Studying abroad is always seen as fancy and ambitious. Many Indians are tempted to study abroad, and this can be seen in the increasing number of visa application by Indians to study in foreign countries. Although studying abroad is better in many aspects, but there is a cost attached to it and managing it is not simple. With banks approving more education loan nowadays, more people are following in this circus. So, in this blog, we will discuss whether taking an education loan to study abroad really worth it?
Understand the risk:
Studying abroad needs a lot of money if your parents haven’t planned it from early on. You will have to keep a provide high-value collateral such as your house or jewelers. Not everybody can work under this pressure, hence you need to understand the risk before accepting the challenge.
What is the challenge?
Two favored destinations of Indians to study abroad is the USA and UK. USA has updated new rules to their immigration work permit, restricting work permit VISA to 63,000 in a year. The UK is busy with Brexit, and anything can happen at the moment.
We are not saying you won’t find a job after your studies, but you will have to fight a lot. Many companies don’t want to hire immigrants because of VISA issues, other companies don’t help their employees enough. If you don’t act quickly, you can easily be left in limbo and forced to return to India with no Jobs. For this reason, it is important to talk to your college alumni and ask about the opportunities you will have and how to grab them.
Prepare for the worse:
You need to have a plan if nothing works out for you. You need a backup plan to pay the EMIs. Many students opt for part-time jobs, seasonal assignment, etc. Although this might help in the initial period, but it won’t be enough. So, devise a plan to pay the loan in the worst possible condition.
If you understand the risk, up for the challenge and are prepare for the worst. Then you should consult someone who has studied abroad. If they agree with you, then an education loan is worth the risk for you.