All you need to know to plan your child’s studies abroad
SMART Studying abroad can be a lifealtering experience but the right budgetary planning is essential to make it a smooth and memorable experience
Indian parents leave no stone unturned when it comes to their child’s education. In fact, India ranks second (only behind China) when it comes to sending students overseas for higher studies; the country is much ahead of Germany and has more than triple the headcount in this global race when the US is brought into perspective. The credit simply goes to Indian parents’ uncompromising attitude for their child’s academic success. One of the proudest moment for a parents in their life is when their child get an acceptance or admission letter from a foreign institute or university. But with this eureka moment comes a lot of challenges and responsibilities including complicated financial decisions when the child is planning to study abroad. But overseas education also comes with a range of challenges unique to its own, the biggest being outward remittance, or simply, sending money abroad. From curriculum, lodging arrangements to fee structure everything seems complex for parents and on the top the lack of awareness about foreign exchange makes the whole process a herculean task.
Studying abroad can be a fun and amazing experience but the right foreign exchange deal can make this budgetary to adding on to your savings for future requirements in a foreign land. By doing the right research in advance and taking help of online forex marketplaces, parents can track the foreign exchange in a better and cost effective manner as a lot of money goes off into air in forex transactions. Even minor financial details can cause major headaches while you’re abroad.
Here are few tips that can the help students studying abroad and their parents to save money and prepare themselves much in advance for overseas education.
UNDERSTANDING THE BUDGET AND EXPENDITURES
Start planning in advance to avoid last minute hassles particularly the ones related to finances. Managing cost of overseas education is a big concern for majority of parents especially those who are from modest backgrounds.
Do proper research as there are many scholarships and fellowships available to reduce the cost of studying abroad. Parents should also encourage their children to take up some internship or part time employment so as to cover some costs. Even Phone calls are pricey when your child is traveling overseas, hence it is advisable to become more social media friendly and tech savvy. Facebook, skype calls etc are cost effective to stay close to your child.
VISA
The application process for a study abroad student visa can be confusing as it varies from country to country. Ask your institution abroad for a letter stating that they are sponsoring you in case of a sponsorship. Keep supporting documents ready as a proof that you child has sufficient amount of money in a bank account on his or her name so as to justify the living expenses. Keep your passport ready in advance. Assist your child in planning his itinerary, figuring out stay and lodging, local travel and miscellaneous expenses, and gather visas, passport and insurance in advance. Get involved in all the paperwork so as to boost your child’s confidence to study abroad.
A CLOSE LOOK AT THE FEE STRUCTURE
Do your homework well to figure out the cost of studying in the identified university and the host country.
Although a lot of countries have good immigration policies to encourage any international student to consider their country as a preferable study destination. Still it is crucial to evaluate the various aspects covered in the overall fees through constant communication with the concerned authorities. Take a look at the cost of studying, along with the living and other basic expenses. The living cost will entirely depend on the way and where your child choose to live in the identified country. From homestays, rented apartments to on-campus stay, analyse the options as per your budget.
Also do some research on dining out options to figure out the food expenditure.
Apart from the admission and tuition fees, consider the appli- cation cost. From Electricity, Internet, phone calls, local transportation, groceries and foreign money transactions, examine all the expenditure carefully.
CHOOSE BEST FOREX PRODUCT
Every single penny counts when you are in a foreign land. High exchange rates and hidden costs can put a lot of financial pressure on your budget. The exchange rate is basically how much your cash is worth in another country’s currency. Select a good forex product that can lead you to fearless, money saving and timely foreign exchange deals. This ensures you’re getting the most value out of your dollar. ATM’S or wire transfers via banks are considered as the best place to transfer or get money abroad. But in reality, you can be charged multiple fees with hidden costs from your bank each time you use an ATM or do a wire transfer. These hidden costs and confusing charges can unknowingly take a big chunk out of your budget. Sign up for a good forex product that can help you in cost effective transactions without putting any unnecessary dent on your budget.
Currency exchange is one place where parents lose most of their money. Due to lack of clear understanding and in absence of right platforms to track and evaluate their forex exchange, parents are clueless about their hard earned money which goes off into air in forex transactions. Foreign education is extremely expensive and most of the parents are unaware of the various forex platforms that exist to reduce currency exchange charges. Thanks to the disruption in this space as India is witnessing a new breed of innovative and extremely cost effective online forex marketplaces. Low cost and single click Forex transaction is no more a dream or a desire.
These marketplaces offers expert services to help in understanding policy restrictions, preparing documentation and explaining the right procedure for various modes of transferring money. A team of professionals at these platforms keep an eye on all your foreign exchange transactions and assist in ensuring seamless, cost effective and simplified foreign exchange.