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Scholarships for Indian Students Study in Dubai Study in Dubai Scholarships

Scholarships in Dubai for Indian Students – How to Apply and Qualify

In a recent interview from May of 2024, a senior official of Heriot-Watt University, Dubai, explained how the buoyant job market, the booming business sector, high rates of employability in Multi-National Companies and relatively easy Visa rules and application process makes Dubai one of the prime choice for Indian students to study abroad.

Dubai, is home to around 50 plus universities, out of which multiple are accredited by the Ministry of Education, UAE. Out of the many aspects of these universities, in this blog, we will be addressing the financial factors. The fee structure for every course is different based on the structure and design of the course, as well as the University that hosts it. We will primarily be discussing the scholarships and Financial aid provided by the top universities in Dubai.

Value of UAED and INR

Let us first know the value an Indian rupee holds in the market of the UAE. A Hundred Indian Rupees equals 4.41 UAE Dirhams; conversely, a Hundred UAE Dirhams equals 2270 Indian Rupees. Based on the exchange rates, the value changes, but is still approximately around the above-mentioned value.

Because the value of the UAE Dirham is higher than that of the Indian Rupee, tuition fees, accommodation fees, and other miscellaneous finances might be a little taxing economically. Hence, applying and qualifying for scholarships in Dubai can prove to be a very beneficial and helpful financial aid.

Scholarships

According to the classic definition, a Scholarship is a financial award given to a student to help support their education. Scholarships can be based on academic merit, special academic achievements, athletic achievements (the field of sports activities), the background of the student, special quotas like the military or the minority, and based on financial needs of the student.

In the following paragraphs, the scholarships provided by the Top universities in Dubai, and applicable to Indian students will be explained.

Zayed University

Ranked at the 4th place in UAE, Zayed University has an Undergrad tuition fee of 2500 AED per credit hour. Here are details regarding the fee structure and scholarships.

  • The fee is not exempted for Indian students.
  • In case the complete payment cannot be processed in one go, they can be divided into instalments payable in the Fall, Spring, and Summer terms of the undergraduate level.
  • At the graduate level, scholarships are provided for international students who fit in the given criteria.
    • The applicant must submit the complete application before the due date and must receive an offer for full admission to Zayed University.
    • The scholarship level and value are determined by the student’s academic CGPA. For instance, a student scoring a 3.70 CGPA, will be provided with 25% of the tuition fee as the scholarship.
    • The scholarship is withdrawn if the student fails to maintain their CGPA above 3, and if the student is dismissed from the course for any reason.
  • The Zayed University alumni scholarship is applicable to students passing out of Zayed University and holding a Zayed University Bachelor’s or Masters degree.
  • ZU also provides a financial compensation award for students selected under the Graduate Teaching Assistantship, Graduate Research Assistantship, and Graduate Administrative Assistantship.
  • They also provide tuition discounts for students who are sponsored by another entity that is in partnership with ZU and follows the protocol decided upon.

University of Wollongong in Dubai

UOWD has provisions to provide scholarships to qualifying students based on Merit, and athletic excellence. These scholarships cover an aggregate sum of the tuition fees but do not cover the living expenses or the additional study-related costs.

Scholarships provided for bachelor’s degree with integrated freshman-year students are:

  • The scholarship is limited to the students who fit in the required criteria and is based on early applications for the same. The following scholarship
  • The value of scholarships for Indian students is as follows:
    • Students securing 95% and above in the State boards or CBSE, receive a 50% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 25% off.
    • Students securing between 85 to 95% in the State Board or CBSE examinations, receive a 25% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 15% off.
    • Students securing between 80% to 85% in the State Board or CBSE examinations, receive a 15% scholarship on tuition fees, meanwhile, a student pursuing a 3-year bachelor’s degree gets 10% off.
    • To continue the scholarship, one must maintain a certain level of scores, and enroll in a specified number of courses as declared by the University.
  • Masters’ students are provided with a 15% and 25% scholarship based on the following requirements:
    • Acceptance from the University for a full-time course in ZU.
    • A minimum of 9/10 GPA in the bachelor course for a 25% scholarship.
    • A minimum of 8.5 /10 GPA in the bachelor course for a 15% scholarship.
  • The Adam Gilchrist sports scholarship is awarded to two students who are professionally representing a team or playing at the state and national level and have had a 65% and above score in their board exams. This is applicable to both the undergraduate and graduate levels.
  • For continuing students, a 15% to 25% scholarship is provided with a requirement of a minimum cumulative Weighted Average Mark (WAM) of 75 in their studies, and the completion of a minimum of 36 credit points.
  • The number of Sports scholarships for continuing students is unlimited in number

The British University in Dubai

Following the University of Wollongong in the list of University rankings, BUiD provides Scholarships for Undergraduate and Graduate level programs.

