Today, with the help of banks and other financial institutions, higher education abroad is now accessible with the growing options for assistance and fund management. To encourage international students to pursue higher education the foreign countries are coming forward.
Students can now dream big, because of the ease to apply study loan for abroad studies through the banks and NBFCs. While getting the loan processed and disbursed, there are many glitches and hassles faced by the students. There are some basic aspects that create these issues while applying for loans.
• The country specific student visa rules
• The respective university/ college fee payment requirements
Apparently, students educate and guide their parents for the admission and visa process, hence the parents themselves are not comparatively aware of the aspects of study abroad loan disbursal and processes.
Take a look at the countries and the respective visa norms for each of them below.
USA
After Visa is granted the tuition fees has to be paid. There could be some universities and academic institutions that ask for initial tuition deposit fees before the visa, that range from $200 to $2,000
UK
Before Visa application the tuition fees has to be paid
Sweden
The tuition fees (funds) are to be transferred to student’s loan account
Rest of the Europe
Before Visa application the tuition fees has to be paid
Canada – General
One year living expenses (CD$10,000) in terms of GIC (Guaranteed Investment Certificate) + Initial Tuition Deposit before Visa application
Canada – SDS
One year living expenses (CD$10,000) in terms of GIC (Guaranteed Investment Certificate) + One Year Tuition Fee before Visa application
New Zealand
To be paid after the Visa: One year tuition fees + One year living expenses (NZ$15,000) in terms of FTS – (Funds Transfer Scheme) if asked by the Visa Officer
Australia
One year living expenses (AUD $20,290) in saving account + one term/semester fees to be paid to the university: to be paid before the Visa Application
Herein, there can be two scenarios where:
1. The College/ University or Visa Authorities request to pay the tuition fees and/ or living expenses before the issuance of the Visa
In provision of refund policy in case of Visa rejection the financial institution will disburse the tuition fees and/ or living expenses.
2. Prior to issuance of Admission Letter or the student visa the College/ University or Visa Authorities request to have proof of funds in the loan account by disbursement.
The requested amount will be transferred/ disbursed into the savings account of the student with a hold by the bank.
There are specific conditions for each of the above, due to the risk involved:
• Only one term/semester/year tuition fee will be paid
• The student has to submit a copy of the Admission letter, College/ University’s ID card of the student and stamped copy of the Student Visa has to be submitted mandatorily in 90 days or next disbursement
• In case of rejection – due to the FOREX regulations the student is responsible to bear any differences in the amount occurred (a written consent for the same is taken before the sanction)
The parents and students should always be attentive to all of the overseas education loan requirements for a successful loan and visa issuance.
