Whether you can afford to study abroad or not, is a kind of decision that has the ability to change the entire course of your career and financial life. It is considered as one of the prominent factors while deciding to pursue your education abroad. Availing loans for students studying abroad is a decision that parents can take based on their financial well-being and the sincerity, ability, and talent of their children. However, this shouldn’t be a random decision just because everyone in your kids’ peer is going abroad to study.

1.Repayment

Education loan abroad can be easier to avail, but repayment burden comes eventually on the primary borrower. Once in the bad books of banks or NBFCs, the financial constraint on the life will remain forever. Therefore, with a wise decision you can ensure that everything remains under control and in well managed. Having said all that, here are top 5 things that you must consider before choosing to study abroad.

2.Employability after course completion

This must be one of the most important aspects that you must pay attention to. What is the scope of your employment after you have completed your course. Do you aspire to dwell in the country forever, or are you planning to set up your own thing in India? These are some of the questions that you must answer before deciding that this is what you really wish to do.

3.Visa regulations of different countries

US still remains one of the top choices for studying abroad; especially for engineering students or the ones pursuing STEM courses. Education loan abroad for STEM category have become priority among banks as well. Yet, you must keep in mind the visa regulations. The H1B visa regulations in U.S. puts a limit to the number of students who can go there and study. The limit of visas on a yearly basis is up to 65,000, while an additional number of 20,000 visas is reserved for those applicants who have done their masters degree from any US university. But, the number of applicants who apply H1B visa is way higher than this set limit.

4.Internal troubles and flummoxed situations of countries

Loans for students studying abroad that concern UK, must consider their Brexit situation. While studying in the UK could be fine, the working scenario could be a trouble for students from India, given their ho-hum around Brexit. Employability comes as question here. It is essential to consider such situations before making a decision to study abroad.

5.Evaluate placement opportunities and average salary before taking huge loans

While the idea of going abroad and studying there could be fancy and appealing, it is essential to hold your horses and wear the thinking cap. Evaluation of all pros and cons is essential since you do not wish to add a burden of huge Education loan abroad without knowing what lies in the future. Ask yourself these questions-

• What is the scope of my course?
• What is the placement record of the university I am applying to?
• What could be my average salary after course completion?
• How long would it take before I finally start repaying my education loan?

Conclusion

Eduloans can hep you clarify all your doubts and ensure that there is smoothness in your decision and considering loans for students studying abroad. You may reach out to us at our phone or email us at the address. We have catered to over 12000+ students who have realised their dreams due to Eduloans.