Is Studying Abroad for You?

Exciting and exotic travel? The chance to experience a completely new culture? The endless professional and personal opportunities?

When it comes to studying abroad, there's no denying that a wealth of incredible benefits are yours for the taking. From exhilarating travel experiences to the opportunity to immerse yourself in a new language, it's no wonder more college students than ever before are opting to spend a life-changing semester or even a year-abroad.

But when it comes down to it, is it right for you? Ask anyone who's studied abroad, and they'll likely highlight the wonderful experience they had in another country. But that doesn't mean it is a cakewalk. From dealing with the very real phenomenon of culture shock to navigating your way through complicated cultural complexities, it's vital for you to identify the reason why you want to study in another country in the first place. For example, if you're looking to learn a new language or experience a completely new culture, then go ahead and start applying to your favorite Education Loan for Abroad Studies international programs.

But if you're looking to study abroad because your best friend is heading to another country or because your parents are pushing you into it, then it's highly likely that you won't enjoy yourself during your international travels.

So how can you know if studying abroad is right for you? Simple: take a look at the following responses that were provided by students prior to their study abroad experiences. This list was constructed to illustrate the many different reasons why an individual would want to study abroad, so see if you can identify your own reasons among these answers:

• I want to expand my cultural horizon beyond what a book can teach me.
  
• I have a deep desire to challenge myself.
  
• I want to experience personal transformation and growth.
  
• I want to understand a different world perspective.
  
• I am looking to gain a once-in-a-lifetime experience.
  
• I want to not only observe a different culture, but submerge, learn and participate in a distinctly different environment and have in-depth conversations with the locals.
  
• I want to be the first among my family to live outside the country.
  
• I want to enhance my career potential and prepare myself for a global market.
  
• I want to better understand another country's culture.
  
• I want to make my dreams of living abroad a reality.

Do any of these reasons resonate with you? If so, then congratulations - you've got the goods to have a successful, rewarding and truly life-changing study abroad experience!

Article Source: http://EzineArticles.com/6602580

Student Education Loan Facts - An Overview

Preparing for college can be one of the most exciting and challenging times of a person's life. Deciding on how you'll finance your education is certainly one of a student's larger challenges. Obviously, you should exhaust such options as savings, grants, and scholarships first. But when those options fall short of your needs, a student education loan is a logical choice to fill in the gap.

Student loans come in a variety of flavors, with loans tailored for students with exceptional need, and loans for the needs of average students. There are even loans specifically designed for medical students. There are also federal and private versions of these loans.

It is easy to understand how a student would feel overwhelmed with so many education financing options. But like most things in life, there's a method to the madness. And with just a little insight into the pros and cons of each Education Loan type, students and their parents can see more clearly the options that are best suited for an individual student's needs.

Of all student education loan options, the one with the most attractive terms is the Perkins Loan. Perkins Loans have an incredibly low, fixed interest rate of 5 percent. These loans also have a longer "grace period" - the time allowed after leaving school before payment is required. Perkins Loans offer a 9-month grace period, as opposed to 6 months with a Stafford Loan. Another huge benefit of Perkins Loans is that they don't begin to accrue interest until after you have left school.

Your Perkins Loan may also qualify for Loan Cancellation, which could pay back a portion, or all, of your student loan. Federal Loan Cancellation is offered to graduates who agree to work in high-need areas, such as agreeing to teach in a designated low-income school. The downside of Perkins Loans is that they're not available for everybody - these loans are designed for students with "exceptional need."

If Perkins Loans are not an option for you, then Stafford Loans are the next best thing. Stafford Loans offer benefits similar to Perkins Loans, with interest rates currently running in the 5 to 7 percent neighborhood - still very reasonable, as loans go these days. Like Perkins Loans, Stafford loans don't require repayment until after you leave school or drop below half-time student. They also feature a "grace period" of six months before payments must begin.

Stafford Loans are offered directly from the federal government, and are also offered through the use of a private lending institution. Depending on the college you'll attend, you may have the option of taking either a direct federal Stafford Loan, or taking the same loan by using a private lending institution as an intermediary. With some schools you may have both options. With regard to private lenders, certain colleges may have specific institutions that they regard as 'preferred lenders,' but remember that you have the option to seek your own private lender for a Stafford Loan.

