You started off your postgraduate school by overseas education loan from your home country and are now at one of the leading schools of the U.S. You are not just saddled by the enormous pressure that the coronavirus pandemic has put on the world, but are also worrisome about your home country study abroad education loan. If you have been living in the U.S. for quite some time now and have built your credibility as an energetic, well-paid young professional, you may want to consider refinancing or consolidation of your existing INR loan. Credit Union Student Loans come into the picture when you’re still burdened by your INR overseas education loan.
While it is a good option to consider Credit Union Student Loans for refinancing or consolidation, it is also an intelligent option so as to build your credit history in the country you’re now living in. American credit history will go a long way in having financial credibility with the lenders in the future. That being said, let us discuss how you can reconsider your study abroad education loan with Credit Union Student Loans.
What’s the difference between Credit Union Student Loans and Bank overseas education loan?
While the services provided by both financial institutes are the same, the difference lies in their motive.
The primary goal of a bank is profit maximization, while Credit Union Student Loans focus on returning all profits to the members by ensuring higher saving yields, better services and lower rates of interest on loans. Credit Union Student Loans are serving certain kinds of communities for overseas education loan.
Before understanding the how part, you must see the why part. The pros and cons of Credit Union Student Loansare mentioned here.
|Non-for-profit organizations||Requires you to have Credit Union membership|
|Lower rates of interest on loans||Restrictive eligibility requirements|
|Gives you tailor-made customer service||You may not get the perks of a bank through online lenders|
Finding the best Credit Union Student Loans
Become a member first: Credit Union Student Loans for study abroad education loan are only available to the members. Therefore, you must check all your options and become a member of the one before proceeding ahead.
Check eligibility: A lot of Credit Unions have very restrictive eligibility requirements, which is one of the most negative traits of this private student loan option. Therefore you may check your eligibility first.
Compare: You may want to compare your options. Some of the options from where you can get your Credit Union Student Loans for topping up overseas education loan include LendKey, Navy Federal Credit Union, Great Lakes Credit Union Student Loans, and UW Credit Union.
Reach EduLoans for your one-stop solution for Credit Union Student Loans
At EduLoans, our financial experts do not just specialize in study abroad education loan, but also assist you to build American credit history through your overseas education loan while living abroad. EduLoans helps you with faster membership of Credit Unions and helps you get access to student loans in a quicker way. You can find your best Credit Union Student Loans through EduLoans experts with easy and smooth processes.
6 Strategies to Lower Your Cost of Studying Abroad
A recent research was conducted by the International Institute of Education, the average studying abroad cost in any foreign country can hover somewhere around $18,000 per semester, which can roughly round off to $36,000 per academic year. Of course, the research is an estimation and does not do justice to each country. There are other useful parameters to consider as well. For instance, in the U.K., a student would spend anywhere between $8,000 and $21,000while studying in an institute of choice.
While education loan for study abroad have become accessible, the costs of studying have not found solace in the light of rising education inflation. The goal of students and professionals aspiring to go abroad and study, is therefore to either build a corpus beforehand or develop personal strategies for cost cutting. With meticulous planning and careful research, a student can find flying halfway away from the home country, totally worth-it experience. Here are six failproof strategies that can help you lower costs while you reel under the burden of loan for study abroad.
Booking airfare with a smart strategy
Yes, homieswill find a way back home because of the country-sickness that will sink in almost instantly. Give yourself some time before you settle down there. As though your education loan for study abroad would cover air travel costs, you need to cut down the expenses by planning flights to and fro, with a strategy. The idea is to not be driven by spontaneity. Booking in advance, instead of doing so just a week before you’re supposed to fly, can be a good decision.
Understand the concept of hidden costs
The loan for study abroad includes tuition fee, hostel, excursions, meals, visa processing, orientation and more. However, some of the courses have hidden costs that do not come to light unless you reach the institute. It is therefore important that you understand these costs. Some of the courses come with costs on arrival, even though they appear to be cheap initially.
Pass off luxury accommodation options
Staying at shared dorms or apartments and sharing food costs with fellow students can be a good way to cut down your expenses while you have already availed education loan for study abroad. Homestay is yet another no-cost option where you can choose to stay with a familiar family in the host country where you choose to study.
Choose a study abroad option in a smaller country/location
Of course, one of the most important considerations to bring down your expenses while studying abroad include choosing the location wisely. While the course selection is a paramount consideration for a carer, it is also absolutely essential to pay attention to where you choose to study. Bigger cities come with bigger price tags. For example, Iowa has a lower cost of living than Chicago. Likewise, you can trade in some other places like Manchester for London, Xi’an for Beijing, and Milan for Rome.
Avoid weekend excursions
education loan for study abroad comes at its own cost. Paying off debt is a huge responsibility altogether. And while students go abroad to explore the new countries, apart from of course, their career, it is also important to stay put on unnecessary and impromptu weekend excursions.
Buy second-hand equipment
Local second-hand shops that sell used equipmentcan come in absolutely handy to help you save costs. Your savings tend to add up with little efforts. Use social media wisely and explore Facebook marketplaces with garage coset, second-hand product options, and more.
EduLoans can help you with you education loan. Staying abroad and studying with loan for study abroad doesn’t need to be so intimidating. If anything, it should be exciting. Our experts here, help you with proper financial planning and knowing how everything can be done. Getting study abroad education loan through EduLoans can be easy and with our five step easy application process. Our dedicated professional education experts available for students counseling is one of the main reasons why students choose.