Study Abroad: The Scramble for Education Loans

Study Abroad: The Scramble for Education Loans

Jaswanth, a 26-year-old student from Hyderabad, who got admission for an MBA course at the IESE Business School in Spain, says “the real problem arises when you start looking for an education loan, especially if you do not have collateral with a value equal to your loan requirement

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Indian students planning to study abroad this year have to pay higher fees, fund their quarantine stay and also compete for on campus work opportunities.

In Part 2 of our Study Abroad series, students tell Divya Nair/Rediff how they are dealing with the additional costs.

With restricted intake and stricter norms, most students agree that the cost of international education has significantly increased during the pandemic.

Tanya Mishra, who plans to study global history and international relations at The Vrije Universiteit Amsterdam, will be paying almost double the fee for her master’s degree.

Private lenders do process the loan quicker than public-sector banks, but the interest rates are considerably high in comparison

“In 2020, the fee was approximately 12,000 euros; this year I am paying 20,000 euros, which is quite a lot,” says the 26 year old.

“The international intake is four per cent. Also, this year the university had announced that there will be fewer students compared to last year. If things get better and the city opens up, we are hoping they can move to regular classroom-based teaching,” Tanya adds. Continue reading “Study Abroad: The Scramble for Education Loans”