If you find that grants, scholarships, and federal student loans don't cover your needs, private student loans are always an option. Private student loans are a good value, but they generally feature slightly higher interest rates than their federal counterparts, and these rates are generally variable. Because private student loans are not federally-backed, you will likely find that you will need someone, such as a parent, to co-sign for you. Even if your credit allows you to secure financing on your own, having a cosigner is a very wise choice, since this can lower your loan's interest rate. Lowering this interest rate, even by a fraction of a percent, can make a major difference in lowering the total amount of money you'll have to repay on the loan.

Unlike federal loans, private student loans may require that you begin making monthly payments while still in school. These payments may be in some reduced form during this time, such as an interest-only payment. Even if your particular loan doesn't require any type of repayment while in school, it's still a good idea to send what you can, when you can. Even small irregular payments, made ahead of time, can have a huge effect on lowering the total amount you'll have to repay.

Student loans, especially the federally-backed versions, are a great value for students and their parents when other funding options aren't enough. It's true that the many different types of student loans can be confusing to sort through. But more loan options means you're more likely find a fit that is better for your specific needs. And by having a basic knowledge of the various educations financing options available, it will be much easier to find the fit that's right for you.

Article Source: http://EzineArticles.com/3476647

How Loans, Grants and Scholarships Work

Did you know that there are tips for getting loans, grants and scholarships? Many financial aid programs will allow you to borrow at reasonable interest rates. Some loans are even variable, changing every year. For these types, the rates are comparable to that of the house loans. However, there is also a limit on these variable rates. This is for preventing the rates from exceeding the limit.

However, it is most likely that the Study Loans in India you borrow will have a limit per annum. This means that you can only borrow $10,000 per year at maximum, for example.

The good news is, if you own a home, you could borrow against the equity in your property. Why is this good? It can enable you to borrow against your home at a reasonable interest rate. Usually, this interest is tax-deductible. You could find that some retirement plans also allow borrowing as well. An example of this would be the 401(k) plan.

You should also look out for grants. These are available from schools government and other outside parties. For government application, you might require a separate application. Some colleges and private organizations (this includes employers, banks, credit unions) also have grants and scholarships.

In conclusion, you should always apply for a scholarship. This is even if you think you cannot qualify. Just step into any colleges and you will find a scholarship application form. It takes some time and effort into it. After all, you are asking an external party to lend or give you money.

Article Source: http://EzineArticles.com/4802345

Arrange easy finance your higher studies

In India education has always been a crucial subject. Many changes and advancements took place in the field of education over a period of time. The central and the state government is still trying to make improvements in the field of education.  Education being basic as gravity is a key factor for the growth and development of a country.

Since, the government makes sure that primary Education Loans in India reaches masses. Higher education is also equally important to sustain in today’s world. Though there are ample of institutes today. The main problem that arises while seeking higher education is of the funds. The availability of funds with the person might thwart and crush the person’s dreams .With exorbitantly high fees it is impossible for some students to achieve their goal .There is availability of funds through traditional finances , personal loans etc. Funds are available easily but the interest rates are generally high. But again there is no moratorium period over these loans. Hence, educational loans are highly reliable in these cases.

As the education loan particularly focuses on education and there is no further bifurcation is the best way to support education. Educational loans not only coverthe course fees, but in some cases  you cancover up the entrance fees , the tuition fees , the hostel charges  and even travelling up to a certain limit . In India educational loans are given by various banking and non-banking institutions in India. Here the interest rates are a bit low as compared to other loans. it can be as low as 12.75 %.  With minimum 1 -2 % of processing fees.

What do you need for an educational loan?

When your educational loan is less than 4 lakh you don’t need any collateral. If the amount is between 4-7.5 lakh a third party guarantor is required. If the amount exceeds 7.5 lakh they ask for collateral .Security for the loan is determined by the quantum of amount required and the credit worthiness of the principal borrower.  Residential property, fixed deposits, life insurance with value equivalent to the coverage, non agricultural land etc is accepted in the form of collateral.

Students should go for scholarships, part time jobs as the funds required are quite high.  Insurance, yet another important aspect which is to be considered in case of overseas education loans.  The insurance covers sponsor protection, health protection and reimbursements, compassionate visits apart from accident etc. The students might not get a job immediately after the education is done. Here, the moratorium period is considered.

While in India due to globalization there is emergence of new universities and colleges with special courses in arts, science, literature, technology, medical etc. India is now a destination for foreign students who are opting for higher studies. The minimum amount offered as loan to study in India is 1 lakh rupee. The study loans in India in meets the domestic needs and the   cost of education. Also 100 % coverage is provided to the students which make the study in India feasible. The education loans cover 100 % tuition fees and other expenses which include the material required to complete the course like books, laptops course kit etc.  Depending upon the needs of an individual fast track loans are also assigned to the students in case of immediate help.

