4 Questions to Ask Before Deciding to Get an Education Loan to Pursue MBA Overseas
Many young graduates are looking to pursue an MBA overseas to get an edge in the job market. The cost of living, the mode of repayment of an education loan and salary loss is to be factored into when staging a decision to study MBA abroad. The total cost for studying MBA overseas costs roughly around US$200,000.
According to recent studies, many students abandon the decision to pursue a graduate degree in view of the high cost of a loan and the burden of repayment. One can easily understand the benefits of pursuing an MBA, and the returns on the investment. However, even graduates are landing in senior and better-paid jobs.
It is advised to ask you 4 questions before filing an application for an education loan for MBA.
What are the requirements to get an education loan?
International banks do not readily lend funds to students to pursue MBA overseas. Even if they offer, the interest rates are quite high and could burn a hole in your pocket. To access a loan from an International bank, you need to provide a guarantor or surety. The chances to get a loan from local banks are bleak.
Do not fret. Peer to peer lenders including Prodigy Finance are ready to help students like you to study MBA abroad. Master’s students and MBA students from 118 nations across the world can access funds from Prodigy for studies abroad. Students need not provide any collateral or cosigner to access funds from Prodigy Finance.
How to choose the best Loan?
The loan offer consists of the actual loan amount, a number of installments and the interest rate. It is advised that students need to dispose of unimportant assets such as a car to mobilize funds and take lesser education loan. Students, who do not have sufficient funds, may need to avail a larger education loan. However, they should repay the larger loans faster even with smaller savings after graduation.
What is the currency to repay the loan?
Prodigy Finance offers in loans in British Pounds, Euros or US dollars. The students need to repay the loan in the same currency. Usually, students from Brazil or India studying in Europe pay back the loan in US dollars. Therefore, such students need to avail the loan in US dollars.
What are the loan options?
The banks have been in the forefront in terms of education loans. But, their number has gradually come down. Only one bank in the UK is offering education loans.
Of the late, peer to peer funding or crowdfunding has gained popularity in offering the education loans. Prodigy Finance has been in the forefront to provide loans for students to pursue engineering, public policy, business, and law.
According to Magali, Prodigy Finance foresees where the student will be headed and how the future earnings will be etc. The students are also allowed exchange information with their counterparts in another nation in deciding the courses and framing their career.