Do you have a dream of pursuing higher studies in a foreign country? While there are travel restrictions, this may be a great time to begin planning for it. If you plan from now, you will find it easier to finance your foreign degree when the travel restrictions ease.
Here are 5 easy tips to finance your foreign education.
#1 – Start Saving Money
Since you’re young, you probably have fewer financial So, try to start saving money in the following ways:
- Cut down your expenses.
- Consider taking a part-time work-from-home job. Whatever you earn, try to save the most of it every month.
- Keep all the unspent money in a bank account. For that, open a fixed deposit account if you tend to frequently draw money from a savings account.
#2 – Take a Loan Against a Fixed Deposit
When the economy revives and you can move abroad, count your overall savings. If you feel they aren’t enough to finance your foreign degree, consider taking a loan against your fixed deposit. Then you’ll get the following benefits:
- The interest charged is usually low.
- You can conveniently pay back the loan in EMIs within the given repayment tenure.
#3 – Get a Personal Loan
If you don’t want to take a loan against your fixed deposit, consider taking a personal loan. Nowadays personal loans have the following benefits:
- You can apply for them online for quick, paperless disbursals.
- You’ll get a long flexible repayment tenure to pay back a loan in EMIs.
#4 – Use the Many Advantages of a Credit Card
You can use a credit card to facilitate payments anywhere in the world. So, it’s a smart way to finance your foreign education. First, compare the benefits of various credit cards. Then choose and use the best credit card that offers:
- Rewards: Use a credit card offering unlimited reward points that don’t expire. It’s even better if no redemption fee is charged for using these rewards. Then you can accumulate them and use them later for financial benefits.
- Multiple deals at partner merchants: Avail of useful credit card deals on education and upskilling. Also, check if you can get a free complimentary airport lounge access. This can reduce your travelling expense when moving abroad.
- Other financial benefits: A foreign markup fee is charged on card-based transactions in foreign currency (not the Indian rupees). This fee is low on certain premium cards. So, consider choosing such a card. Besides, check if it charges low domestic and international cash advance fees. That’s useful when you draw cash with the card.
#5 – Borrow From Your Loved Ones
You can borrow from your family or friends to help finance your foreign education. Then you can pay it back in small amounts within a mutually decided period.
When it comes to your education, let nothing stop you from pursuing it. If you’re worried about the money factor, take small steps from now towards financing your foreign degree. When the time comes to fly abroad, you’ll be financially armed!