Financial Aid / Education Loan
Basic education is free in many countries but when you wish to go for for studies tuition cost is significantly high. If you have not won a free scholarship and need financial aid you can apply to get study loan from different agencies; these could be government owned, private, non-profit organizations, banks or foundations etc. There are many channels to get study loan.
In general your programme director will help you in writing application. But before you apply to a college course or a graduate programme you need to make sure that you have resources to pay towards tuition cost.
When applying for a study loan programme must do the math
- How much would be tuition cost
- How much would be living expenses
- How much I would need to spend on books and instruments
- How much is Cost of Visa
- Any other expenditures towards study
Often loan amount covers tuition cost but some givers may also consider to pay overall cost or cost for books etc in addition to tuition fee. Plan your finances, know how much money you would need to spend on higher studies and apply with a suitable giver. Normally education loans are free from collateral guarantee Also there is no rate of interest involved but some lenders may expect rate of interest. Before you apply know well the terms and conditions.
Education loans also given by corporate on some pre-fixed conditions, generally towards professional studies. Some givers may expect you to work for the company to a certain period of time once you complete the studies. In such a case you would need to sign an agreement with education loan provider.
When lending financial aid for education any giver consider following points in general
- The applicability of the programme in future market
- Your past academic records and score in standardized test etc.
- Your reasons to chose the particular programme.
You will need to write a winning application to be considered for an education loan programme. Often tuition fee is directly paid to institute but some education loan providers may prefer to give money in hands of candidate. Similarly in case of book grant, a loan provider may ask you to buy books and furnish the buy receipt for the purpose of reimbursement.
Whether you will get an study loan or not is also a question of your local government policies.
Generally you get it given that you show the promise to complete the coursework. Check borrower liabilities before you buy an education loan, ask every question that pop out in your mind. Buying an education loan is a smart decision towards completing your dream education.
Education loans / Financial Aid are available to study in home country as well as to study abroad