Studying abroad is like a dream for the students. However, raising money for studies abroad is not a big deal for the rich. On the other hand, talented students get scholarship, which reduces their financial burden, but ordinary students of ordinary families face a huge problem in arranging money for studies abroad. If you also want to send your child abroad for studies, then for this you should start planning in advance.
Anil Pinapala, CEO and Founder, Vivifi India Finance, says, “When planning for your child’s education, you should not only focus on tuition fees, but also the need for computers, books, coaching and living expenses. is necessary. In this way, you should save more keeping in mind the cost of today’s education, because the cost which is going to come in today’s time, its value will increase in the coming times according to inflation. Apart from this, you don’t even know what will be the interest of your child in the times to come. The cost may be more or less depending on the subject.
Keep these things in mind for education loan
Pinapala further said, “You should consider investing in such places where the returns are high. in order to reduce the effect of inflation. However, you can also take an education loan, but for this you need to keep your credit history clean so that your child can get loan for studies abroad easily.
Expenses for studies in the country can be managed with FD
Abhishek Soni, CEO and Co-Founder, Upwards says, “If we compare the cost of studying in the country with that of studying abroad, then there is a big difference in this. The fees in India’s largest colleges and universities (mostly run by the government) are extremely low and the savings you make are usually enough to make up for it. If admission is not available in a government institute, then graduation can be done by spending 10 to 30 lakh rupees in a good private college. This means that it will cost you one lakh rupees every year (during the child’s schooling). For this, you can invest in safe options like fixed deposits, through this you can manage these expenses on studies.
Mayank Goyal, CEO and Founder, moneyHOP said, “Higher education is extremely important for the all-round development of a child. Many students want to study abroad so that they can improve their skills and get a good job. According to Goyal, it is very important to keep these things in mind while planning for studies abroad.
First of all, calculate the cost of studying abroad
First of all, decide in which of your favorite college or university you want to study. After this, calculate student visa, health insurance plan, living expenses, course fees, transportation related expenses etc. and make your budget broadly.
You can take help of forex card
It is very important to be aware of different foreign exchange factors like mid-market rates, wire transfers, and others. A forex card can be helpful for this. Through this, students can spend without worrying about currency and cash. For this, you can take the help of fintech firms like moneyHOP, which provides the facility of One Global Account – One Global Card.
Choose the best option for International Money Transfer
Sending money abroad to your child may seem costly to you, as it involves a lot of service charge and a lot of paperwork along with it. A digital and paperless medium like moneyHOP makes international money transfer easy. There is no transfer charge of any kind.
(Article : Amitava Chakrabarty)
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