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Invest in Your Future: How to Fund Your Education Abroad

Consider your earning potential before signing the dotted lines, only borrow what you need.

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How to fund your education abroad
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Are you dreaming of schooling in a world-class institution but worried about how to fund your education? You are not alone. Earning a world-class degree provides you with global career opportunities at a cost. There are few funding strategies to turn your dreams into reality. This guide will explore different ways to fund your education both as a local and international student.

Fund Your Education: A Look at the US, UK, and Canada

Table of Contents

Federal loans are available to American students studying within the U.S. International students are hardly considered for such loans. International students can apply for scholarships, grants, and private education loans. Scholarships and grants are competitive, and often awarded to deserving students.

Securing scholarships and grants can reduce your financial burden. Loans can also be a smart option to cover your entire educational pursuit. These loans offer flexible repayment options and competitive interest rates.  

The UK government offers UK citizens studying in the UK student loans. International students can access scholarships, grants as well as loans in the UK. 

Canada is a choice destination for most students. Canada offers high-quality education and a great environment. Yet, funding your studies can be challenging. International students can access funding opportunities like bursaries, grants, and scholarships. Private lenders also offer loans to international students.

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Private Education Loan Considerations:

  • Interest Rates: Interest rate refers to the percentage charged on a loan. It is the amount you pay back on top of the amount you borrowed.  Private lenders offer varying percentages as interest rates.  As a borrower, you are to compare interest rates charged before signing the dotted lines.
  • Loan Terms: Loan terms refer to conditions involved when borrowing money. The terms and conditions summarize everything involved in the contractual agreement. You need to check the real and implied meanings of every letter in the contractual agreement.
  • Loan Tenure: Loan tenure is the length of time you are given to repay your loan. You need to discuss your lender’s convenient loan tenure.
  • Processing Fees: The processing fee is a percentage of the loan amount. It refers to fees that lenders charge to process your education loan application. Processing fees are part of your borrowing cost and it varies.
  • Eligibility: Lenders use different parameters to calculate the eligibility of potential borrowers. Lenders have measurement tools used in evaluating your ability to repay the loan. These include credit history, income, admission status, citizenship, age, home ties, etc. 
  • Moratorium: Moratorium in an education loan refers to a pause in the repayment schedule. You need to consider when the repayment will begin and how long you will be able to defer. 
  • Cosigner: A student loan cosigner is a person who agrees to pay a loan along with the primary borrower. A co-signer is a credit-worthy adult who signs for a loan along with you.

A Guide to Private Education Loan Providers (US, UK and Canada)

Financing your education is an important step towards achieving your academic dreams. This section provides a list of private education loan providers in the United States, the United Kingdom and Canada:

  • MPOWER Financing: MPOWER Financing stands out as a private education lender of repute. MPOWER targets international students in the US and Canada. Attention is paid to future income potential, without requiring a cosigner. They offer flexible loan options with competitive interest rates to students. To be eligible, you must have been admitted to one of the schools supported by the company.   You can also benefit from the MPOWER Financing Scholarship Scheme and career support services.
  • Ascent Student Loans: Ascent prides itself as a comprehensive private education loan provider solely on US soil.  Ascents offers a flexible repayment plan, scholarship opportunities and other reward programs.
  • Prodigy Finance: Prodigy Finance provides loans to international students pursuing Master’s degrees in the U.S. and the UK. They finance the Master’s education of students in business, engineering, law, public policy, and medical programs. Prodigy Finance considers factors like post-graduation earning potentials, academic background and credit history. International students with no US link need not worry. They can access the loan without requiring a cosigner. Prodigy finance loans also cover living expenses. Allowing you to focus on your academics.
  • Lendwise: Lendwise is a private loan provider in the UK. They offer competitive education loans to international students studying in the UK. Lendwise does not require a guarantor or a cosigner.

General Tips to Finance Your Education

  • Apply to schools Early: Early application increases your chances of securing government funding.
  • Prioritize Scholarships and Grants: Scholarships and grants are the payments made to support a student’s education. These are forms of financial aid that don’t require repayment. It is usually awarded based on academic excellence or other achievement. Apply for as many scholarships and grants as you qualify for. This increases your chance of securing scholarships and grants.
  • Early Savings: Start saving towards your education. Every cent counts!
  • Reach Out to Family and Friends: Discuss your desire to pursue your educational goals with families and friends. Explore opportunities and be open to contributions and advice.
  • Work-Study and Part-Time Jobs: Work-study programs let you earn money while learning. Look for on-campus jobs that fit your schedule.
  • Start Looking for Funding Early: If you are unable to secure funding after you have secured admission, look in the direction of loans and start applying early. 
  • Budget: Consider your living expenses and other variables when inputting your loan amount.
  • Read and Understand the Terms of Agreement: If you need to borrow money to fund your education, consider the available options. Research loan options carefully before committing. Before agreeing to any loan agreement, read the terms of the agreement carefully. Make sure you understand the interest rates, repayment terms, processing fees, and any potential fees.

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Conclusion

Exhaust all options before resorting to private education loans. Consider your earning potential before signing the dotted lines, only borrow what you need. Investing in your education is investing in your future. Plan carefully while choosing the right path from the pool of available options.

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Oluwashola Solomon is an SEO content writer and contributor at EntrepreneurBusinessBlog.com. You can connect with him via [email protected].

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