Planning to study abroad? Here is how to finance your overseas education

financialexpress.com:

Foreign studies are becoming increasing popular among Indian students. Parents also lay a lot of emphasis on sending their children to reputed institutions outside country for potentially higher career opportunities. The fact that you have an international exposure often works in your favour. However, studying abroad has a high cost attached. And often, fulfilling the requirement just by using your savings may not be possible. Having said that, overseas education costs, which are much higher than those of domestic institutions, should not be a hindrance for aspirants. There are several ways by which one can fund education in foreign institutions.

There are three major costs which determine your overall education costs abroad: namely – tuition fees, accommodation and day-to-day living expenses. Following are the ways you can use to arrange funds for overseas studies.

Since children’s higher education is one of the top priorities, there is a likelihood that your parents might have sidelined some funds in the form of savings or investments to cater to this need. Sit and talk to your parents, explain your education plans and take a stock of funds which are readily available for utilisation. If parents had done a systematic investment for a long term, the corpus will be sizable and can be a dominant portion in your overall needs.

Adhil Shetty, CEO, Bankbazaar.com, says, “If you’re planning to send your child abroad for education, it’s important to plan their finances carefully. Start by creating a budget that takes into account tuition fees, living expenses, travel costs, and any unforeseen expenses. It’s a good idea to start saving early and look for opportunities for scholarships, grants, and financial aid. To optimize