What Are the Costs that You Should Budget For While Preparing to Get Admitted into a University in Another City/Country?
A large number of Indians travel to other cities in the country for higher education purposes. At the same time, there has been a steady surge in those travelling abroad for the same. According to the Open Doors 2023 report, the United States had more than 2,89,526 Indian students for 2022-23. That’s not all; citizens of India already study in 240 countries worldwide according to the Ministry of External Affairs, with more than 7.5 lakh going abroad to study in 2022. If you are also planning to venture abroad or to another city for higher education, then there are naturally several costs that you should budget for before admission. Here’s looking at the same in this article along with some insights on how you can fund them with personal loans online.
Costs that You Should Budget For
Here are some of the expenses that you should make provisions for:
Administrative fees- Many universities have administrative costs which may cover documents for enrolment, books and other course materials, and semester charges. Even though they are not that high, they should be included in your budget nonetheless.
Tuition fees- You should have enough funds to cover the tuition fees for the duration of your course. They vary, depending on the city and country and you should calculate the same at the outset.
Transportation expenditure- You will have to cover the costs of your flight to your chosen destination along with return flights in some cases. At the same time, in case you find accommodation away from the institution, you will have to cover the costs of transportation on a daily basis. Do check for student discounts and monthly passes that will help you reduce expenditure considerably.
Accommodation- This is the highest monthly cost that you will have to budget for and that too across the entire duration of the study course. Look for accommodation on the university campus which may be more reasonable.
Travel and health insurance- You will have to cover the costs of health insurance along with travel insurance. These are expenses that you should budget for in the beginning itself.
Other living costs- Depending on the duration of your course, you will have to account for various costs including food and groceries, clothing, miscellaneous and entertainment costs, utility bills, phone, internet, and more. Work out the average monthly cost, keeping some provisions for extra expenditure and then calculate for the entire course duration.
Books, course materials, etc- You will have to spend on course materials and books throughout the duration of your program. There may be also expenditure on things like field trips, research projects, student clubs and societies, and so on. Work out an estimate of the same beforehand.
Raising Funds via Personal Loans to Meet These Costs
Wondering how you can raise sufficient funds to meet these expenses before admission? You can always apply for instant personal loans for this purpose. These are quick and convenient funding options for covering all your costs and you can enjoy a seamless online application procedure too. Personal loans can be applied for in a hassle-free manner on the website of your lender. You only have to fill up a form with your details and upload supporting documents before waiting for the bank to verify and sanction your loan.
Always check and compare interest rates thoroughly before finalizing the loan application. You should also work out the EMI amount beforehand for your chosen amount. Borrow only what you need and can afford, instead of going overboard with a higher sum of money. Make sure you have a proper repayment plan in place while you are studying. You should have sufficient funds to clear the EMI comfortably without any defaults which will only hinder your credit score and lead to multiple issues later on. Another tip is to evaluate your credit score minutely before you apply. Make sure you increase the same, raising to 750 (or as near it) and higher in order to enhance your chances of obtaining the personal loan. For educational purposes, unless you are already working or have an income source, you will have to apply with your parent or any other family member as a co-applicant. His/her income will help you get the loan approved without any hassles. Hence, avoid dipping into your savings or investments to cover the costs of admission and higher education. You can simply opt for a personal loan instead.
Conclusion
Hence, as you can see, raising funds for higher education is not difficult with the help of a personal loan. You should apply well in advance to ensure that you have the funds ready before you take admission into your chosen institution.
FAQs
1. Do I have to provide any collateral for personal loans?
Your loan rate can rise due to various factors: economic conditions, changes in credit score, or lender policies. Contact your lender for specifics and explore options to mitigate the increase.
2. What are the interest rates on personal loans?
The rates of interest may vary across banks and financial institutions. In many cases, they may hover between 12-38% per annum.
3. What is the average tenure for a personal loan?
Personal loan tenures may vary, depending on the policies of the bank or financial institution. On average, they may go up to 36 months or three years.
