Opinion

Towards A Self-Financing Higher Education Abroad

As the process of acquiring education loans has simplified over the years, getting self-financed for higher education abroad has become easier. Indian citizens have taken advantage of this: A recent survey by Open Doors Survey reported that the number of Indian students on U.S. campuses has doubled over the last decade, from more than 94k in 2007-08 to 1.96 lakh in 2017-18. But studying abroad for graduate programs like an M.B.A. or any Master’s degree requires a serious financial commitment.

The main sources of financing higher education abroad are government-aided and non-government-aided scholarships, grants, and loans. However, a weakening rupee, changing visa immigration policies, and a complicated graduate admission process make it even more challenging to self-finance higher education. Families who are aware of the financial burden of graduate school start investing their money in fixed deposits, mutual funds, and insurance plans early on in order to get the best possible education for their children. But despite all of their planning, it is often not enough to sponsor education abroad. Many turn to loans, which can help support the cost of an education program by covering basic fees as well as accommodation and other miscellaneous expenses.

Most non-banking financial companies in India waive collateral or the requirement of a co-signer for a loan. Companies like MPOWER Financing have simplified the process of acquiring loans even more by waiving collateral and credit history for those applying to universities in the U.S. and Canada. This flexibility improves financial accessibility for potential students to help them pursue their choice of academics.

Loans terms are not always clear, so they must be considered carefully. When applying for education loans, take precautions when assessing processing fees and timing, pre-payments and late-payments of EMI, etc. However, since an education loan is the first loan of one’s career, as long as students can make their payments on time, they can maintain a strong credit history regardless of the specific loan terms.

Students today have a variety of options for their careers, and financial challenges shouldn’t be an obstacle to reach their goals. We recommend that you study abroad to enrich yourself with experiences, indulge in different cultures, and meet new people. There are plenty of firms that can help you to resolve the associated financial challenges.

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Sasha Ramani

Sasha Ramani is the Head of Canada and Corporate Strategy at MPOWER Financing a provider of scholarships and loans to international students pursuing university in Canada and the United States. He studied at the University of Waterloo (Canada), Wilfrid Laurier University (Canada), and Harvard University (USA)

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