Impact on Overseas Education Loan Borrowers during COVID-19


During mega-crisis times like COVID 19 pandemic, most people are under serious financial pressure when it comes to paying back any type of loan. Even with the 3-month moratorium for loan repayment offered by banks, the interest needs to be paid, and the same goes for education loans as well.

To take care of undue financial pressure when it comes to paying back education loans, experts say students should assess their current and near-future financial situation from the job and income point of view. To tackle the situation, borrowers depending on their financial status could explore options like a moratorium, rescheduling of tenure, etc.

Students who have already borrowed an overseas education loan and are studying:

For students who are currently studying and have taken education loans be it unsecured or secured overseas education loan, they just need to service the simple interest and not the full EMI per month. As this amount is significantly lower than the full EMI thus, it might not be a big challenge.

Students who have already borrowed an overseas education loan and have started working

On the other hand, students who have passed out and are presently working; the education loan repayment shouldn’t be an issue. However, students who are anticipating job loss or salary cuts, experts say they should find alternate paid internship and/or free-lance short or medium-term projects. They should also continue to up skill themselves through a lot of good quality online courses. Industry experts say they should continue to invest in building and nurturing their network.

Factors to consider while planning to study abroad post COVID-19

Interestingly, during most crisis situations whether because of recession or economic slowdown due to pandemic like COVID 19, the education sector sees more enrolments. People realize that it is the best time to take a break and up skill themselves as career growth is directly related to their company, industry and economy growth, hence, it. Similarly, for the freshers, spending time on campus during a slowdown is much better than passing out at the start of any down cycle of growth. So, this is a good time for students who are planning to complete their higher studies in the next two years or so. They are more likely to come out when the worst has passed.

As students, try to get into the best colleges that offer scholarships, grants, and on-campus job opportunities during the course. Students and parents should also get a loan sanctioned for the full costs. This approval can come in handy during tough times. Anyway, the interest is charged only on the amount disbursed. So, this can become an open option any time during the entire course.

To know how to get education loan for study abroad during these COVID 19 times, you can check for the already published articles or get in contact with the study abroad consultants.

Hope this article was informative.

Keep checking this page for more such articles.

All the best!

Learn more:

Overseas Education Loan: Common Mistakes to be avoided

Comments

  1. StevenHWicker17 December 2020 at 08:19

    Interesting Article. Hoping that you will continue posting an article having a useful information. Best Animation Courses UK

    ReplyDelete

Post a Comment

Popular posts from this blog

Different ways Students can Carry Money Abroad

Image
Students going abroad need money for their travel, accommodation, food, educational expenses and so on throughout their educational stay. In this case, international debit/ credit cards are not advisable in the first place. The new smart ways to complete foreign transactions are forex cards and wire transfers. This can be useful for anybody travelling abroad for any reason, travel, work, leisure or study. Spend smart with Forex Cards: Ease of Global Use: Forex Cards are easy to use as they are prepaid cards. This enables the user to swipe the card at airports, food counters, hotels and wherever required instead of using cash currencies or international credit/ debit cards. Safe for Transactions: Forex Cards come with a chip and PIN, that make it secure for use. Forex Cards are helpful for students specially as it is safer to use and carry. Students staying in hostel or dormitories are often under the threat of stealth. Travelling to new places is also a risk for
Read more

State Bank of India Offering Study Abroad Loan

Image
  When it comes to pursuing higher studies abroad, one of the major concerns is how to finance the foreign degree. Majority of the aspirants then turn to availing an education loan. In India, there are many public banks, private banks like State Bank of India, Bank of Baroda, Axis Bank, ICICI Bank and NBFCs like HDFC Credila and Incred that offer a loan to the Indian students. In this blog, we are going to take a closer look at various aspects of overseas education loan offered by State Bank of India. So, let’s get straight into it!  State Bank of India, one of the prominent financial lenders in India is the first choice of study overseas aspirants when it comes to availing an overseas education loan for foreign studies. Alike all other financial institutions, SBI also offers two types of education loans i.e., Secured Education Loan and Unsecured Education Loan. SBI being a government bank, there are various advantages of offering a foreign education loan from the aforesaid bank. Read
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