{"id":9428,"date":"2024-01-11T17:17:08","date_gmt":"2024-01-11T11:47:08","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=9428"},"modified":"2024-01-12T19:03:21","modified_gmt":"2024-01-12T13:33:21","slug":"ways-to-fund-an-overseas-education","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/","title":{"rendered":"5 Ways to Fund an Overseas Education Other than Fixed Deposits"},"content":{"rendered":"\n<p><strong>Ways to Fund an Overseas Education: <\/strong>Education funding is one of the most important parts of overseas education. It plays a vital role in deciding upon the future of the students. What if, we will say that there are several other ways other than fixed deposits with the help of which you can fund your overseas education? Indeed, you are reading that right. Keep reading the blog further to learn more about several other ways to fund your education abroad.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-mutual-funds\" data-level=\"2\">Mutual Funds<\/a><\/li><li><a href=\"#h-loans-for-education-funding\" data-level=\"2\">Loans for Education Funding<\/a><\/li><li><a href=\"#h-scholarships\" data-level=\"2\">Scholarships<\/a><\/li><li><a href=\"#h-grants-and-bursaries\" data-level=\"2\">Grants and Bursaries<\/a><\/li><li><a href=\"#h-work-while-studying-abroad\" data-level=\"2\">Work While Studying Abroad<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mutual-funds\"><span id=\"mutual-funds\">Mutual Funds<\/span><\/h2>\n\n\n\n<p>The systematic investment plan is an ideal choice for students who are planning to fund their overseas education. As per RBI records, mutual funds attract roughly 6 per cent of household savings. There are several benefits of mutual funds and the potential to beat inflation is the best advantage amongst all. <\/p>\n\n\n\n<p>The investment in mutual funds results in the regular interest amount which gets credited to the investor&#8217;s account regularly. The credited interest is used by the fund manager to buy stocks, bonds, or other financial instruments to have returns over time. And, these returns are passed to the investors as dividends till the time of withdrawal.\u00a0<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong><em>Also Read: Need help managing your education loan repayment? Check this blog and understand all about <\/em><\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-restructure\/\"><strong><em>Education Loan Restructure<\/em><\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-loans-for-education-funding\"><span id=\"loans-for-education-funding\">Loans for Education Funding<\/span><\/h2>\n\n\n\n<p>Student education loans typically have lower interest rates and lenders can wait till the time the student has graduated. In education loans, usually, parents are the co-signers while a student acts as a borrower for the bank.&nbsp;<\/p>\n\n\n\n<p>Generally, students have the choice to avail other loans like personal loans and interest-free loans as well. In the case of a personal loan, the interest loan is on the higher side and can vary as per the tenure of the loan. Here comes the <a href=\"https:\/\/fly.finance\/blog\/student-account\/credit-cards\/importance-of-good-credit\/\"><strong>importance of having and maintaining a good credit score<\/strong><\/a> because the amount of the loan depends upon the CIBIL score only. Also, When you <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-secured-education-loan\/\"><strong>apply for a secured education loan<\/strong><\/a> or any other type of loan, the lenders don&#8217;t just focus on your credit score, may consider other things as well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-scholarships\"><span id=\"scholarships\">Scholarships<\/span><\/h2>\n\n\n\n<p>Acquiring a scholarship is one of the best ways to sponsor overseas education because it comes with lots of benefits. One of the most renowned and well-known scholarships is the highly competitive and merit-based Fulbright Foreign Student Program for graduate-level studies. But, there are a lot more scholarships offered by the government of India, private universities, and the government of other countries as well.<\/p>\n\n\n\n<p>The scholarships offered by foreign universities and foreign governments have somehow emerged as one of the most preferable choices. The criteria of the scholarships may be based on performance or on merit. The best part is there is no limitation to the scholarships you can apply to fund your overseas education. As per RBI data, there had been an increase of 17 per cent in outstanding education loans in March 2023.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-grants-and-bursaries\"><span id=\"grants-and-bursaries\">Grants and Bursaries<\/span><\/h2>\n\n\n\n<p>Grants and bursaries come as blessings on a first-come-first-serve basis. These are basically financial aids or you can say they are gift aids that are not required to be paid back. Universities&#8217; financial departments usually deal with this. You can check your eligibility with the department as it may vary from institution to institution.&nbsp;<\/p>\n\n\n\n<p>The major difference between scholarships and grants is that grants are need bases, unlike scholarships. Scholarships are generally merit-based and require good performance throughout the academics. Crowdfunding&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-work-while-studying-abroad\"><span id=\"work-while-studying-abroad\">Work While Studying Abroad<\/span><\/h2>\n\n\n\n<p>This is one of the best ways to fund your education while studying abroad. Most of the countries like the USA, the UK, Canada, and many more countries allow students to work part-time while studying on their land. This comes as a wonderful opportunity to fund education as well as to repay the debts left behind in the home country. You can also <a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-loan-while-working-abroad\/\"><strong>pay the student loan while working abroad<\/strong><\/a> with the help of this wonderful opportunity.