Download
1 / 7
70 likes | 75 Views
Higher studies are the best way to establish a prospering career. A university degree helps students even more when done from reputed institutions worldwide. These reputed foreign universities offer quality higher education but they are expensive to study at.
E N D
4 blunders to avoid while getting a study loan for studies abroad
Higher studies are the best way to establish a prospering career. A university degree helps students even more when done from reputed institutions worldwide. These reputed foreign universities offer quality higher education but they are expensive to study at. Mostly, students have to opt for education loans to fund their higher studies in such universities. Although getting a study loan abroad is more accessible, students need to be careful while getting one. In this article, we expose 4 blunders to avoid while getting an abroad study loan.
Not reading the terms and conditions carefully Students often overlook the importance of reading the terms and conditions of the lender while getting an abroad study loan. Read the terms and conditions carefully. Read the benefits that you would get from the education loan, the conditions under which you can enjoy those benefits and the exclusions that will keep you from enjoying those benefits of the loan. Ask the lender to put the terms that you want specifically in the education loan. For instance, if you want to involve a third-party FOREX vendor to convert your loan amount to the host country’s currency then you can ask the lender to add that condition in the loan agreement.
Estimating the expenses wrongly Students often end up calculating the education expenses incompletely or wrongly. To avoid this mistake, talk to your seniors who currently study at the university or who studied there in the recent past. Understand all the expenses like the tuition fee for the whole duration of the course, the expenses incurred to travel to the foreign city, the expenses of lodging and boarding over there, the exam fees, the library fees, the stationery expenses, the laptop expenses and so on. Know the expenses holistically and ask your lender to finance them appropriately.
Filling incorrect information in the application form Often, students make mistakes while filling information in the study loan abroad application form. Take the help of lender’s executives if you are filling the form offline. Read the on-screen instructions carefully and follow the on-screen prompts if you are filling the form online. In short, avoid putting incorrect information unintentionally or intentionally. Spell your details correctly in the application form. Also avoid minor mistakes like errors in spelling name or residential address or contact details or in the same details of the co-borrower. If incorrect details are provided, you may be barred from getting an education loan.
Submitting wrong documents Some students provide incorrect documents to the lender while getting a study loan abroad. This should be avoided. Provide the documents that the lender asks you to submit. Do not give unnecessary documents or fake documents to the lender. Only provide the legit documents and even in that, only the ones that the lender asks you to. If you give incorrect documents, you may be barred from getting an education loan for your higher studies. So, these are the blunders to avoid while getting an education loan for abroad. We hope that after reading this article, you have clear knowledge about the way to proceed in applying for an education loan for your studies abroad. All the best!
