Which is the best way to fund your Study Abroad dream?
It is imperative to mention that the quality of the education or a degree is essential to shape up your career. Determining the psychological and financial benefits that one can draw vastly depends on your professional life, and thus there is no match of a foreign university degree. So visiting a foreign university for your graduation or post graduation degree can be the best resort for you. Moreover, you should remember that pursuing a program from a foreign university can be pretty expensive. Sometimes even the scholarships are also not enough for the meritorious students to cover their cost of education. So what will you do?
In this case, you should either rely on self-funding or take an education loan. In most of the cases, the first option is not helpful for a large number of students, whereas for few of them self funding can be an option. But before taking your decision, you should know that with the self-funding option you can face some adverse situations which you may not want to face.
The most prominent issue of self-financing possesses the entire amount of your education expense even before you get your Visa. It is not a matter of diving in head first into the scenario and then manoeuvring. When it comes to self-financing, you absolutely have no alternative over having the entire expense money in your account.
The first problem is only the start of monetary setbacks. The second wave of setback will hit when you have to pay an entire year’s fee at the beginning of the semester. Paying a year’s fee at one go means 50 percent of your entire expense. If acquiring the whole amount at once wasn’t enough, you would have to spend it all at once as well.
Now considering these issues, if you are monetarily in a comfortable position, then it is well and good. Otherwise, you would need to liquidate your assets and savings all at once financially, which would be a critical error. Even for someone who is financially comfortable, self-financing is still in many ways an unprofitable venture. Major savings that could simply sit in your account and earn you interest would be now unavailable to you.
In a scenario where you are liquidating various savings and assets to help yourself self-finance, you will need to document proof of each. These documents will be required in order to confirm your proof of funds; without which you won’t get your Visa. All this is well and good, but, on the flip side, this also indicates major documentation hassle. Your application process will possess higher chances of error and time delay.
Needless to say none of the above would be the case when you apply through an education loan. That brings us to the benefits of an education loan.
The benefits of Auxilo education loan
First of all Auxilo education loan will safeguard you on all of the downsides of self-funding.
- You can start the repayment of your loan amount in easy EMIs
- You retain your assets and fetch interest from your savings.
- Easy to sanction your proof of funds, with only your loan approval letter.
Education loan is highly preferably, especially when you take into account cost inflation and currency fluctuation. When you take an education loan, you will get the option of taking into consideration inflation and currency fluctuation. Irrespective of these external fluctuating financial parameters, your personal financial status will stay insured. And finally, you need not to trouble your mind with fee payment hassles. You can simply delegate the responsibility to your loaning institution, and rest all will be taken care of.