Co-op programs are becoming increasingly popular among international students. So, if you are planning your journey to study overseas, you can also opt for Co-op programs. But what are these programs? How are they beneficial to you? Let’s find out together.
· Co-op program- meaning
· What are the benefits of cooperative education?
· Basic eligibility criteria
· What is the difference between a Co-op and an Internship?
· Can you get an education loan for Co-op courses?
Co-op program - meaning
If you believe that along with theory subjects, practical experience is important too, then the Co-op programs are for you. Co-op programs mean cooperative education. So, if you get enrolled on this program, you are allowed to work during your program. Besides, cooperative colleges will have a dedicated team to guide you through the entire process, like creating a resume and arranging interviews if they have tie-ups with organisations. Also, the duration of the course, the services offered for co-op programs, duration of the work assignment will differ depending on the university and the course you select.
What are the benefits of cooperative education?
· Competitive edge
Employers prefer students who have some hands-on experience over students who have none. Secondly, popular countries such as the US and Canada have witnessed an upsurge in demand for co-op students among recruiters. Most cooperative colleges will offer 1-2 years of curriculum in the US, the UK and Canada, including co-op programs.
· Domain knowledge
You gain not only valuable work experience but also develop expertise in your area of specialisation. So, when you finish your program, you don’t have to settle for a job that doesn’t match your existing skills. It increases your employability potential in your chosen domain. Besides, since you are familiar with job responsibilities, it will offer you a smooth transition at your workplace.
· Chance to earn extra bucks
When you study abroad, you have to consider a myriad of expenses beyond your tuition fees. By choosing a cooperative course, you get a chance to earn some extra cash to support your lifestyle in the overseas country. So, you can plan a short sabbatical from your busy study schedule or decide to create an emergency fund - it is completely up to you.
· Chance to network with industry experts
The co-op programs allow you to work off-campus with an organisation. Work exposure will enable you to connect with business giants, leaders, and industry experts. With the Co-op, you can establish and expand your professional network. If you want to have a perfect headstart in your career, your connections with your colleagues can help you a great deal.
Basic eligibility criteria
· You need to have a valid study permit for the duration of the course and co-op program.
· A letter from your chosen university that confirms that the co-op study program is part of your coursework and applies to all the peers in your class.
· Depending on the course and the university, you will need a minimum percentage to qualify for a cooperative study program.
What is the difference between a Co-op and an Internship?
· Most students bag internship opportunities during summer or winter breaks. On the other hand, Co-op is part of the coursework and is mostly a mandatory element. Also, when doing a Co-op, you have to strike a perfect balance between studies and work.
· The internships usually last for a month or two, but cooperative educational work experience may extend beyond 3 months and go up to a year.
· When you choose to do an internship, you may or may not find employment opportunities in your domain. However, the co-op education ensures you get hands-on experience in the same area of specialisation as your course.
Can you get an education loan for Co-op courses?
Most financial institutions will offer student loans for Co-op courses. However, it is advisable to check with your financier if it offers a study loan for your preferred course and the university.
So, now that you know everything about Co-op courses, you can start planning your academic journey. Lack of funds should never bother students; hence, at Avanse Financial Services, we offer an education loan for study abroad purposes. To know more about study loans, please feel free to connect with us. We wish you all the best.
We always aim to offer you competitive interest rates on your Avanse Education loan.
The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate + Spread.
Our current Base Rate is 14.25% (WEF 01.05.2023).
The Spread is floating and is based on analysis of overall credit and course profiling.
This rate is subject to the terms and conditions of Avanse Financial Services Ltd.