Visa Crunch

Education Loan Is One Of The Best Ways To Finance Higher Studies Abroad

One of the most difficult responsibilities for students and their parents is planning for higher education.

Whilst students struggle to locate the proper course or university for them, parents battle to manage the cost of their children’s higher education. Unfortunately, things have only become worse for parents and students in the last two years, particularly for students who want to study abroad. Since it began in 2020, the ongoing pandemic has redefined and turned the world’s way of life upside down.

Lockdowns affected all sectors of society, including education. With the introduction of online learning, education became more challenging, as students and teachers struggled to adjust to digital learning in the early months of the pandemic. Planning for higher education overseas is a tremendous job in this highly uncertain environment, where new virus outbreaks periodically threaten the sluggish rebound to normalcy.

Visa

Obtaining a student visa is one of the most difficult aspects of travelling overseas for study. Despite the fact that the number of students travelling overseas for higher education has been increasing in recent years, just 2.6 lakh students were granted student visas to move to their selected country of education in 2020.

A recent survey found that 5.6 lakh students were awarded permits to travel abroad in 2019. Though the situation has improved dramatically in the last year, the uncertainty about new variants appearing continues to be a danger to countries offering study visas to students. Parents who intend to send their children overseas for great education should be prepared to face this obstacle.

Choosing The Right University

Another difficulty in deciding on the best institution or country to study in these circumstances is determining the cost of each university and whether its offerings are worth the expense. If parents have not made financial plans for their child’s higher education overseas, they will be unable to invest in this aim at this time.

When parents need money quickly to send their children overseas for education, applying for a loan may appear to be a more accessible choice. Nonetheless, especially in the new normal, parents should keep repayment and collateral in mind. The pandemic has put individuals to the test mentally, financially, and physically, with millions losing their jobs as a result of the lockdowns.

It has been considerably more difficult for those who have lost their jobs to find work and feed their families. At this point, taking out a loan should only be done after careful consideration. If it appears to be the only option, it is critical to understand that academic choices and the student’s academic record are important factors in a loan acceptance.

When compared to mediocre universities, admittance to a reputable university in India or abroad increases one’s chances of receiving a loan. This is due to the misconception that prestigious universities provide students with better work opportunities than others. It can be extremely useful for parents to be aware of government loan repayment subsidies. It is easy to forget that students must repay their loans with interest, which can be a major financial burden when the time comes.

Students will benefit greatly if they begin repaying their debts as soon as they complete their studies. It would also be prudent to seek the assistance of an education counsellor or advisor to help you manage the maze of options available in today’s modern world.

An education counsellor can assist a student in determining the finest opportunity for them as well as charting the best path to obtaining it. Furthermore, having a clear financial strategy for higher education is a critical and irreplaceable step.

Legal Disclaimer: This article is provided for information purposes only.

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