Expenses for Higher Education Abroad and the Statement of Expense



You might have enrolled in a foreign university for pursuing higher education. Here are a few things to remember.
·         Find out the entry requirements for admission to the course and the educational institution. Usually, students need to prove their proficiency in the English language by taking qualifying tests like TOEFL or IELTS.
·         Once your admission to the institution is approved, you will receive a Letter of Acceptance or Offer of Place which is nothing but a letter stating confirmation of admission.
·         The next step is approaching a bank for overseas education loan.
Now, before applying for an overseas education loan, a student should have an estimated expense value in mind. You may seek the assistance of an experienced loan advisor for this purpose.

Statement of Expense

A written breakup of the education expense is necessary to be displayed at the bank. The document should comprise of tuition fees for entire duration for course, living expenses, study material expenses and the airfare. Do not mislead bank with any fake information. Display the cost of books as mentioned in the offer letter, only. 

In addition to the statement of expense sheet, a few supplementary documents should be submitted as well.
1.      An offer of place letter or letter of acceptance is other words.
2.      A copy of air ticket if confirmed or an estimated cost of ticket.
3.      If you have taken laptop for coursework, then a quotation from the vendor is also necessary.
4.      Living expenses details for respective country.

How do you justify that you have enough funds to support your living in Canada? Let’s understand this with an example of Canada. Students who have acquired a seat in a premier institute or any other reputed educational institution should purchase a Guaranteed Investment Certificate (GIC). An amount of CAD 10,000 should be invested towards living expenses according to the terms of GIC. It can be invested in a student account in any GIC participating financial institution. In case of any assistance for overseas education loan process, please consult an authorized abroad education consultant and a loan advisor.

Congratulations! Now you may submit all the documents in the bank with your application for overseas education loan. 

What other documents you may require submitting in the bank?

In most cases, parents sponsor the education loan. Whether unsecured or secured, the sponsors should file an Income Tax Return and display last 2 ITR at the lender. If you’re borrowing unsecured education loan, then rental and agricultural income is not considered. 

Any financial institution validates whether you’re a citizen of India or not at the first hand. So, the applicant should provide proof of citizenship like the passport and Aadhaar card.
Banks consider students who have secured at least 50% in their higher secondary and/or graduation period. Therefore, academic marksheets and certificates are also asked.

For pursuing a post-graduate diploma course, be prepared to invest INR 15 to 20 lakhs. A postgraduation programme may cost you INR 35 to 45 lakhs. If you are looking for an under-graduation programme abroad, then it might cost you between 75 lakhs to a crore.
Your application for foreign education loan is just a step away with loan advisors and abroad education consultants. 

Hope you found our article useful!

Related URL:
Clarifying Doubts about Overseas Education Loans

Comments

  1. Royal UK Education11 March 2020 at 02:48

    Fantastic room, very comfortable and really particular. Mrs very kind! We would stayed lots of day!
    Overseas Education consultants in Nashik

    ReplyDelete
  2. Sneha Shah17 September 2020 at 06:16

    I have got the best information. Thank you for sharing information. For more information visit - documents required for education loan

    ReplyDelete

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