So you’ve decided you want to study abroad. Congratulations! Studying abroad is a fantastic opportunity that will give you a new perspective on the world and open up a wealth of new opportunities. But before you book your flight, there are a few things you need to know about financing your education.
What Is Study Abroad Education and Why Is It Important?
You might be wondering: What is study abroad education? In short, it’s the opportunity to attend college in a foreign country. It can be a transformative experience, giving you the chance to learn about other cultures and customs while earning college credits.
Why is it important? Well, there are a number of reasons. First and foremost, it allows you to gain an international perspective on your field of study. You’ll also develop new skills and build your resume, making you a more desirable candidate for jobs after college.
Perhaps most importantly, contact study abroad education allows you to form lifelong relationships with people from all over the world. These connections can prove valuable in today’s increasingly global economy.
Options for Paying for Your Study Abroad Program:
There are a few different ways that you can pay for your study abroad program: you can use self-funding, education loans, or scholarships. Here’s a look at each of them:
- Self-funding: this is when you use your own money to pay for your program. This can be a great option if you have the funds available, but it can be tricky to save up enough money in time.
- Education Loans: this is when you borrow money from a bank or other lending institution to pay for your program. Education loans offer competitive interest rates and repayment terms, and they can be used to cover the full cost of your program.
- Scholarships: Scholarships are awards given to students based on academic merit or financial need. There are a number of scholarships available for students who want to study abroad, and they can be a great way to reduce the cost of your program.
Pros and Cons of Self-Funding:
When it comes to studying abroad, there are two main ways to pay for it: self-funding or taking out education loans. Both have their pros and cons, which it’s important to consider before making a decision.
Self-funding means that you pay for your tuition, flights, accommodation and other expenses out of your own pocket. This can be a great option if you have the money saved up, but it can be costly if you have to take out loans or borrow from family and friends.
Education loans are taken out from a bank or other lending institution and are repaid over a period of time. This option can be more affordable in the long run, and many students qualify for scholarships and grants which can help reduce the overall cost.
There are pros and cons to both options, so it’s important to weigh up the options and make a decision that’s right for you.
Why do Education Loans Make a Better Choice?
Self-funding your study abroad (USA, UK, and more) program has a few huge drawbacks. First of all, it’s a lot of money to come up with all at once. And second, if you don’t have the money saved up, you’ll likely have to take out a loan anyway—so you might as well get an education loan that specifically covers the cost of your program.
Here are a few other reasons why education loans make a better choice than self-funding:
- With an education loan, you can spread out the cost of your program over time, which makes it much more manageable.
- You can get help with the application Process. The process for getting an education loan is fairly straightforward, and there are plenty of resources available to help you through it.
- Education loans usually have lower interest rates than other types of loans, so you’ll save money in the long run.
- You may be eligible for deferment or forbearance, which means you can put off making payments on your loan until after you graduate.
So, in a nutshell, self-funding can be a costly and difficult process, whereas education loans make studying abroad more accessible and affordable. If you’re thinking of studying abroad, it’s definitely worth exploring the option of taking out a loan.
At AE Overseas, we’re experts in helping students secure education loans for studying abroad. We’ll work with you to find the best loan option for your needs and make the process as simple and straightforward as possible. Contact us today to find out more.