How To Manage Funds For Your Child’s Study Abroad Dreams?

Here we are discussing about How To Manage Funds for Your Child’s Study Abroad Dreams?

Every year lakhs of parents aspire to send their children to Study Abroad for higher education. The USA, UK, Canada, Australia & Singapore are some of the popular study-abroad destinations. Once you have decided your child will go abroad to pursue his/her education, the next step is to figure out how to fund it. Yes, finances are probably the most overwhelming factor when it comes to studying- abroad. Still, proper planning can help you not only safeguard your child’s study abroad dreams but also make it happen smoothly.

The dream of your child studying abroad will require a lot of hard work on her/his part. At the same time, you as her parent or guardian must work incredibly hard in order to support her/him in realizing his /her dream. Parents have to plan well in advance for how they will provide funding for their children’s impending dream. The best way to accumulate funds to finance the study abroad dream of your child is by planning early and investing regularly. If your child gets a scholarship, it will greatly help in reducing the fund allocation.

Keep on reading this article to know more about How to Manage Funds for your Child’s Study Abroad dreams?

Things you should know as a parent or guardian:

I)Parents need to ask these questions to themselves: 

• Are the courses available (which are available abroad) in your home country?
• Will your child be benefited by the opportunities that the university abroad has on offer?
• Will your child find a better job upon returning back from the country?
• Will your child be able to manage alone abroad? What if he/she feels homesick or withdrawing in the middle of any semester?

II) Help your child to choose a university, which is not just a brand name but will help in shaping his/her future. If your child is indecisive about choosing a university, use your own judgment call to choose one for him/her

III) Education cost is something that you will need to help him/her plan.

IV) You need to help him/her apply for several scholarships so that he/she is not pressurised with loan debts, if any, later.

V) Do thorough research about the institute and the country where your child is willing to go and study.

How To Manage Funds For Your Child’s Study Abroad Dreams? - Key Tips

• Purchase a Forex card - One of the best ways for students to carry money abroad and manage their expenses is through a forex card. 

• Make your Budget plan

• Try to reduce daily expenses

• Start saving money as early as possible

• Make a Smart Plan

How to Manage Funds for Your Child’s Study Abroad Dreams?

Start early and make long-term financial planning-

Make early plans and start making some personal sacrifices as parents for your child's study-abroad dream. This will make it possible for your child to subsequently profit from studying abroad.

Saving a regular amount every month from your regular income will help you to meet the long-term abroad education requirements of your child. Review your spending history and try to cut back on non-essential expenses.

Enlist Source of Funds

This step is critical for fund management. There are numerous options for funding your child's study-abroad dream. All you need to do is plan your own budget and determine how much you can spend from your own savings before seeking outside assistance.

One of the most common ways to reduce overseas education costs is to apply for various scholarships and grants available to international students. You should also look into different education loans or other international educational assistance for students.

Select the right investment options

To fulfill your child’s dream, early research and investing in medium- and long-term investments are crucial. While investing, invest according to your risk appetite and investment capability. You can opt for several plans, including mutual fund-based Systematic Investment Plans (SIP), education savings, and investment plans.

Understand international currency

To estimate your child's study abroad budget effectively, it's critical to comprehend the various currencies, conversion rates, etc. One needs a fundamental understanding of the country's economic system because prices, levies, and the cost of living varies around the globe.

Consult an investment expert or study abroad expert

Making a budget, and a costing plan, and researching your possibilities for investments may cause you to feel a little stressed out and impair your strategy and action plan. It is best to speak with a specialist if you ever find yourself in such a scenario. You can investigate more choices and create a more thorough and practical plan with the assistance of investment advisors and study abroad specialists.

Top Education Loan Providers In India For Abroad Study

HDFC Credila

State Bank Of India

Axis Bank

Punjab National Bank

Bank Of Baroda

Canara Bank

Important Note: HDFC Credila Education Loan is one of the best education loans for abroad studies.

Conclusion

Once you have decided to send your child to study abroad, the next step is to secure funding for the studies. You must plan ahead of time how you will finance your child's Study Abroad dream. Proper planning on your part will not only protect but also smooth your child's study abroad journey.

In this article, we have tried to cover everything related to How to Manage Funds for your Child’s Study Abroad Dream. Hope now you know the answer to how to manage funds for your child’s study abroad education! 

Unsure where to start your international education journey? This article explores the top destinations for Indian students considering studying abroad. Dive in and discover the perfect place to launch your academic and personal ambitions!

FAQs: Managing Funds for Your Child's Study Abroad Dreams

1. How early should I start saving for my child's study abroad education?

The earlier you start, the better! Study abroad programs can be expensive, and compound interest can significantly grow your savings over time. Starting early allows you to make smaller, more manageable contributions towards your child's education.

2. What are the different sources of funding for studying abroad?

There are several ways to finance your child's international education. These include personal savings, scholarships, grants, student loans, and education investment plans. Researching scholarships and grants specifically offered by the target country or university can significantly reduce costs.

3. How much does it cost to study abroad?

The cost of studying abroad varies depending on the country, university, program, and living expenses. Researching these factors will help you estimate the total cost. There are online resources that provide estimates based on your chosen destination and program type.

4. What are some strategies to manage funds for studying abroad?

Creating a budget and sticking to it is crucial. Explore ways to cut unnecessary expenses and maximize your savings potential. Investigate tax-advantaged investment options for education funds. Remember, there might be fluctuations in currency exchange rates, so planning for these variations is important.

According to the article, studying abroad can be expensive, but there are ways to finance it. You can save money by budgeting and choosing an affordable university. Scholarships and grants are also available to help cover some or all of the costs. If you are interested in learning more about how to finance your study abroad dreams, be sure to read this article!

An IIT Delhi IIM Ahmedabad alumni initiative

Alpha Education Abroad is an initiative by IIT Delhi and IIM Ahmedabad alumni. The firm helps students get admitted to top universities overseas in the US, UK, Australia, Canada, Germany, and many other countries. It allows students to apply for graduation as well as post-graduation courses abroad. It also helps students get admitted to top 1 year MBA programs such as ISB and IIM Ahmedabad in India.