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One of the biggest dilemmas faced by Indian parents is when to start planning their child’s education abroad. Well, education abroad is a lengthy process and has various steps. If each step is followed in an accurate way and especially on time, only then the process will go on smoothly. There is a specified time to appear for tests like IELTS, GMAT, TOEFL, etc which students can check as per the requirements of their target university or target country. But one of the most crucial questions that keep on ringing a bell in the minds of students is when to start thinking about finances for their foreign education. We all know how expensive it is to pursue higher education in international realms. Financing education is the most important factor on which your dream of studying abroad stands upright. 

A vast number of students go for self-funding their education i.e. their parents sponsoring their education but around 60% of prospective students plan to take external funding like education loans, scholarships, and other financial aids. Some parents think to start funding education when there is almost 2-3 years left for their child to go abroad. That is not advisable because the variations can be too high in fees and other living costs for such a long time period. What you can do is keep track of what are the current exchange rates, ongoing tuition fees, and living costs and plan your budget accordingly. This way, you can just estimate the expenses and the actual cost can be a little higher than your estimated value. 

If not 2-3 years before then what is the perfect time to start thinking about finances? 

Well, the perfect time is 9-10 months before you are planning to travel to your study destination. So, you should start at this time but first plan and estimate your budget. For instance, if you have 18 lakhs in the form of a 

this time, select the country you wish to study in, and shortlist the universities where you want to apply. And then, you can scrutinize the expenses from the official websites of the universities or take external help from study abroad consultants. If total expenses lie between 23-25 lakhs, then you are good to go. But if they aren’t and you don’t have any other option, then you better start looking for additional financial aid like an education loan, or a loan from any of your relatives. Furthermore, if your family is financially strong and self-funding for your education, then you have to provide a bank solvency letter, fixed deposit certificate and your bank statement for the past 6 months to demonstrate your finances. 

Moreover, it is always advised to go for external funding and see if you are fortunate enough to receive any scholarship. Nowadays, there are several scholarships in India as well as abroad rewarding meritorious students in every field and helping them to live their dream of education in a foreign country. If not a scholarship, then students can go for an education loan as banks nowadays give education loans on quite good terms and conditions. For an education loan, the following are the eligibility criteria: 

  • Students must be a citizen and residents of India.

  • The age of the student must be 18 years or above.

  • The academic records of the student should be good.

  • The student should have received an acceptance letter from any of the reputed universities abroad. 

  • A good cibil score is mandatory  for the co-applicant

  • The student should have collateral or co-applicant for the loan application.

Banks prefer to allot loans to those students who have selected a professional or technical course that prepares them for jobs. 

There are plenty of options available to fund education because of the ongoing popularity of abroad education. Start financial planning at the correct time and give more time to research to tap on the options available, then everything will go on smoothly.

Rishika Jain 1 year ago
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