Studying abroad - whether it is a student from the United States traveling to another country or a foreign student traveling to study in the United States - is becoming more and more popular with each passing year. Studies show that more than two hundred thousand students from the United States study abroad every year, while almost six hundred thousand international students seek to attend college in the United States. The only problem is the consideration of financial aid as it applies to international students. Fortunately, there now exists international student loans designed especially to help students from the United States to study abroad and to aid international students with studying in the United States. In fact, international studies are becoming so popular that most international student loan programs also help students from Canada to study elsewhere and international students to come study in Canada.

As mentioned, there are international student loans available for international students who wish to study in either the United States or in Canada. The number of students worldwide who want to do this is increasing exponentially every year. In general, international students who wish to apply for international student loans have to meet eligibility requirements and certain criteria, such as, their school of choice must be a TERI-approved school. Furthermore, a student must have someone in the United States who is willing to cosign his or her loan.

For students from the United States and Canada who want to study abroad, there are an incredible number of options for international student loans. There are Study Abroad Loans, which apply to students who are United States citizens and permanent residents who are currently enrolled in the school which they attend in the United States. This loan is excellent for those students who only intend to study abroad for a short period of time - a semester or two.

Foreign Enrolled Loans are international student loans offered to United States citizens and residents who wish to receive a degree from a school outside of the United States - as long as it is an approved school. This program offers funding for the entire span of a student’s college career.

The ever-popular Stafford Loans are also available, to either United States citizens or non-citizens who meet eligibility requirements (i.e., permanent residents). It applies to students who want to study abroad, while they are still enrolled in a college or university in the United States, but also to students who want to enroll in an approved international school.

Scholarships and grants are also available to students who want to study abroad or here in the United States. However, those are often not enough to cover the amount of money a student will need. The purpose of international student loans is to try and bridge the gap and make sure that a student who wishes to study elsewhere will have the finances and the means to do so. In past years, studying abroad has been difficult because of the high cost, but with the desire of students to study abroad getting higher every year, there are more and more international student loans becoming available every year in counterpoint.

With education being global now, it becomes also necessary that students can go across the globe to pursue a course of their choice. In this article I have discussed some questions to help students willing to study abroad. I hope students and their parents will be helped by this article.

(Q: 1)What are the documents required for the application process?

Answer: The following documents need to be ready to start with the application process

• The completed application form (contact us for the form) 
• Your 10th, 12th (for Bachelors courses) + graduation mark sheets (for post graduate courses) 
• Two academic reference letters

Or 
• One academic reference letter and one employment reference letter 
• Work Experience certificate (if required) 
• A Statement of Purpose (SOP)

(Q: 2)When is the right time for submitting the Application?

Answer: The foreign admission process is lengthy. For UK admissions send the application at least 3-4 months prior to the intake date. For admissions in Australia send the application at least 6 months prior to the intake date. If you send your documents well before the deadlines, it can only benefit you. You will have better chances of getting admission as well as get priority for housing, bursaries and even Scholarships.

(Q: 3)Are UK degrees recognized in India?

Answer: All UK Universities are members of Association of Common Wealth Universities (ACU) which make the degree awarded by them an accepted degree in India.

(Q: 4)Is IELTS mandatory for an Admission in UK?

Answer: IELTS is not mandatory for every University / College. It depends on the University / College you apply. For whom English is not their 1st language, they must provide evidence of logistic ability by gaining an IELTS or TOEFL or Pre Masters Programme (NCUK)

(Q: 5)How can I finance my studies?

Answer: Going abroad can seem to be steeply expensive when compared to the cost of studies in India. However one must keep the possible returns in mind which are in the form of quality of education, international exposure and boost to ones career when evaluating the costs of studying abroad. A student can rely on sources like family funds, bank loans, scholarships, bursaries, sponsorships etc to provide for funds required by him. 
• Self 
• Bank Loan 
• Parents 
• Relatives (should prove the relation with documentary evidence) 
• Employer

(Q: 6)Can my overseas relatives sponsor my studies in the UK?

Answer: Yes. You should get a sponsorship letter from them indicating the relationship and the extent to which they are prepared to fund your studies. Besides this, they would also be required to show evidence of financial support (bank statements, salary certificate, a statement from the Chartered Accountant, their source of income etc.)

(Q: 7)Should I pay a deposit?

Answer: Yes, most Universities require the students to pay part of the tuition fees in advance in order to reserve a place for them in the university. In any case we recommend that all students should make a deposit payment as it facilitates in getting a student visa as well us bursaries from the Universities.

(Q: 8)Can I take up a part time job whilst studying in UK? What is the amount I am likely to earn and can I sustain myself on it?

Answer: Yes, any student visa holder is permitted to work up to 20 hours a week during term time and 40 hours a week during holidays. You can earn £ 4 and above per hour depending on the kind of job. This can cover up an average level of living expense of a student. However, when applying for a visa, students must show evidence of full financial support from other sources to cover their tuition and living costs. Students are always advised not to depend on part time jobs.

(Q: 9)What will be the cost of Living in UK?

Answer: We advise students to budget a minimum of £7,000 for undergraduate and postgraduate study, in addition to tuition fees. This amount should cover accommodation, food, entertainment, transport, insurance, laundry etc. Some students will require more than this amount, some less - much depends on lifestyle.

(Q: 10)Can I stay back and work in UK after completion of my studies?

