Study Abroad: From Scholarships to Job Options, Things to Know While Planning for Higher Education

Students from all over the world have a strong desire to study abroad. Nowadays, they are better equipped to deal with the realities of the real world, they are more prepared to enter global businesses and have a deeper grasp of the environment. International universities have elevated practice-based learning to the forefront. 
 
Every year, up to 8 lakh Indian students pursue higher education overseas and spend roughly $28 billion or about 1% of the GDP of the nation. While academic preparation is required for the desire to study abroad, it is also crucial to set up the money in advance to avoid any last-minute issues.
 

Here are top 7 things that you need to keep an eye on before your dream to study abroad turns into reality.

  1. Select the ideal location for your studies:

The first step when you’re planning to study abroad is to choose the country where you want to enrol. Investigate each study destination to learn about its benefits and drawbacks. Make sure to account for the healthcare infrastructure and cost of living in the nation of your choice. The stay-back period provided by the various study destinations is a crucial factor to take into account.

  1. Choose the institution:

It can be challenging to choose your educational provider. Before you decide on a certain university or institution, take into account the course modules, scholarship opportunities, location it is based, international rankings, professors, and infrastructure. The university in question should also be investigated for its student support services, as these aids international students in adjusting to their new environment.

  1. Analyzing the approximate costs:

If you are looking for higher education in abroad, you should first identify your field of interest and the nation that can best support it. The average cost of living in the nation is something else you must research next. When estimating the cost of foreign education, also consider that there are universities that offer scholarships for Indian students to study abroad. And you must take into account a number of aspects because it is a substantial investment in your own future. This will be very useful when making financial arrangements. If you're looking for an educational loan, you'd need to compile a list of the costs you'll have in the foreign country and make sure the loan covers things other than tuition costs, like the cost of living, books, travelling and other expenses.
 

  1. Planning your financials:

Whether you are planning to use the self funding or education loan options to take care of your fees and living expenses, it is important to understand the various options through which you can show funds. Usually in case of self funds, students or parents can show their savings account, FDs, etc. 
Students now have the ability to educate themselves about education loan and its providers and perform self-service tasks, thanks to technology, particularly fintech solutions.
 
When considering for education loan, it's crucial to understand the following:
  • Different kinds of loans: Secured and unsecured are the mainly two types of loans available. Unsecured can be obtained without any collateral, whereas for secured loan collateral is mandatory. 
  • Variety of sources for student loans: There are many options available such as public and private banks, NBFCs, governmental financial institutions.
  • Repayment methods: Following course completion, the most typical method of paying is regular monthly EMIs.
  • Rate of interest: This may be constant or changeable. It is important to note that, despite the fact that loans with variable interest rates may first seem more reasonable, industry experts contend that, given the present trend of rising rates, loans with fixed interest rates are a far wiser and better choice.

  • Paying attention to the admission dates:

Every nation has its own seasons for new student admission. This is an important aspect while you’re planning for higher education in abroad. There are three admission period generally, namely September, January, and May. September is usually the biggest intake for most countries. You must be aware of the application dates and make financial preparations in line with the university's recommended intake based on your choice.
 

  1. Scholarships and grants available through universities and the private sector:

You might be able to ease your financial load if you submit your applications for bursaries, university grants, and scholarships in a timely manner. Most of the higher education scholarships abroad are need or merit-based. Many academic institutions even give students partial scholarships to support their academic goals. Before or during the application process for the college of your choice, you can look for a suitable scholarship and combine it with your student loan.
 

  1. Part-time and internship opportunities:

It is always a good idea to consider part time work and internship opportunities for exposure. You can research the local or national minimum wage and submit a part-time job application. Typically, there is a 20-hour limit per week in most nations. Universities frequently publish details about part-time job openings. 


Career2Life is a study abroad consultants in Delhi that offers a comprehensive plan for Indian students, who are planning to study abroad.