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Busting Myths about Overseas Education Loans & Scholarships

Studying abroad is a dream cherished by many aspiring students and their families. Pursuing education abroad opens up a world of opportunities, offering exposure to advanced educational systems, enhanced career prospects, and new cultures. However, one major concern that often hinders the fulfillment of this dream is the financing aspect. To address this concern, various financing options such as education loans and scholarships are available to support students in their pursuit of overseas education.

In this article, we aim to debunk eight common myths surrounding overseas education loans and scholarships, providing valuable insights for study abroad aspirants and their parents.

8 Popular Myths about Overseas Education Loans & Scholarships Busted  

  • Myth 1 - Self-financing is a better option than taking an education loan.

    It is a widely held belief that self-financing is the best route to fund your international education. While it may seem appealing to avoid debt, relying solely on personal funds might limit your financial flexibility. Education loans can provide you with the necessary financial support without burdening your family's resources. These loans come with manageable repayment options and allow you to focus on your studies without constant financial stress.

  • Myth 2 – Education loans won’t cover living expenses.

    Contrary to popular belief, education loans can cover more than just tuition fees. Most reputable lenders offer loans that encompass not only tuition fees but also accommodation expenses, travel costs, and even additional living expenses. It is important to carefully review the terms and conditions of different loan options to find one that suits your specific needs.

  • Myth 3 – Interest rates for education loans keep changing.

    The education loan interest rate for abroad study is often subject to fixed or variable rates, depending on the lender and loan type. While it is true that interest rates can fluctuate, many lenders offer fixed interest rate options that provide stability and predictability for the duration of the loan. It is essential to conduct thorough research, compare interest rates from various lenders, and consult with financial advisors or education loan advisors like ÉLAN to choose the most suitable loan option.

  • Myth 4 – It takes an entire life to repay overseas education loans.

    The idea of being burdened by a student loan for an entire lifetime can be overwhelming. However, the reality is quite different. Most education loans come with reasonable repayment terms that consider the borrower's income, allowing for manageable monthly payments over a specified period. Additionally, loan forgiveness programs and flexible repayment plans are often available to alleviate the financial burden even further.

  • Myth 5 – I won’t be able to take an education loan if I apply for a scholarship and vice-versa.

    Many students believe that applying for a scholarship would hinder their chances of obtaining an education loan or vice-versa. However, these two financing options are not mutually exclusive. In fact, they can complement each other. Scholarships can significantly reduce the financial burden, and education loans can cover the remaining expenses. It is important to explore both avenues and consult with ÉLAN’s education loan advisors to create a comprehensive financing plan.

  • Myth 6 – I won’t be eligible for the scholarship.

    Scholarships are often viewed as opportunities exclusively for top-performing students. While academic excellence is certainly a criterion for some scholarships, there are numerous other scholarships to study abroad for Indian students based on various factors such as extracurricular activities, leadership skills, community involvement, and even specific fields of study. Researching different scholarship programs and their eligibility criteria can help you find options that align with your strengths and interests.

  • Myth 7 – Getting a scholarship is a tedious process.

    Securing a scholarship can indeed be a competitive process, but it is by no means an impossible task. While it requires effort and dedication, the potential rewards are well worth it. Many universities, government bodies, and private organizations offer scholarships and have streamlined application processes. By staying organized, preparing compelling applications, and seeking guidance from mentors or advisors, you can pass through the scholarship application process successfully.

  • Myth 8 - Only economically backward students qualify for scholarships.

    Contrary to popular belief, scholarships are not limited to economically disadvantaged students. While financial need is a criterion for certain scholarships like government scholarships, many programs are also merit-based or aimed at supporting students with specific talents or ambitions. Scholarships exist to recognize and reward exceptional qualities, academic achievements, and potential. Therefore, it is crucial to explore a wide range of scholarship opportunities that cater to various criteria.

When it comes to financing your overseas education, it is essential to separate fact from fiction. The myths surrounding education loans and scholarships often deter students from exploring these viable options. By dispelling these misconceptions, we hope to empower study abroad aspirants and their parents to make informed decisions.

Remember, self-financing is not the only option, and education loans can cover more than just tuition fees. Interest rates can be managed, and repayment plans are designed to be reasonable. Education loans and scholarships can coexist, and scholarships are not exclusive to economically disadvantaged students. By staying informed, seeking expert guidance, and exploring all available opportunities, you can embark on your international educational journey with confidence.

Don't let these myths hold you back. Pursue your dreams, and let financial support be a stepping stone towards a brighter future.

For more such information pertaining to overseas education loans and scholarships, you can reach out to the experts at ÉLAN Overseas Education Loans. We provide comprehensive solutions for all kinds of profiles and loan types. So, if you want to take an education loan in India for study abroad , team ÉLAN is at your service. In addition to this, we also provide guidance for various scholarships and assist you with our expertise to enhance your chances of getting a scholarship.

Contact team ÉLAN for assistance!

FAQs:

  • Do education loans cover living expenses?

    Yes, in most cases education loans do cover living expenses as well as other related study expenses along with the tuition fees.

  • Are the interest rates for education loans fluctuating?

    Interest rates for education loans can be fixed or variable rates. However, this factor also depends on the lender and the type of loan.

  • Is it possible to repay the entire education loan amount within the loan tenure?

    Yes, it is definitely possible to repay the entire education loan amount within the loan tenure. Most education loans come with reasonable repayment terms that consider the borrower's income, allowing for manageable monthly payments over the loan tenure period.

  • Can I apply for a scholarship as well as an education loan?

    Yes you can apply for both.

  • Are scholarships only for economically backward students?

    No, apart from need-based scholarships there are numerous types of scholarships for students. Some of these scholarships include academic scholarships, sports scholarships, university-specific scholarships, private scholarships, etc.

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