Studying abroad is a big deal. For many prospective students around the world, their potential isn’t a problem – but funding their dream education is. That’s why Prodigy Finance, a UK-based international lender, has been providing borderless student loans for more than 16 years – and over the past decade, has lent to more than 30,000 students from more than 150 countries.
Among the benefits noted by Prodigy’s network of international graduates, 74% of respondents in a recent survey noted that they had managed to double their annual salary post graduation – but that’s not the only benefit they enjoyed. 87% offered that as a result of studying abroad, they had built stronger personal connections. Among the other benefits of studying abroad, graduates can expect to enhance their:
Language skills
Being able to speak more than one language can open up job opportunities and allow students to communicate with a wider range of people. Personal growth Living in a foreign country can be challenging but also an opportunity for personal growth. Students may become more independent, self-sufficient, and confident as they navigate new surroundings and unfamiliar situations. Professional development Studying abroad can help students develop a range of skills that are highly valued by employers, such as cross-cultural communication, adaptability, and problem-solving. Overall, studying abroad can be a life-changing experience that can benefit students in many ways, both personally and professionally
Ready to begin your study abroad journey. If you’re interested in studying abroad, Prodigy Finance recommends following several steps to ensure that you can identify and pursue funding that’s right for you and make your dream a reality. Steps to finance your international Masters degree:
1. Explore your options: Before taking any loan, it is essential to conduct thorough research on lenders, their loan products, interest rates, fees, repayment terms, and their eligibility criteria. Interested students can use online resources or consult with advisors to gather information.
2. Shortlist lenders: After researching, students should then shortlist a few lenders who offer education loans that meet their requirements. Comparing interest rates, processing fees, and repayment terms offered by each lender can help students to choose the most suitable option.
3. Check eligibility: Every lender has specific eligibility criteria that must be met to successfully apply for a loan. Students should check the eligibility criteria of their shortlisted lenders and ensure they are met.
4. Apply: Once a chosen lender has been identified, students can begin their applications by submitting their information along with necessary documents, such as an admission letter, passport, mark sheets, proof of income, and other supporting files.
5. Verification: Once submitted, a lender will proceed to verify a loan application as well as the documents that have been submitted. The lender may also conduct an interview to assess a candidate’s eligibility and the purpose of the loan.
6. Sanction: If the lender is satisfied, they will sanction the loan. The lender will inform a successful applicant of the loan amount, interest rate, and repayment terms.
7. Disbursement: After sanctioning the loan, the lender will disburse the loan amount to the college or university or directly to a bank account.
8. Repayment: Students will then, as agreed in their loan terms, begin repaying the loan amount along with interest as per the repayment schedule agreed upon with the lender. Timely repayments and avoiding missed installments are crucial to maintain one’s credit score.
Taking an education loan for studying abroad can be a long process – but by following these simple steps, you can simplify the process and secure the funding you need to pursue your education abroad.
