18. Considering the increased amount of investment to this sector, this industry is sure to get a boost in the upcoming years. The different investment avenues implied are:

  • Foreign Direct Investment – US$ 2.47 billion in March 2019

  • 18 acquisition and merger deals – US$ 49 million in 2017

  • Funding from 3500 start-ups across the nation, etc.

However, the raised cost of education to pursue studies abroad is often a concern for aspirants. In an attempt to meet this widening financial gap, multiple endeavours in the form of loans are being offered by lenders. Its ease of availability meets the concern of potential borrowers about how to get a student loan and helps them arrange for adequate funds to finance the same.

While such secured loans in the form of loan against property offer applicants with a financial respite, one can also opt for multiple such other funding options that would help meet the significant costing involved in studying abroad. Such costs include –

  • College fees,

  • Tuition charges,

  • Accommodation cost,

  • Hostel fees,

  • Travelling expenses, etc.

Considering that meeting such expenses involve straining one’s lifetime savings, opting for the available list of funding options is inevitable.

Funding Options to Finance Higher Studies Abroad

The steep increase in the number of Indian students opting to pursue their higher studies in the US, the UK, Singapore, Australia and Canada can be attributed to the –

  • Comparatively better job prospects,

  • Qualified faculty,

  • The relative ease of admission,

  • Multi-cultural atmosphere, etc.

Taking into consideration such benefits, applying for the best colleges in world is the preferred go-to option for many aspirants. Enrolling for such courses can be quite expensive and availing external financial aids are probably the best choice to make.

  1. Go for Merit-based International Scholarships and Grants

Aspirants need first to check out the various scholarship programs and grants available as per their eligibility criteria, which comprises–

  • Academics,

  • Career aspirations,

  • Talents,

  • Achievements,

  • Hobbies,

  • Affiliations with multiple groups, etc.

Such scholarships and grants are offered by various professional organisations, universities, government, local businesses, etc. However, a careful survey and comparison amongst the numerous financial awards available help candidates avail the best suited option.

  1. Avail high-value Advances from Reputed Lenders

Considering that admission to the best colleges in world involves a substantial expenditures, availing a loan may be fruitful. However, an education loan may not help you cover all the allied expenses while you pursue your higher studies abroad. Approaching reputed NBFCs like Bajaj Finserv may let you apply for a Loan Against Property for Education which can help you with the necessary financing.

Also, borrowers can enjoy the features of pre-approved offers that ease the process while you apply for an education loan on property. You can take a look at your pre-approved offers that are available on numerous financial products – secured advances like home loans, unsecured credits like personal loans, business loans, etc.

  1. Opt for Crowdsourcing

Taking into account the ever-increasing cost of education across the globe, applicants can also opt for crowdsourcing options. It involves availing funds from a group of people via an online setting. The lenders in question maybe friends and family, or organisations that indulge in this form of lending.

  1. Approach Bursary to Finance Abroad Studies

This type of financial assistance involves a university offering considerable funding on a sliding scale that is inversely proportional to the financial capacity of the potential borrower. Availing such loans require student borrowers to approach the Bursary office at their university and apply for the same.

The ease of accessibility to significant funds via student advances that meet potential borrower’s questions about how to get a student loan makes it the best option. All that one needs to do is mortgage an eligible property and gain access to substantial funding with zero end-use restriction. You can qualify for a loan against property by meeting simple eligibility criteria and utilise the funds to meet the diverse expenses involved in pursuing higher education.

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