In recent years, there has been an unprecedented surge in the number of Indian students moving overseas to pursue their higher studies at international universities. According to a report published by India Today, the number of students moving overseas is expected to reach an approximate number of 1.8 million by 2024.
Studying abroad surely brings immense opportunities, but it also brings a huge amount of investment. To cover the same, students are always on the lookout for smarter ways to fund their higher education. Scholarships, one-time awards, fellowships, and education loans are a great ways to reduce the overall expenses on international education. In this blog, we are going to discuss about the four ways through which a student can fund a foreign degree.
Foreign universities offer student prizes to the international awards on the basis of their academics or on meeting certain criteria. These are one-time awards offered to international students for their academic achievements. The prizes are awarded for showcasing outstanding work submitted for dissertation, research work, or on the results of coursework and public examinations. Along with the student prize a student is also awarded the title of ‘Scholar’ for that year.
Multinational companies like Reliance, TATA provide fellowships to Indian students in order to support their education overseas. The fellowships are offered to a limited number of students. So, if a student holds a strong academic profile with active involvement in extracurricular activities and a few years of professional experience in the relevant field, he/she must apply for the fellowship before the deadline passes. As it is awarded to a very limited number of students, they must remember to submit the application at the earliest possible.
Another way to fund a foreign degree is by taking an overseas education loan. All the major financial institutions including private banks, government banks, NBFCs, and international lenders offer two kinds of education loans in India for study abroad namely, a Secured Education Loan and an Unsecured Education Loan. It also has multiple benefits attached to it like tax benefits etc.
So, these are some of the ways for funding an overseas education degree. Students can choose to apply for any of those as per their eligibility, preference, and requirements.
While applying for the scholarships and fellowships, students must ensure that they have submitted all the required documents as asked otherwise a lot of times students miss out on a great scholarship because of an incomplete application.
Students willing to apply for overseas education loans are recommended to get in touch with us as our expert team of loan advisors and loan counselors are here to assist them at every step. Right from choosing a suitable financial institution to sanctioning and the disbursement of the education loan, we provide assistance at every stage. Book a free counseling session with us today!