How do you recommend financing the studies, through loan or savings?
It depends on your financial situation and comfort with debt.
- Savings: If you have enough savings to cover your expenses without affecting your financial security, using them can help you avoid loan interest and long-term repayments.
- Education loan: If your savings are limited, an education loan is a common option. Loans can cover tuition, living costs, and other expenses, but usually require collateral for higher amounts and come with interest (rates and policies are subject to change).
- Combination: Many students use a mix of savings and loans to reduce the debt burden.
- Scholarships: Explore scholarships and grants, as these can significantly reduce your need for loans or savings.
Carefully consider your future earning potential and repayment comfort before deciding. If you need help evaluating your options, connect with your LeapScholar counsellor.
More expert answers
A combination of personal savings and an education loan is usually the best approach for financing your studies abroad.
- Personal savings help reduce your loan amount and future debt.
- Education loans can cover tuition, living expenses, and travel if your savings aren’t enough. Loans may be secured (lower interest, collateral needed) or unsecured (higher interest, no collateral).
- Most loans offer a moratorium period (course duration plus 6-12 months) before repayment starts.
- Scholarships and assistantships can further reduce your financial burden.
Your optimal mix depends on your available savings, loan eligibility, and total study costs. For tailored guidance, connect with your LeapScholar counsellor.
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