Can you explain the education loan process and how it works for studying abroad in New Zealand for a Master's?

Yes, you can get an education loan to study abroad, including for a master's program in New Zealand. Here’s how the process typically works:

- Estimate your costs: Tuition is usually around NZD 32,000/year, and living expenses about NZD 20,000/year (subject to change).
- Check eligibility: You’ll need a good academic record, competitive IELTS or TOEFL scores, and a co-applicant (often a parent/guardian with stable income).
- Choose loan type: Secured loans require collateral (like property); unsecured loans don’t, but may have higher interest rates.
- Select a lender: Public banks offer lower rates and longer repayment, while private banks process faster but may have stricter criteria.
- Apply: Submit documents (transcripts, test scores, admission proof, financials). Processing usually takes 5 - 7 days.
- Disbursement: After approval, you’ll get a sanction letter and funds are released as agreed.
- Repayment: There’s often a grace (moratorium) period until a few months after graduation, then monthly payments begin.

Interest rates and policies are subject to change. For detailed guidance or help with your application, connect with your LeapScholar counsellor.