Every parent wish their son or daughter would someday become a doctor, engineer, lawyer, singer, sportsperson or complete their MBA studies and fly high in the success skies of businesses across the world. For this they work hard and try to save money as much as possible to give their children best education amenities for prosperous career ahead especially for higher studies. At times, if they are doing exceptionally well students might also aspire to study abroad. However, the first thing that strikes the mind of parents and students would be what will be the expenses for studies abroad? Are we going to afford the living expenses, accommodation, travelling, hostel fee, tuition fee etc. if we are letting our child go abroad?
The concerns that run into the minds of common people are absolutely correct. Even the riches have to think twice to let their son or daughter go abroad for higher studies. Also inflation costs, better education amenities, competitive lifestyle all this only add to the rising concern of safe and effective career prospects ahead. While traditional finance and little savings are obviously incompetent against the huge expenses for higher studies abroad, Study loan abroad has come as an easy breather for millions of students to aspire to study in foreign university or institutes.
Today government and private finance firms has taken concrete steps for providing better education facilities to the youth of our nation. In order to make sure that no student is denied of pursuing higher education, they have come up with state-of-the-art facilities for Study loan abroad scheme. So bank a suitable opportunity now and create own your world of successes by pursuing good and quality higher education in India or abroad. While taking a loan for study overseas most parents are worried about interest rates, loan amount sanction, repayment ways and tenure of the loan. The article discusses few of the aspects for consumers to get more clarity on overseas education loan.
Loan Amount
A loan amount of around 20-25 lakh is usually sanctioned by government banks. Also a study abroad loan amount of more than Rs 7 lakhs and above are usually sanctioned against fixed deposits, NSC certificates, property worth the loan amount with a margin amount of 15 percent is taken for it. But few of the leading finance firms in India give foreign study loan at no margin money costs. They design study loans without setting any cap on finance and provide 100% coverage of education costs, making such young talents of India free from unnecessary burdens.
Interest Rates
Some leading private finance firms are offering loan amount with interest rates as low as 12.75% and the processing fee is mere 1-2% of the Study loan Abroad amount being calculated on a case-to-case basis.
Repayment Strategies
For repayment banks or private firms come up with flexible payment options such as EMI payment course, Interest servicing during course & partial interest servicing during course. Check out the options and then decide the repayment as per your flexibility. Repayment is also one of the important part of Study loan Abroad finance and you need to clear the debt associated with your loan. As this is the best helping hand that you get during your rainy days of searching finances for your higher studies.
Tenure
Ideally the period for loan repayment varies from between 10-15 years. These loan repayments don’t start from day one. Most banks or private finance firms have a six month waiver period for those getting a job or one year who is in the process of searching for job after higher studies, which is known as a moratorium period.
It is necessary student display sufficient proof of funds to secure an admission in foreign university. Most of time students sack their dreams because of this prime concern. However, many private finance firms have come up with unique and friendly solution for customers such as pre-visa disbursement loan, pre-admission loan, certificate of availability of funds, gre score based loan, bridge loan, fast track loan etc. which cater exclusively to students’ particular requirements and set them free from any form of obstacle in their road for career development. It is advisable take your own time to really go through the Study loan Abroad agreement’s fine print before you sign it. Keep your eyes open on few things like interest structure, pre-payment details, or if there is way out if you job delay after graduation.
Source: http://www.articles.seoforums.me.uk/Europe-UK-US-Article/how-arrange-education-finance-overseas-study

secured loans

Thanks to a buoyant housing market over the last decade, many of us are sitting on – or in – an asset that has risen in value, our own home. And if you have a mortgage on that house, chances are that you have built up a considerable equity value in it.

Equity is the difference between the loan outstanding on your property, and the property’s current value on the open market. Even in situations where local housing market prices may have fallen back a little recently, for many people it is likely that they have a substantial amount of equity. Many of us have repayment mortgages, in which the amount of capital outstanding continues to reduce over time, thus helping to build the equity figure.

Anyone with equity in their home can utilise this as an asset, against which a loan can be secured. Lending institutions such as banks, building societies and specialist loan companies prefer to advance a loan when it is secured against an asset – such as a partial charge against your home – as it gives them comfort in the unlikely event that the borrower cannot carry on and complete the agreed loan repayment contract. And, as you have pledged something of value against your loan, then it is highly likely that you will be motivated to complete the payments in a timely fashion.

As a result of this added comfort, the lender will typically offer a lower interest rate to a lender, reflecting the lower risk. So a secured loan will normally be several percentage points of APR lower, than if you were to take out a personal loan (which is unsecured) for the same amount of money. And it will always be substantially cheaper than borrowing on, for example, a credit card.

So, with the benefit of lower monthly payments, a secured loan will almost always be more attractive than a personal loan. And, so long as you are a homeowner, it will therefore be the most popular option.

Even if you are not in the position to advance your home as security, there are other options. Some loan providers can take alternative collateral, including stocks and shares, other assets such as a boat or car, or even high value items such as jewellery.

A simple legal document is used to give the lender rights against your assets, for the duration that the loan is outstanding. Then, when the final instalment of your loan is repaid, the ownership is transferred fully back to you.

