List of Expenses That are Covered Under Study Abroad Loan
Higher education abroad can be costly, especially if you are from a country like India. The number of Indian students interested in studying abroad grows each year, as do currency exchange rates. Popular study abroad destinations such as the United States, United Kingdom, Canada, Australia, and New Zealand have high education and living costs. Students prefer to take out education loans to cover these costs.
However, obtaining an education loan is not without complications. Don’t worry, we’ll go over the list of expenses that are covered by the study abroad loan. You can later approach an Kuhoo Student Loan, who will assist you with the entire procedure and living expenses.
List of Expenses Covered by a Study Abroad Loan
The list of expenses covered by study abroad loans varies depending on the financial institution. We will go over these details as the article progresses. However, the following is a generalised list of expenses that can be covered by a loan for higher education abroad.
1. Tuition Fees
Every Study Abroad Loan covers the cost of tuition. Tuition fees are covered by every financial institution, including nationalised banks, private banks, NBFCs, and international lenders, in the study abroad loan. Tuition fees are paid directly to the applicant’s university or college. Tuition fees cover a large portion of the study abroad loan.
2. Living Costs
Every financial institution pays the loan applicant’s living expenses. The extent of coverage, however, will differ depending on the financial institution. Accommodation (on or off campus), food, daily travel expenses, passenger money, and so on are all part of the living expenses. The applicant must calculate his or her living expenses and apply for the appropriate amount. For living expenses, each financial institution has a unique disbursement procedure.
3. Medical Insurance
Most international institutions require student health insurance. Private banks cover the cost of health insurance. However, if you take out a study abroad loan from a nationalized bank, you will be responsible for paying for your own health insurance. You can ask your financial institution to cover the cost of health insurance.
4. Visa Charges
Visa fees are not always covered by financial institutions. Visa fees are only included in the list of expenses by private banks. If you apply for a loan from another bank, you will be required to pay visa fees.
5. Airline Ticket
Banks do not automatically provide air tickets; you must request that air tickets be added to your living expense list if you are unable to bear the travel cost yourself. Almost all financial institutions agree to include the cost of airline tickets.
6. Expenses Related to Studies
Pursuing a degree involves several expenses like purchasing books, laptop, course equipment, project work, study tours, etc. Such expenses are not covered under the tuition fees and require additional money. Many financial institutions consider these expenses while considering the loan amount. However, if study expenses are not included in your loan amount you can request your bank to add this to the list.
When you contact us, we will create your profile and assess your eligibility. Education loan advisors will advise you before proceeding with the documentation and application process. With our services, you can get your loan approved and disbursed quickly.
Kuhoo Student Loan can help you pay for your overseas education. Kuhoo Student Loan can put you in touch with knowledgeable education loan advisors.