Answer: Yes, you can. The International Graduates Scheme (IGS) allows international students to remain in the country for one year after graduation and gain valuable work experience. The Fresh Talent: Working in Scotland scheme allows students to apply to stay and work in Scotland for two years after the end of their course without the need for a work permit. This will apply to people who have been living in Scotland and studying at a Scottish college or university. Those who have graduated with a Higher National Diploma from a Scottish Further Education College or a first degree, Master’s degree or Ph.D. from a Scottish Higher Education Institution are eligible under the FTWiS Scheme.

For all those who are fascinated by the beauty of the unseen, adventurous enough to explore the mysterious lands and ambitious by nature, study abroad programs become the first choice when it comes to pursuing education. The advancement of technology and increasing liberalization have also elevated education abroad as a viable option for many. However, what has made these programs popular among the students of developing countries and other hitherto marginalized sections of the population is the availability of numerous study abroad scholarships and International fellowships.

Over the years, USA seems to have captured the imagination of the youth who wish to pursue higher education abroad. Canada, United Kingdom, Australia, Germany, New Zealand and Singapore are some other places that have witnessed tremendous flow of International students. India and China are two other countries that are attracting a growing number of foreign students at present.

However, taking the decision to go abroad for studies is not an easy one as it involves considerable expenses. But with numerous education loans and scholarships around, it has become much easier today. Most of the countries that seek to attract students from other countries offer scholarships on a wide variety of study abroad programs that may include courses in medicine, engineering, arts and humanities, science, management, law, fashion design & technologies, and various other courses. For example, if you are willing to study in USA, you can think of applying for Fulbright Scholarships, Marshall Scholarships, Miss America Scholarships and so on. In order to qualify for certain scholarships you may have to fulfill certain criteria like merit, need, ethnicity etc.

For specific information on a country’s study abroad programs, it is always helpful to visit the local office of the country embassy or the office of the High Commission. Moreover, certain countries has also opened office specifically to cater to the needs of the International students. Certain good educational websites also provide information about the study abroad programs that are available in a country and other related information. Another option to take the right decision is to go for professional help and visit an experienced education consultant.

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For students going abroad for higher studies, it is imperative to provide proof of sufficient funds (at least for first year expenses). Mostly all universities require sufficient proof of financial aid for meeting expenses such as application cost, tuition fees, accommodation and living, health insurance, transportation etc. Therefore unless financial aid can be arranged, studying abroad may not be possible at all.

If you are an Indian student planning to go abroad for education, you can consider the various sources for financial aid apart from your/parents’ savings. A main options are as follows -

Bank Loans 

Various banks such as Bank of India, Andhra Bank, Canara Bank, State Bank of India, Axis Bank, HSBC Bank, Indian Bank etc. provide education loans for studying abroad.

Depending upon the loan amount, certain percentage of security (such as NSE shares, house mortgage etc.) is required and interest is charged accordingly. Recently, most banks usually do not ask for security or collateral for a loan up to Rs. 4 lacs. The interest rates would generally not exceed the Prime Lending Rates (PLR). Certain banks also accept a third party guarantee instead of security. (But this is usually for loans between 4 lacs and 7.5 lacs).

To avail of bank loans, the candidate needs to fulfill certain conditions such as he must be an Indian resident, confirmation of admission and requirement of minimum annual income. The repayment of loan generally starts after six months of course completion or one-month of job (if employed immediately after course completion) and the entire amount has to be repaid in 5 to 7 years (from the first payment).

Trust Loans
Trust Loans are either free or charge a lower interest rate (2 to 4 %). The loan amount is variable and is usually up to Rs. 1.5 lacs. However, they generally have a deadline by which you must submit the loan application forms. Few of the well known trusts are- J.N. Tata Endowment (soft loans between Rs. 50,000 and Rs.1.5 lacs), Sahu Jain Trust, Mariwala Trust, K.C. Mahindra Education Trust and R.D. Sethna Scholarship Fund.

Fellowships

Fellowships are comparatively difficult to acquire due to stiff competition. The popular ones are- Inlaks Scholarships, Aga Khan Foundation, Rotary Ambassadorial Scholarships and AT & T Leadership Awards (only for U.S.).

Apart from these, you can also acquire financial assistance abroad by way of University Funding - Scholarship/Fellowships/Assistantships, U.S. Banks Student Loans (for US) and other sources.

One must remember that most universities provide financial aid to overseas students on merit and not on need. It is easier to avail monetary assistance for graduate programs than undergraduate courses. The aid amount varies for different universities and fields of specialization. Also note that it is easier to receive financial assistance from U.S. and U.K. universities than those in Australia, New Zealand or Canada.

In case of undergraduates, Aid forms from the institute as well as the Foreign Student’s Financial Aid Form has to be submitted along with a bank statement. Forms may ask details about your personal and total (family) annual income, average living expenses, asset details etc.

Postgraduate students must mention about financial aid requirement in their application forms. Meritorious students receive financial assistance most commonly in the form of tuition waivers, scholarship or fellowship and assistantships (a cash stipend to take care of their expenses and in return they work for certain hours a week- either teaching or research based).

Please note that Indians usually are able to manage some funding after one or two semesters.

A U.S. Bank loan is among the best alternatives for MBA students. When applying for bank loans in US, a co-signer (US citizen or permanent resident) is required. However, several banks will waiver the co-signer requirement.The relevant information will be available on the university website.

Ensure that you go through the university information thoroughly and understand the terms and conditions properly.