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International Students and Education Loan: All you need to know

UserMark time22 December,2016

Every student dreams of getting into his or her favorite college. At times, that takes crossing the oceans and settling in another country. Living in another country and paying for education can be expensive. So, what is the only way out? Taking an education loan to afford the exorbitant tuition fees and boarding rents is the only option.

international students education loan

Before you apply for the leading colleges and universities worldwide, you must apply for an education loan to make sure that your academic career isn’t hindered in between. And while applying for a loan, it is necessary that you consider every facet of the loan structure of the country you will be going to pursue your higher education.

Most importantly, you need to check whether the institution you want to apply to offers the courses you wish to take up or not. After you have zeroed in, you must research the cost of living in the country and try to obtain a visa of the country.

In 2018, the recorded number of students who had enrolled in international studies stood at a massive 4.6 million. Out of them, the USA schooled 1.1 million international students followed by the UK that accepted 11% of the total number of students. Almost in toes is Australia with around 216,000 students. Singapore and UAE, another two countries in the list of top ranking educational hubs have witnessed a steady growth in the last few years too.

And since the colleges and universities in the above listed countries are some of the best institutions in the world, it goes without saying that you need to have a steady flow of wealth to study in these countries. Here is everything that you need to know about studying abroad:

AUSTRALIA

Image 1: University of Canberra

Source: https://www.canberra.edu.au/future-students/courses/

Cost of living

Accommodation in hostels could charge a hefty $90 to $150 per week, whereas on campus stays could go up to a maximum of $280 per week depending on the college you have enrolled into. With groceries, food and other amenities like gas, electricity, phone bills and conveyance charges, the minimum cost of living for a student studying in Australia could go up to a lofty $20,290.

Agencies for taking an education loan

HECS-HELP – You can take an education loan from this agency provided that you have a humanitarian visa holder to act as a guarantor for you.

FEE-HELP Once your visa is approved, you can take a loan to pay your tuition fees from FEE-HELP, given that you meet all the eligibility requirements.

OS-HELP You can take a loan for pursuing your undergraduate course from OS-HELP to pay some of the overseas study expenses.

Colleges that allow loaned education

The government of Australia has set a Commonwealth programme that hosts several colleges that offer loans to international students. Here is a list of the best colleges that allow loaned education:

  1. The Australian National University
  2. University of Canberra
  3. Australian Institute of Business and Management Pty Ltd
  4. Australian Institute of Management Education and Training Pty Limited
  5. Avondale College Limited
  6. BBI – The Australian Institute of Theological Education
  7. University of New South Wales
  8. University of Sydney
  9. University of Technology, Sydney
  10. Australian College of Natural Medicine Pty Ltd

THE UNITED KINGDOM

Image 2: University of Cambridge

Source: http://www.careers.cam.ac.uk/recruiting/RecUniversity.asp

Cost of living

On average, the tuition fee in the colleges of the UK is about £12,000 per year. Clubbed with a monthly living cost of £1000, the yearly costs could go up to £25,000. However, if you are going for a specialized degree in medicine, then the annual tuition fees could amount to £21,000.

Agencies that provide loaned education

Below is a list of sources for education loans in the UK:

1.      All student funding by course

 

2.      BUTEX Scholarships

3.      DIFD Shared Scholarship Scheme

4.      Gates Cambridge Scholarships

5.      Said Foundation Scholarships

6.      All International Student Scholarships

Colleges that allow loaned education

Here is a list of the best universities in the UK that allows loaned education:

  1. University of Oxford
  2. University of Cambridge
  3. Imperial College London
  4. University of Edinburgh
  5. University of Bristol

THE UNITED STATES OF AMERICA

Image 3: Massachusetts Institute of Technology

Source: https://en.wikipedia.org/wiki/History_of_the_Massachusetts_Institute_of_Technology

Cost of living

When it comes to the USA, the biggest problem is the accommodation cost. The closer you put up to your college, the higher a rent you may have to pay. Moreover, the travel costs are quite high too.

Agencies that provide education loan

  • Global student loan offers education loan for international students without any co-signer of the host country.
  • Nomad credit can find potential education loan lenders for you. They are partnered with different lenders in the United States.
  • com has several low-hassle loan programs for international students with competitive interest rates.

Colleges that allow loaned education:

  1. Yale University
  2. Massachusetts Institute of technology
  3. University of Michigan
  4. Columbia University
  5. Stanford University
  6. University of Pennsylvania

SINGAPORE

Image 4: Nanyang Technological University

Source: https://en.wikipedia.org/wiki/Nanyang_Technological_University

Cost of Living

Studying in Singapore could be a costly affair. The monthly expenses including the utilities and tuition fees could go up to an average $1200 in a month.

Colleges that allow loaned education to international students

  • Nan yang Technological University (NTU)

The university provides study loans and tuition fee loans under the CPF Education Scheme, Tuition fee loan, and Mendaki Loan. You need a scholarship to avail the loan.

  • Singapore Institute of Technology (SIT)

The Singapore Institute of Technology provides multiple financial assistance programs. You can avail tuition fee loans and living allowances grants if you fall under the eligibility criteria.

  • Singapore Management University (SMU)

The university offers the opportunity to apply for an education loan. You can opt for Tuition Fee Loans, CPF Education Scheme or Study Loans. You must have a guarantor and fulfill all the requirements set by the university.

THE UNITED ARAB EMIRATES

Image 5: American University of Sharjah

Source: https://www.aus.edu/partnerships

Cost of living

In the UAE, you may need to provide a security fund deposit in the university for accommodation which can range from 1,500 to 3,000 AED per month. Privately rented accommodations can be as high as 5000 AED per month.

The tuition fee varies considerably from one institution to another. It can range somewhere in between 20,000 to 40,000 AED. Most importantly, living expense in the Emirates is very high. Since there is little public transport, getting around can get very expensive.

Banks that offer education loans

  • Union National Bank Education Loan – Maximum limit of loan is AED 500,000 and repay it within 48 months.
  • National Bank of Abu Dhabi – Maximum Loan up to AED 200,000 without salary transfer.
  • Credit Life Insurance – Maximum loan up to AED 250,000 for expatriate students.

Colleges that allow loaned education

  • United Arab Emirates University or the UAEU
  • Abu Dhabi University
  • American University of Sharjah

Studying abroad can catalyze your academic career. Go ahead and clear the admission tests to get a scholarship. With so many universities and financial agencies at your aid, affording studies abroad has become a lot easier. So, take the leap and make your dream come true!

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