Source: https://educationalloaninindia.wordpress.com/2017/01/18/arrange-easy-finance-your-higher-studies/

Considerations for Taking Educational Loans

There are a lot of considerations that student ought to make before knowing the right kind of student educational loans to apply for. These are very important factors to consider critically before a decision on which of the plans to take is made.

Such decisions ought to be very comprehensive as it affects everything from the application process to the disbursement and repayments process. All of these considerations ought to be very objective as much as possible in order to arrive at a good option that will be healthy for your finances.

One of the things that should be considered critically is the grace period being offered by the lenders of these educational loans. For Education Loan that has ample grace periods, it usually gives one good time to prepare and make some savings before they begin loan repayments. Many do not give you more than six months, though this can vary by lender.

This is usually nice if the student gets a job as soon as they graduate. Otherwise, they could get into trouble when they do not start working as soon as they graduate. This kind of scenario usually brings about some kind of pressure on the borrower which may force them to take consolidated loan offers.

It is also advisable for people to negotiate with some of these educational loans providers for flexible repayment options. This usually helps borrowers to get offers that can provide flexible repayment plans without necessarily resorting to loan consolidation. This also provides a huge advantage of planning your finances well while making payments in bits monthly.

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Undergraduate Student Loans - You Know Your Options?

With the ever rising education expenses, it is not surprise that many are wondering how the others manage to fund their undergrad education. This is typical of people who are either planning to go for education themselves, or sending their children for the same. If money is deterring you for taking that step, then the good news is that you have many options to tap into. You can look at both federal loans as well as credits from private institutions.

Calculations First

Before you begin, you must estimate what would be your approximate education expense. This is not just your college fees but also your boarding, lodging and other entertainment expenses. Many universities and colleges have dedicated departments for financial aid and they can give you data on these aspects. A good thumb rule is to have your financial planning completed well before the program starts at the school. A 6 month advance planning will save you a lot of headache and stress later. Planning doesn't mean you have the finances sorted out but you have a plan ready to pursue in the next few months.

In a Hurry? Go Federal Loans

Speed is of essence with federal loans. Given the huge number of applications that these Study Loans receive delay is inevitable and you don't want to enter last in the queue. If you are looking to pursue your under- graduation, apply for the federal loans immediately. Some of the most sought after federally funded loans are the Stafford Loans and the lesser known Perkins loans. Besides, when you apply, in most universities you are automatically considered for the host of grants, scholarships and loan alternatives that they have. Besides, you can always explore the option of work-study programs to give you supplementary income while you are studying.

What about Private Loans?

One aspect that many people don't give importance to is the private loans. The main reason being that it is more difficult to get these loans with credit checks and all. If you have a good credit rating, you get greater flexibility in loan options and repayment terms with these loans. Repayment is a major factor in the private loans. While applying for these loans make sure that you do not commit to a repayment schedule that is very difficult to stick to. If that's the deal you are being offered, it is better to look for other options rather than trying to speed up the process by agreeing to it.

Need More Info? Run to Financial Aid Department

So in all, you know that as an undergrad student you have multiple choices to fund you education. The financial aid department of your college is the best avenue to get information all these options. Also remember that you do have the private loan alternative, just that you must look at all other choices before looking at them.

Article Source: http://EzineArticles.com/2439332

Top 5 Money Management tips while studying abroad

Managing finances is one of the hardest things while you are studying abroad. You are in a new financial system, with new currency and different pricing methods.

If you think that living and Overseas Education Loans is a step closer to being an adult, then you should perceive money management as your initiation process in that direction.

It involves self-awareness, persistence and a great deal of personal restraint.

So, here we will give you top 5 tips on how to improve your money management when studying abroad and avoid distressful situations such as borrowing money or sitting at home with no plans for weekend due to lack of money!

Make a budget

This is probably the most important thing. You should know how much money you have over what period of time. Include everything that you could think of as this will reduce the chances of unexpected spending.

First, you will need to get used to the local currency and the exchange rates. Try not to compare your domestic prices with the prices abroad. Rather, try understanding the general standard in the town you are residing and convert the currency in your head. If it’s easier for you, you could make a list where you indicate the equivalence between the 2 currencies (for example 10 USD =? 10 euro =?)

