How To Study Abroad Without An Education Loan

    Updated on: 11 Sep 2023 5 min read

     

    There was a time when studying abroad was beyond the realm of imagination for many. The costs associated with it were too high and the opportunities very few. But today, this is quite achievable even without spending a lot of money. Surprised? Through this write-up, we explain how even a cash-strapped student can find ways to earn a degree from a foreign university, and that too without an education loan.

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    How to Finance an Expensive Overseas Degree with Limited Budget?

    • Search for Scholarships for Indian Students to Study Abroad
      • One of the best possible ways to bankroll a foreign education is to find an international scholarship. An escape hatch to an education loan, the right scholarship or grant can help cover a significant part of the entire costs involved. Bear in mind that it’s just not schools that offer scholarships, companies, governments and other organizations do too. It takes a bit of effort, but you can use tools like this one to reduce your effort.
    • Look for Part-time Jobs.
      • There are other ways to fund your education than using your savings and one of them is working part-time. A number of cities allow international students to work while earning a degree (at least for a set number of hours). Utilize them to offset the cost partially.
    • Find a Robust Investment Plan
      • This technique is best used when there is time on hand. Most financial planners advise that preparations for saving and investing for future education should start as early as possible. If we assume that the total cost of studying in another country is Rs. 50 to 70 lakhs, then a Systematic Investment Plan started early can help amass the corpus. A SIP makes for a reliable and affordable investment plan because it requires a modest input periodically which doesn’t overwhelm overall finances.
      • Other investment instruments like fixed deposit and PPF also make for dependable plans. A tip to save a lot of future headaches is to shift any accumulated corpus into a less risky avenue when the time for higher education nears.

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    An Education Abroad Pays For Itself, Eventually

    In India, the speed with which we are creating jobs is not at par with the growing workforce, and quality jobs are tough to find. In comparison, the job opportunities in the developed countries are better, the education is first class, and thus the returns are exponential - provided you select the right course and university. Thus, it stands to reason that even with a small starting figure, scholars should opt for a foreign degree. The good news is that finding funding for overseas education is not unfathomable. All it takes is diligence, persistent and a bit of help from experts.



Yogi1
Written by Yogender Panchal

Yogender is a tech enthusiast with specialization in digital marketing. He is currently working at Gyandhan a leading company which provides Education Loan who are studying Abroad. Playing Volleyball, driving a car, traveling, researching new online marketing trends are some of his interest areas that keeps his rejuvenated.


Photo aman jain
Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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GyanDhan is India's first education financing marketplace.



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