Category: Study Abroad

02 Oct 2023 12:59

Joined:	10/12/2016
Level:	Diamond
Points:	109190

Points:	5

Is taking loan for education abroad always a viable proposition?

Many students desire to go abroad for acquiring education especially higher education after which they generally get good opportunities to get a job abroad or in multinational companies. But going abroad and getting education in a reputed institute is a costly affair and everyone cannot afford that.
Some of those who cannot afford that kind of education abroad have to either take admission in their home country or take loans from bank and fulfill their dream of getting education abroad.
In such cases as the loan amount is high one has to consider about the feasibility of repaying it later and that is a big responsibility. It may not be always a viable proposition.
Should a student, who cannot afford education abroad, go for education loan? What are your views regarding this?

[This is my entry for forum thread a day challenge]

#775119

02 Oct 2023 15:49

Joined:	02/06/2009
Level:	Diamond
Points:	145553

Points:	5

Education in other countries may be costly. I missed an opportunity to conduct my post-doctoral research in a foreign country as I did not have sufficient money even though the university offered me a seat with a fellowship. Those days banks are not coming forward to fund the students even with collateral security, But now the situation is different. There are many ways to get funds to go abroad and study.
Taking a loan and studying abroad is good if the individual is going for higher studies in a subject which will have many job opportunities, Anyhow, the individual has to analyse the situation and then only should make a decision. There are many countries where the unemployment problem is less and foreign students who will be encouraged to work there can think of taking a loan and going there. But taking a loan and studying a subject which will not improve job opportunities is of no use in my opinion.

drrao
always confident

#775562

25 Oct 2023 16:55

Joined:	19/10/2023
Level:	Bronze
Points:	8

Points:	3

Taking a loan for education abroad can open doors, but it's not a one-size-fits-all solution. Assessing the feasibility of repayment is crucial, given the high loan amounts involved. For students who lack the means to fund international education, loans can be a lifeline, but careful consideration is essential. It's a complex decision balancing opportunities and responsibilities. Consultants Meridean Overseas.

#775576

27 Oct 2023 11:33

Joined:	25/11/2014
Level:	Diamond
Points:	43292

Points:	4

Taking an educational loan might be a wise step if in the long run a candidate is benefited with a degree which multiplies his opportunities in terms of his career. With the time, the loan amount carries a substantial interest and hence the amount payable to the bank might cost heavily to a candidate due to his non absorption in any regular job with a high salary.
The situation might be even worse if a person thinks of pursuing his education in the abroad after availing of a loan from a bank and in that case, the principal amount coupled with the interest might be beyond his pocket if no offer is made available to him after completing the higher degree.
Hence a candidate must do a homework before he undertakes a heavy amount of loan from the bank for his higher studies in the abroad.

#775628

31 Oct 2023 17:27

Joined:	31/10/2023
Level:	Bronze
Points:	0

Points:	2

Not always. In the course of studies, a student may understand that the chosen specialty is absolutely not suitable for him and will not want to continue his studies in it, or he will finish his studies and go on a different path.

#776013

09 Dec 2023 23:11

Joined:	26/11/2023
Level:	Bronze
Points:	24

Points:	3

Deciding on an education loan for studying abroad is a big call. It offers great opportunities but comes with hefty responsibility for repayment. It's not always the best option for everyone. Weighing future earnings against loan amounts is crucial. While it might be necessary for some, exploring alternatives and seeking advice can help make a more informed decision based on personal circumstances.

#777220

29 Feb 2024 14:18

Joined:	29/02/2024
Level:	Bronze
Points:	0

Points:	4

I think applying for education loans for studying abroad is an excellent option, given the student has carefully considered every aspect, including their repayment capacity. In India, education loans have become a useful crutch for many students, so much so that the lenders - banks and NBFCs - provide them with suitable loan terms such as competitive interest rates, flexible repayment facilities, moratorium periods, quick sanctions, and 100% coverage on all education-related costs, right from the course fees to travel, accommodation, etc. But then again, it all comes down to which lender's terms suit your requirements.

#777229

29 Feb 2024 21:38

Joined:	20/01/2017
Level:	Diamond
Points:	25422

Points:	4

When a student is planning to take a loan for education abroad then it is not a difficult thing as many banks are ready to provide it but the main point is that it is a financial liability and student has to repay it later. So, one should not blindly go for it and rather consider all the pros and cons of the situation before going to apply for such a loan.
One should also assess the job position abroad or in one's home country after completing the course because that would be required for repayment of the loan.

Thoughts exchanged is knowledge gained.

#777582

19 Mar 2024 15:06

Joined:	19/03/2024
Level:	Bronze
Points:	0

Points:	2

Taking loan and go for abroad education is big step.New place ,new culture with all financial challenges are there.so before taking this decision, one has to plan properly.For that right consultants must be there to help .so take guidance before taking the decision.

Is taking loan for education abroad always a viable proposition?

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