This is necessary as in the beginning spending money won’t feel like “real” money in your head. This is especially true when the inflation is big and you have to deal with bills of hundreds and even thousands. For instance, $10 is equivalent to 620 Russian Ruble. Spending such an amount doesn’t feel like spending $10, so it’s easy to get carried away because you are not used to the actual value of the money yet.

Once you get used to this you can proceed with the budget.

Prioritize your expenses and keep a difference between what you need and what you want – First, you should pay your rent and utilities. This way, no matter what happens, you know you’ll have a roof over your head.

Other expenses may include food and meals, health insurance, books, transportation, clothes, personal expenses, recreation and travel.

Knowing what you need will help you anticipate how much money will be necessary for the following month. This way you’ll even be able to save some amount for the next month.

By knowing what you want, you will be able to include money for leisure and fun, without compromising the rest of the budget.

Smart banking

First, check if your bank has a local branch or a partner and what are the conditions they work with each other. If your financial institution doesn’t have one, you’ll need to deal with ATMs, which often belong to a private company or another financial institution. In this case, along with a withdrawal fee, the ATM will also charge you a percentage of the sum that you have withdrawn.

In order to avoid that, you should open a local bank account and have your money transferred directly to it.

You should also use online banking. It will help you follow the money transactions and your balance. You will also be able to transfer money without any additional fees.

If you have a debit card,  try using it as little as possible. This is because you are not dealing with real bills and it’s harder to keep track of your spending.

If you have a credit card you should research on any additional fees that might be charged by your credit card company. It’s also wise to warn them about your travels. Otherwise, purchases made from a foreign country may trigger the warning system for frauds and the card may get frozen.

It’s possible for merchants to charge you an extra percentage for using a credit card. Be sure to ask about these fees.

In addition, if some merchants offer to charge you in your home currency, it is usually the best to decline, since they use higher conversion rate, and it doesn’t necessarily negate the foreign currency fees of your credit card.

Spend like a local

Being an expat has its advantages but one of biggest downsides is getting ripped off by local merchants. Different regions have different buy-sell culture so it’s important to get familiar with these traditions for effective money management.

For instance, if you are studying in the Middle East there’ll be a great deal of negotiating and bargaining. This is due to the fact that merchants put prices on their items, which are not static. It’s up to the customer to determine the value of the goods and consider if the price is reasonable or not.

So, acquaint yourself with a local person and ask him/her about preferred local shops and services located outside of big malls and shopping centers. Check for any open markets for fruits and vegetables.

You could save on travel costs by checking for transportation options in your university.

Get a prepaid voucher SIM card for your phone because in most cases you don’t need a fancy contract offering internet, free minutes, etc. If you sign a contract for a mobile phone plan, it will  charge you a monthly fee and will include features that are not necessarily important to you. It will also be harder to keep track of how much you talk.

It is wise to spend as less as possible in the first months of your stay, so you could see with how much money you could get by. It’s also a good idea to apply some self-observation in order to gain perspective on your spending habits.

Managing social activities

The scourge of your life abroad will be managing your social interactions and miscellaneous adventures (from financial point of course). 

Most of the situations are totally unpredictable and you will need to deal with a lot of new information, unexpected adventures and random interactions with friends. Due to this it’s very hard to keep track of your spending. It’s even harder to try and anticipate how much money you will need in the first place.

In the beginning try to reduce going to restaurants, expensive bars and cafes as much as possible. Instead of eating out, you could cook for yourself and then save a portion of the money, which you will otherwise spend in the restaurant. That way, you will have some to spend when you get invited by colleagues.

If you feel like socializing but you don’t have money to do it – invite people over or go to their place. You could establish a total budget for groceries for the evening, where each of you will contribute a small sum. Then go to a local supermarket.

You will be surprised how many things you could prepare with minimum investment.

Organize an additional income

If you are good with basic Economics you could convert your savings into investments or put them into a bank account and gain interest. You could also get a part-time job. It shouldn’t be something fancy or ambitious since your main concern is your studies.

Universities often have established programs for international students where you could get a part time job within the university’s body (library, campus, administrative task etc.) It won’t pay much but the best thing is that it is coordinated with your studies.

Usually, after the second year of university, you will also be able to enroll in paid internships and trainee-ships.

As a conclusion, make the most of your student status as this is your primary attribute and can help you with money management. Ask everywhere if there are any special discounts for students, starting with your university. University will be able to find basic information about pretty much everything.

Proper budgeting is essential when you go abroad; however, try not to get too much involved with the financial aspect. It can regulate your funds but it may also decrease the value of your stay, so plan and spend wisely.

Source: https://www.wemakescholars.com/blog/money-management/