  • The scholarships at the undergraduate level are segregated depending on the departments like Law, Computer Science, Business, and Electromechanical Engineering degrees.
  • For Indian students, merit-based scholarship is provisioned:
    • 50% scholarship for high school grades > 98%; required to maintain a GPA around 3.9
    • 35% scholarship for high school grades > 90%; required to maintain a GPA around 3.5
    • 30% scholarship for high school grades > 80%; required to maintain a GPA around 3.2
    • Other scholarships involve a Sibling discount (if one of your siblings is also studying at BUiD, scholarships for people of determination, and for children of BUiD alumni.
  • Scholarships for the Master’s programs include:
    • Discount if there is a first-degree relative studying in the University at the same time.
    • Group discount for a minimum of 5 employees from the same company joining at the same time.
    • Getting a score of Distinction in your bachelor’s degree.

Amity University Dubai Campus

The scholarships provided by Amity University in Dubai are granted annually after the re-evaluation of merit scores. Indian students can qualify for the International student scholarship.

Manipal Institute of Higher Education Dubai

The MAHE Dubai provides scholarships to Indian students in the following categories:

  • Merit-based scholarships for students meeting the required criteria in terms of their academic performance. 30% of the tuition fee wavered during the first year of study.
  • Sports Scholarship for individuals exhibiting athletic excellence. 50% of tuition fee is waivered during the first year of study.
  • Girl Child Scholarship provides a 100% waiver on tuition fees. This scholarship is provided in partnership with the Embassy of India in UAE.
  • Alumni Scholarships with a 25% waiver for students of MAHE Dubai pursuing higher studies in the same University.

All of the above-mentioned scholarships are subject to terms and conditions set by the Universities. Read carefully before applying. It is suggested that you opt for tele-consultation, or discuss with the administration staff regarding the scholarship that benefits you the best.

Make sure to visit the websites of these colleges to know more about the last date of application, and apply in due time

Happy learning!

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Study in Dubai Universities in Dubai

A Step-by-Step Guide for Indian Students applying to universities in Dubai

Education in Dubai is popular amongst Indian students. In this blog, we will outline the basic steps of applying to the top universities in Dubai. We will also take a look at the reasons making Dubai an optimal choice to pursue education, while also listing the best universities in Dubai.

Top Reasons why Students Prefer Studying in Dubai

A. There is a wide range of Universities and business sectors, and there is constant competition. This creates an intensive atmosphere to develop the skillset and mindset of the students, thus benefitting them in some way.
B. The innovative and futuristic nature of technology, adds cutting-edge exposure to the student’s overall experience.
C. The proximity to India makes it convenient to travel and lowers travel costs considerably.
D. The multicultural environment in Dubai creates a safe space for students of all nationalities. And there is always somebody you know from India working in Dubai! This makes students feel at home.
E. Numerous Indian Universities have an offshore campus in Dubai. This provides students with UGC-approved education combined with practical training from the job markets in Dubai.

Top-Rated Indian Universities Located in Dubai

A. Amity University in Dubai
B. Manipal Institute of Higher Education
C. BITS Pilani Dubai Campus
D. SPvJain School of Global Management

Top-Ranked 5 Accredited Universities in Dubai

A. Zayed University
B. University of Wollongong in Dubai
C. British University in Dubai
D. Canadian University in Dubai
E. University of Dubai

Top Five Popular Courses in Dubai

A. Business Administration
B. Architecture and Urban Planning
C. Arts and Design
D. Hospitality and Tourism
E. Sustainable and Innovative Technology

The step-by-step guide for applying to Universities in Dubai for Indian students is as follows:

Step 1: Selection of an Area of Interest:

  • Based on personal preference.
  • Based on market trends.
  • Based on the courses available.
  • Based on the scope of the job.

