Are you planning to do your higher education abroad? Are you worried about financial implications? But you know what? Funding your education is not a topic of concern. There are many ways to fund your education.
Two of them are loans and scholarships.
So, in this article we will discuss which one is better.
Loans: A Popular Option Of Funding
Loans are a very popular and common option of funding. You can fund your education as well. Loans are the amount you borrow from a bank or a funding organization. When it comes to paying back a loan, there must be a fixed interest rate (an amount you pay more than a loan).
For funding your studies, Education Loan is a better option for you.
Pros:
1- Repayment: The repayment method of education loan is differ from other loans. In this loan the repayment can be after completion of study or after getting job (whichever is earlier).
- Specialized Schemes: You can choose the loan according to the course you wanna purse in abroad. There are different loans available for different courses.
- Interest Rate: Another advantage of education loan is interest rate , the interest rate in education loan is substantially lower from other loans.
- Student Independence: Education Loan provide student independence. After getting a loan , the student is free to pursue his degree from the choice of his university. It makes them feel free and build a feeling of security as well.
- Stress-Free Parents: Education Loan frees parents from funding their student’s education. They can send their child to the best university of their choice.
Cons:
1- Eligibility: There must be an eligibility criteria for some loans, if student pass that criteria or not eligible for that,then they can’t get loan.
2- Pressure Of Repayment: Once you get loan , there is always a burden of paying it back. Untill you repay the loan itmakes you feel burdened.
Scholarships: Option Of Merit Based Funding
Scholarships are the option of merit-based funding. There are many scholarships available whether it’s government based, private or university based. You can secure your scholarships with your knowledge, by competing others.
Pros:
1- Gives Prestige: Securing a scholarship by competing with others gives you a feeling of prestige. It makes you look more knowledgeable than your competitors.
2- Repayment: There is no repayment of scholarship needed. It’s your award; you can spend it the way you want.
3- Merit-based: Scholarships are merit-based- you can get the best according to your academic excellence and according to your knowledge.
Cons:
1- Tough Competition: Securing a scholarship is not easy; many students are fighting for the same, and they may be more knowledgeable than you. Much knowledge is required to secure a scholarship.
2- Funding: Funding of scholarships may be limited and may not cover all your requirements.
3- Eligibility: Eligibility of scholarships is also limited, which makes it more competitive to secure.
Tips Of Securing a Scholarship Or Getting a loan
1- Research: Research as much as you can before borrowing a loan or securing a scholarship. Choose the best according to your need and plans.
2- Eligibility Criteria: Find the scholarships or loans that best fit your eligibility.
3- Go For It : After researching deeply, go for the best which gives you funds according to your needs and plan.
Conclusion:
Funding education can be challenging but not impossible. There are ways to fund it, two being loans and scholarships. Loans give you freedom and stress-free relief, while scholarships provide you with a feeling of prestige. Whether you go for loans or scholarships, research deeply. After that, take any further steps. Your funding process will be easy after deep research. So don’t lose hope for studying abroad; just follow the simple steps and go for your dreams.