If you are about to complete the process of a bank loan that will allow you to pursue higher education abroad , keep reading this article… you may give up when signing any payment commitment.
Compare financial institutions:
Most banks offer credit plans to study abroad, with different interest rates; and public entities usually charge less than private banks. In addition, some add certain extra charges that you should review very well. The most advisable thing is to apply to multiple credit programs, and once several approvals have been received, compare and make the best possible decision.
Almost all long-term careers are covered by student loans, but it never hurts to check if the financial institutions you plan to go to have selection criteria. For example, vocational and English courses are not usually guaranteed by this type of financial aid.
Punctuality in payments:
It is extremely important to pay the installments on time, in order not to suffer penalties or legal problems. When you apply for the credit, try to calculate how long you plan to pay it, considering the duration of the course and the salary you estimate to earn when you get a job. Make a payment scheme and follow it to the letter, because it will depend on you to keep a neat banking history that will serve you in the future when making any financial operation; including new loans to do an MBA , postgraduate or doctorate .
Usually, when the amount of money requested is very large, banks require that a guarantor be responsible for the payment in case the student fails to comply with the agreement; and this responsibility is usually assumed by one of the parents. That reason is more than enough for you to cancel on time and strive to complete the degree successfully, as it could affect the lives and savings of your loved ones.
Be sure to read each clause:
As we mentioned at the beginning of the article, take the time to thoroughly review all the paragraphs (especially the smaller print) of the bank loan agreement. Find out about prepayment possibilities, extension of the payment scheme in case you don’t get a job when you graduate, collection and interest structure, etc. Talk to your financial advisor to clarify doubts.
Apply for scholarships:
Even if you have received a bank loan, it is worth applying for scholarships and student aid; especially if you are a good student and you are sure of obtaining them. The extra money is never too much, and you can use it to cancel the debt acquired with the bank.