As with any financial product, there is always a choice, and it’s not necessarily the best bet to simply go with your own bank. Often a loan specialist can help arrange a secured loan that suits your particular circumstances; the specialist will know which products have the best rates available, which may have arrangement fees and so on, enabling them to help you make the best choice. And in the case of an unusual item of security, they will be in a position to advise you on the loan provider who would be most comfortable with particular items.
http://www.uksecuredloanspecialist.com/

Studying abroad – planning is essential to ensure that adequate funds are at disposal when needed. Moreover, while applying for the student visa, you need to show proof of sufficient funds to cover at least the first year of education.
Education today is the key to professional success and is treated as an investment by parents who are willing to run that extra mile to give their child the best possible education. In recent years, education has been globalised which has increased awareness of the best institutes worldwide or even the fact that under grad, grad education can be done aboard.
This has resulted in more and more Indian students going to various countries for education; be it for grad courses or post grad courses. Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of funds sufficient to cover at least the first year of education.
In 2009, India ranked number 1 (103,260 students) among the international students studying in the US. If you are planning further education in the United States of America (U.S.A), mentioned below is a brief guide on what options are available for funding your education.
University/College Funding Option/Financial Aid
The first thing that comes to your mind is an education loan. But even before you opt for an educational loan, make sure you tap the university/college funding option.
 Undergraduate and graduate courses
Many universities offer financial assistance to international students primarily based on merit and rarely on poor financial background. The amount and type of assistance offered varies for different universities, departments and level of study. Assistance of funds is more likely for graduate studies and less in undergraduate courses. Also funds are more likely to be available in fields like engineering, physical and biological sciences, rather than humanities, social sciences and management.
In order to seek financial assistance, you need to submit the institution’s financial aid application form and the foreign student’s financial aid form, which will be provided by the college and will be administered by the board’s college scholarship service. In addition, some details will be required which may include
* Your total personal annual income if any
* Total annual income of your parents
* Your average annual living expenses
* Some details of you and your parents’ assets
You need not be disillusioned if you do not get the financial aid at the onset, because many students manage to get some financial aid from the university/college after a couple of semesters.
 Post-graduate degrees
Postgraduate students have to indicate their requirement for financial aid at the time of filling in the application form. The different types of financial help available include:
Tuition waiver: This means that the student does not have to pay the tuition fees at the university. However, general fees (for the use of university facilities like the library, computers, and sports and health services) usually have to be borne by the student. A tuition waiver is frequently awarded in conjunction with a scholarship or teaching/research assistantship.
Scholarship / Fellowship: This is usually an outright grant based on the student’s academic ability and performance. Hence, only a truly outstanding student may be considered for this type of award, before being enrolled at the university. A full scholarship would pay for a student’s entire living expenses at that university, whereas a partial scholarship would require additional funds from the student.
Assistantship: Most students, who receive assistance, usually do so in the form of an assistantship, i.e. a cash stipend sufficient for their living expenses, and/or tuition waiver. To get this, they have to work for a maximum of 20 hours per week. This work normally consists of teaching and research activities. Information brochures of most universities give this information. Often, students will have to prove teaching and research abilities before the assistantship is granted. Hence, many universities grant this only after the first semester. You may also be required to take TSE (Test of Spoken English) to qualify for a teaching assistantship.
Other Sources of funding
There are several other sources of funding available for students applying for colleges/universities in the US, especially for grad and undergrad courses. You need to do adequate research on the same. Some of the websites that may be useful in this regard include a website on financial aid for international students and NAFSA Association of International Educators
Who should apply for financial aid?
* Students having high Standardized Examination scores (GRE, GMAT, TOEFL among others)
* Students having evidence of a high level of academic achievement
* Students having teaching experience in a subject offered at the undergraduate level (to increase opportunities for a teaching assistantship)
* Students having outstanding letter(s) of recommendation and an impressive statement of purpose.
* Students having research interest which parallels that of the department and faculty or private funding source ( it increases opportunities for research assistantships and grants)
Education Loan
 International student loan
For an education loan in the US, international students are required to have a US Citizen or permanent resident as a co-signer to apply for the loan. The co-signer must have had good credit history and good employment history (or other income history if the co-signer is not employed). A good US co-signer is critical to getting your loan approved and priced reasonably. The better your co-signer, the better your interest rate will be. The co-signer is responsible for paying back the loan should you default on it. So if you do not have a co-signer in the US, you cannot explore this option. However, there are some banks that waive the co-signer requirement for specific schools. You should check this information from the school website. E.g. Citibank provides loans to international students admitted to Harvard Business School without a co-signer.
 Advantages
* No collateral is required
* Repayment terms are flexible
* The loan is paid directly to the student giving him the flexibility to spend the money
* No application fee is levied
Interest rate is much lower in comparison to that charged in India. If you apply through a creditworthy co-signer, you will get a low rate of interest. Interest rates are variable and will be essential LIBOR plus a margin and will be reset monthly. The margin will be set by the lender depending on the credit history of the co-signer.
So if you have a co-signer, then taking an international education loan make prove to be financially beneficial because of the low interest rates and flexible repayment terms.
Educational loan from an Indian Bank
If you are unable to get a loan in the US, the next option is to obtain one in India.
Eligibility
* Admission should be confirmed
* Loans are not given for correspondence courses
* Past academic record of the loan seeker should be satisfactory.
 Collateral: Usually for loans up to Rs. 4 lakh, no collateral security is required. For loans ranging from Rs. 4 lakh to Rs. 7.50 lakh, collateral in the form of a satisfactory third party guarantee is required. For loans above Rs. 7.50 lakhs, 100 per cent collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities is required
 Repayment: Repayment has to start 6 months after the completion of the course or if the person gets a job immediately after completing the course, one-month after getting the job. The maximum time given for the repayment is 15 years counted from the date of the first disbursement.
 Interest: Banks offer a choice between fixed and floating rate. Most nationalized banks offer variable rates while private and foreign banks charge fixed rates. The rate can vary between 10 per cent and 15 per cent.
* No prepayment penalty is levied

Source: http://blog.santamonicaedu.in/category/bank-loan-for-education/