Every year, millions of students across the globe travel beyond their country’s borders for a better education. India is among the countries with the highest number of students travelling abroad for higher studies. However, they face several barriers due to the lack of viable finance. Here is what they can do:
Education loans: These can be obtained from both banks and non-bank financial institutions (NBFCs). Almost all financial institutions offer education loans with a long-term repayment plan. These are generally not credited to the students’ bank account to prevent misuse. The fee is directly deposited into the bank account of the institution while the amount for purchasing required items like laptops, for instance, is paid directly to the vendor.
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Grants and scholarships from research portals: There are specialised web portals like The Thesis Portal that offer scholarships to deserving students. Students can earn incentives from the scholarship that can be used to pay the cost of tuition and partly cover living expenses.
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Self-finance: Those who opt for this see it as an investment into their own future. However, this option should be the last, as it comes with some risks. One such risk could be the sudden stoppage of finance in case any other immediate or more important financial liability comes across.
The writer is Co-founder and CBO, Financepeer.