In the previous episode of the Students Speak series, we learned how her industry experience added value to her academic journey, why did she choose the UK as her study abroad destination, job prospects, her thoughts on education consultant and things to keep in mind while drafting an SOP. In this episode, we will capture her thoughts on financing her education independently, how did she find the perfect education loan partner, things to remember when applying for a loan, and valuable tips.

Key Highlights

·         Her thoughts on financing her education independently

·         How did she find the perfect education loan partner

o    Her requirements                                                                                 

o    Connecting with financial institutions

o    What made a difference in her education loan journey?

·         Things to remember when applying for a loan

·         Valuable tips from Akansha

Her thoughts on financing her education independently

Once Akansha received the acceptance letter, she researched to sort out the fund requirement. She wanted to earn a self-made badge and hence, chose to opt for a student loan. We, at Avanse Financial Services, truly admire her zeal to finance her higher studies independently by applying for a study loan.

How did she find the perfect education loan partner

Her requirements                                                                                         

The education loan consultant handed over a list of financial institutions when she expressed interest in financing her higher education. So, students can opt for either a secured loan (with collateral) or an unsecured loan (without collateral). Since she was keen on opting for a collateral-free education loan, she went for the latter. An unsecured loan doesn’t require any security, such as residential property or a fixed deposit against the loan. Secondly, she was interested in paying partial interest instead of simple interest during the moratorium period

Connecting with financial institutions

She connected with financiers and began the shortlisting process based on her unique financial requirement. Avanse Financial Services was the only provider that offered her a customised student loan that met all her finance-related needs.

What made a difference in her education loan journey?

Once she connected with Avanse team, the entire process was seamless. All her questions were answered politely, and she was impressed with the transparent procedure followed by Avanse Financial Services. Once she submitted all the documents, her loan was disbursed, and fees were paid to the university within 15 days. She praised the team for being kind, patient and helpful.

Things to remember when applying for an education loan

If you are applying for the first time, it is necessary to understand the application and documentation process, eligibility criteria and the loan amount you will need. Depending on the lender, the procedure may differ. So, ensure you have all the necessary documents ready.

·         You can use the following calculators to make the well-informed decisions

o    Education Loan EMI Calculator – To find the estimated EMIs

o    College Course Expense Calculator – To estimate your overall course cost

o    Education Loan Eligibility Calculator – To figure out the approximate education loan amount you are eligible to borrow

Her visa application experience

Since the education consultant managed her visa process, her experience was smooth and hassle-free. However, her peers had their share of issues due to the delays in the application and biometric tests. Hence, she recommended approaching an education consultant to get visa application assistance.

Akansha’s valuable tips

Never give up: You must have faith in yourself when things get challenging. Surprisingly, even political leaders have advisers to guide them, so nobody is perfect. You can use the internet to research and find answers to your questions. Keep persevering to achieve your academic aspirations.

Time management: Students should create a calendar and plan their schedule. Learn to follow a routine to manage your time efficiently.

Entrance exam: The GMAT is meant for B-school admissions, whereas GRE is widely accepted for most graduate courses. Students must choose between the two depending on their learning goals and the requirement of their chosen university. Akansha added that GMAT can be difficult to crack, so you may take some time to be fully prepared for it.

So, this brings us to the end of Akansha Jha’s academic journey planning. We wish her all the best for her study abroad journey and hope those insights shared by her illuminate your path so that you can set out your academic quest. If a lack of finance bothers you, then you can opt education loan to finance your higher education, just like Akansha. If you have any queries, please feel free to connect with us. We will be glad to partner with you on your academic journey.