<\/p>\n\n\n\n<p>You will be surprised to know that in 2020, the UK reinstated its post-study work visa for international students, which allows students to stay in the UK for up to two years to pursue employment. If you are already studying abroad, be sure to check out the employment opportunities around you because you can <a href=\"https:\/\/fly.finance\/blog\/student-budget\/how-to-pay-your-university-fees-by-working-20-hours-week\/\"><strong>pay your university fees by working 20 hours a week<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong><em>Also Read: Interest Rate increased on existing education loan? Check this blog and know all about <\/em><\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-refinancing\/\"><strong><em>Education Loan Refinancing<\/em><\/strong><\/a><strong><em>&nbsp;<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1704953878501\"><strong class=\"schema-faq-question\">What are the other alternatives apart from FDs for education funding?<\/strong> <p class=\"schema-faq-answer\">There are several options available to fund education other than FDs. Some of the most preferable choices include mutual funds, education loans, government subsidies and scholarships.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1704953887350\"><strong class=\"schema-faq-question\">How can mutual funds contribute to education funding?<\/strong> <p class=\"schema-faq-answer\">Mutual funds provide an opportunity to invest in a diversified portfolio of stocks and bonds, potentially offering higher returns compared to FDs. Systematic Investment Plans (SIPs) in mutual funds can also help in disciplined and regular investments.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1704953896647\"><strong class=\"schema-faq-question\">What government schemes or scholarships I should consider for education funding?<\/strong> <p class=\"schema-faq-answer\">There are several government schemes and scholarships available for the students to study abroad. Some of the most preferable schemes include\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1704953921952\"><strong class=\"schema-faq-question\">How can I make my education funding strategy more tax-efficient?<\/strong> <p class=\"schema-faq-answer\">There are several government schemes and scholarships available for the students to study abroad. Some of the most preferable schemes include Fulbright-Nehru Master&#8217;s Fellowships, National Overseas Scholarship for SC Students, Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies, Erasmus Mundus Joint Master Degree, Agatha Harrison Memorial Fellowship, and Padho Pradesh.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1704966073278\"><strong class=\"schema-faq-question\">How insurance is important for my education funding?<\/strong> <p class=\"schema-faq-answer\">Insurance basically acts as a safety net in case of unforeseen circumstances. Insurance indirectly helps the family to divert funds to education funding.<\/p> <\/div> <\/div>\n\n\n\n<p>Remember, Education funding is a journey and not a destination. Be mindful while choosing the education funding option, check out the pros and cons, and take the decision wisely.&nbsp;<\/p>\n\n\n\n<p>To know more about the loan application process, the best <a href=\"https:\/\/fly.finance\/blog\/student-account\/\">bank accounts for students<\/a>, forex and banking experience for global students, or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\">international money transfers<\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\"><strong>Income Tax Rebate on Education Loan<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/faqs-on-restructuring-scheme-of-rbi\/\"><strong>FAQs on Restructuring 2.0 Scheme of RBI<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/\"><strong>Impact on Credit Score Due to Loan Restructure<\/strong><\/a><strong>&nbsp;<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 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It plays a vital role in deciding upon the future of the students. What if, we will say that there are several other ways other than fixed deposits with the help of which you can fund your &#8230; <a title=\"5 Ways to Fund an Overseas Education Other than Fixed Deposits\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/\" aria-label=\"Read more about 5 Ways to Fund an Overseas Education Other than Fixed Deposits\">Read more<\/a><\/p>\n","protected":false},"author":25,"featured_media":9440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[271],"tags":[],"class_list":["post-9428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Ways to Fund an Overseas Education Other than Fixed Deposits<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the ways to fund an overseas education. 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She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. 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Systematic Investment Plans (SIPs) in mutual funds can also help in disciplined and regular investments.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704953896647","position":3,"url":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704953896647","name":"What government schemes or scholarships I should consider for education funding?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There are several government schemes and scholarships available for the students to study abroad. Some of the most preferable schemes include\u00a0","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704953921952","position":4,"url":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704953921952","name":"How can I make my education funding strategy more tax-efficient?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There are several government schemes and scholarships available for the students to study abroad. Some of the most preferable schemes include Fulbright-Nehru Master's Fellowships, National Overseas Scholarship for SC Students, Dr. Ambedkar Scheme of Interest Subsidy on Educational Loan for Overseas Studies, Erasmus Mundus Joint Master Degree, Agatha Harrison Memorial Fellowship, and Padho Pradesh.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704966073278","position":5,"url":"https:\/\/fly.finance\/blog\/student-budget\/ways-to-fund-an-overseas-education\/#faq-question-1704966073278","name":"How insurance is important for my education funding?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Insurance basically acts as a safety net in case of unforeseen circumstances. 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