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

Post a Comment

Popular posts from this blog

An overview of Overseas Education Loan Process

Image
Aiming for Higher Studies Overseas? Do you require an Overseas Education Loan? Then this article will surely help you. Over the years, education loans have become the most reliable source of funding higher education overseas. There has been an exponential rise in the number of Indian students opting for studies abroad in the past two decades despite its heavy cost. Thanks to the availability of education loans for abroad studies which ease out the burden. There are numerous advantages of taking overseas Education Loans like, •    100% Funding •    Pre-admission Loan •    Income Tax Benefits And many more…… The overseas education loan requirements are: •    Credit Score •    Documents Checklist based on the University •    Students Document Checklist •    Parent’s/Sponsor’s Documents Checklist •    Collateral Security Documents Checklist There are innumerable banks...
Read more

Are you Aware of Kinds of Education Loan?

Image
Almost all students and parents prefer to take an education loan to fulfil the financial requirements when it comes to studies abroad. The studies abroad education loan covers course fee, exam fee, cost spent on study material, accommodation charges, insurance, travel expenses and other miscellaneous expenditures as well. Also, it is crucial that parents and students comprehend the technicalities involved in the education loan process, its pros and cons before taking such a big decision. In this article, we will try to understand the kinds of overseas education loan that a student can get from the banks. There are two types, one is the secured education loan and another one is an unsecured education loan. Let’s look at the details one by one. Secured Education Loan - If you are planning to take a loan of 35-45 lakhs for your master’s program or 75 lakhs and above for your under-graduation, then applying for a secured overseas education loan is the right decision....
Read more

Financial Aid for Higher Education Overseas

Image
Many talented students hold back from pursuing higher education in foreign countries because of an insufficient finance. The predominant reason for this is lack of awareness with respect to the funding options for overseas education that are at disposal. There are several Scholarship schemes funded and sanctioned by the Government of India for studying abroad. Also, students can take education loan from the banks. In this article, we’ll try to explore what are the financial aids provided to the Indian students for studying abroad. Scholarships and Fellowships Financial assistance is given to the meritorious students seeking admission in reputed foreign universities and education institutions. The Ministry of Human Resource, (MHRD) India facilitates fellowships awarded by foreign countries like China, South Korea, Israel, Japan, Italy, Mexico, and Sri Lanka to Indian students under Educational Exchange Programmes. A student applying for PhD, master’s or bachelor’s degr...
Read more