International education is an incredible opportunity to gain a global perspective and experience a new culture. However, studying abroad comes with significant tuition fees along with living costs and additional expenses. These costs usually exceed what students can afford on their own, especially for students in emerging markets. That is why many students look for loans that cover both tuition and living costs.
Taking out a loan to cover the complete cost of attendance for international studies can be a practical decision. It allows you to focus on your studies without the stress of immediate financial burdens. This can be a practical decision in countries with high cost of living. You won’t have to dip into your family’s savings or investments. This financial strategy keeps your family’s finances stable while you’re pursuing higher education.
Sonal Kapoor, Chief Commercial Officer at Prodigy Finance, stated, “We believe financial limitations should never stand in the way of a transformative education.” She further added, “We are committed to empowering students on a global level to realise their dreams and contribute meaningfully to the world.”
However, taking a loan for tuition and living expenses will add up to the total amount you need to pay after graduation. Carefully consider the repayment period and your post-graduation income to make sure you can repay the loan. You can also look into scholarships, grants, and part-time work (depending on visa eligibility) to reduce the need for loans to cover living costs.
Universities typically provide a detailed breakdown of expected costs upon request. It covers almost everything like accommodation, food, transportation, books, mandatory medical insurance and other miscellaneous expenditures. However, the CoA varies widely between universities and countries. Researching the cost of living in your host country can help you estimate these expenses more accurately.
Prodigy Finance provides loans that can cover the full cost of attendance (CoA), which includes the cost of living and tuition fees. It helps you make the most of your experience while studying at your dream university. They also give an option for deferred repayment, allowing students to start repaying after 6 months of grace period after the classes end.
