Top 5 Mistakes International Students Make While Applying for Student Loans
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An education loan is one of the best ways to finance your overseas education dream. It helps you to avoid financial burdens. Naturally, for some students, it's their first time borrowing a study loan and they may have less information. You must understand some common mistakes related to education loans so you can avoid them.
So, you have decided to borrow a study loan and are preparing for this. It's great to know what are some common mistakes related to borrowing education loans that you should avoid. Indeed, that's a great proactive approach. Borrowing a student loan for studying abroad is a significant financial decision. Understanding common pitfalls in the early stage of the application process can save you from future headaches.
High interest rates, and no financial planning to repay the study loans are most common issues. Other than this, let's know about some other mistakes!
Related Blogs:
5 Student Loan Mistakes to Avoid
Here are some common mistakes to avoid.
1. Missing EMI Payments
This one goes without saying, you have to make sure your loan installments are paid on time. It is not a good idea to skip or miss the loan repayment installments. The results of delayed or non-payment can result in default, which will impact your future ability to take loans for your car or a home. It is important you figure out the number of installments for the complete payment beforehand and choose the plan which suits you the most.
2. Not Understanding of Foreign Exchange Rates
As an international student, you have to make the loan payments in Indian currency but the tuition and living costs are in foreign currency. So you need to know exactly how the new currency rate works. Indian students going to countries with stronger currency have to make sure they are not outspending their living budget. Or while calculating your cost of education, make sure you include other costs apart from the basic tuition fee like insurance fee, lab fee, books and resources etc.
Note: Students, who wish to study abroad, may contact India’s leading education loan providers through Shiksha Study Abroad.
Related links:
- Financial Documents Required for Study Abroad Applications
- Education Loan Vs. Self Funding to Study Abroad
- Public v/s Private Education Loan Providers
3. Not Exploring Financial Aid Options
American colleges know that the easiest way to attract foreign students to their institution is by offering scholarships. Look into the options available to you and see how you can apply to various scholarships offered by the college and independent organizations. This way your total loan amount will reduce drastically as you have to pay only part of the tuition fee to the college. Which means repayment will only be easier for you later on.
4. Having No Planning for EMI
You need to ask your bank representative in advance about the total payable monthly amount. You can negotiate the amount and adjust it according to your capacity. Some banks may not offer the option to change the amount afterwards so it is better to keep a note of it earlier on.
5. Not Enabling Automatic Payments
Almost all banks offer the option of making an automatic payment every month where monthly payments will automatically be made from your debit account. This method is the best hassle-free bet as you don't have to remember the payment deadlines. It is easier to miss a payment deadline if rely only on your memory.
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Q: Â Is university of West of Scotland good for international students?
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.
Q: Â What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: Â Does the University of Essex require IELTS?
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Q: Â How to prepare for UK 10th board exam 2025?
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
Q: Â How to download UK Board 12th date sheet 2024?
Following are the steps to download the UK 12th date sheet 2024.
- Open the Uttarakhand Board's official website at ubse.uk.gov.in
- Click on 'Examination Scheme' available on the homepage
- A new window will appear on the screen containing a link of the UK Board 12th date sheet 2024
- Click the link and download the Uttarakhand 12th date sheet 2024
Q: Â Why indian students choose to study at Hult International Business School - UK?
Indian students choose to study at Hult International Business School in the UK for several reasons, including its highly ranked programs, global outlook, and career support. Hult offers a range of full-time master’s degrees, immersive bachelor's programs, and MBA options that prepare students to excel in the global job market. The school is the largest and top-ranked global business school, providing students with an incomparable universal outlook. Additionally, Hult's focus on experiential learning, extensive career support, and the opportunity to study at multiple campuses around the world are attractive to Indian students seeking a global business education. Furthermore, the school's emphasis on innovation and meeting the needs of students and employers may also contribute to its appeal to Indian students
Q: Â How can I get a 100% scholarship to study in UK?
Yes, it is possible to get 100% scholarships to study in the UK. There are various external funding agencies that offer 100% scholarships to international students to study in the UK. Three main UK government scholarships for international students are;
However, to get 100% scholarships to study in the UK, international students must meet all the eligibility criteria and apply within the deadlines.
Q: Â How to prepare for UK 10th board exam 2025?
Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.
- Know the exam pattern
- Make a proper time table as per the syllabus
- Solve previous year question papers
- Make short notes of important formulas and theorems
- Revise regularly
- Figure out weaker areas and learn them well
With proper planning and hard work, students can easily clear the UK 10th board exam.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
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