Step 2: Shortlisting Courses.

  • Compiling a list of suitable universities.
  • Selection of a university:
    • Based on the world ranking.
    • Based on their course structure.
    • Based on the placements and internships provided.
    • Based on the faculty.
    • Based on the mode of education. ( language, and attendance)

Step 3: Checking Course Requirements:

  • Minimum Education
  • Marks
  • Entrance Exams
  • Intake Semester
  • Visas
  • Passports

Step 4: Applying to the University

  • Prepare the materials
    • CV
    • Portfolio
    • Recommendation letters
    • Marks Sheet
    • Identity certificate
    • Passport size photographs
  • Fill the application form with due importance given to completing the task before the deadline.
  • Pay the application fee.
  • Preparing for the entrance/interviews.
  • Wait for confirmation.

Step 5: Counselling

  • In-person
  • Tele counselling:
    • Accommodation
    • Facilities
    • Payments
    • Scholarships
    • Other requirements

Step 6: Applying for a Visa and Passport

  • Application process
  • Necessary documents
  • Insurances

The Detailed Guidebook for Indian Students Applying to Universities in Dubai

Step 1:

The pre-requisite to college application is knowing what one would like to plan for their career and future. The first step is to narrow down an area of interest. A few pointers that will help you with the Selection of an area of interest are:

  • Your personal preference that aligns with your aspirations, dreams, values, and goals.
  • Based on the current trends in the job market, the needs of the hour, and the range of the job.
  • Based on your personal preference and market needs, browse through the courses available in the chosen field.

Step 2:

The next step is to Shortlist the courses, and the colleges providing the desired programs. To be able to do this, start with:

  • Compiling a list of suitable universities. This can be chosen based on the city you want to study, the provision of facilities, reputation and ranking, and the academic quality of the university.
  • In our case, we are going ahead with Dubai, one of the most promising cities in the world for education, and a home to 50 plus highly ranked global universities.
  • Another important factor to consider is the course structure. Please make sure to understand the curriculum thoroughly to get an idea of what you will be learning. The faculty also plays a vital role.
  • Although most colleges in Dubai use English as the mode of education and communication, double-check before shortlisting.
  • The final and essential factor while shortlisting universities is to check the internships provided by them the nature and type of placements available, and whether it is feasible to continue with your Visa.

Step 3:

Once the courses are shortlisted, proceed to check the requirements needed to study the course. Factors you need to consider are:

  • The minimum level of education required to study the course is as follows: Certain courses also require you to have studied a specific subject in your previous academic year. For instance, courses like an MBA require you to have studied statistics for your bachelor’s or equivalent degree.
  • The percentage of marks scored in the previous examinations also counts as an important aspect in the selection criteria.
  • Scores on entrance tests formulated by the university, or scores on International Language Testing like IELTS and TOEFL. International English Language Testing System functions as a standardized English language test for non-native English speakers. This acts as an entrance test for students applying to universities in foreign countries. Indian students applying to study in Dubai need to have their scores on IELTS to get admission to certain universities.
  • IELTS measures proficiency in English Listening, Reading, Writing and Speaking. To qualify for a Visa application, one must take this examination in person either through the computer mode or through the paper-pen mode. To prepare for the test, the official website of IELTS India provides with sample test papers, reading and writing material, webinars, applications and much more. To apply for universities in Dubai, you can take the IELTS Academic Test. IELTS General Training test can be taken if you wish to study in Dubai below the graduate level.

Step 4:

After the course requirements are understood, go ahead with enquiries and counselling. Counselling here refers to a professional from the University department explaining the course, and its outcomes, and checking your suitability for the same. Counselling can be done in person when you visit the campus or can be done as tele-counselling if you are not able to physically visit the campus.

During Tele-counselling, remember to discuss the following key points:

  • The structure of the course. This includes how subjects are divided across semesters, the options for electives, the co-curricular activities, and the subjects under study.
  • Although course requirements are usually posted on the official website of the university, go through them with the counsellor.
  • Enquire about the facilities on campus like the cafeteria, gymnasium, basketball courts, playground, swimming pool, music room, auditoriums and so forth.
  • Ask about the accommodation provided by the university, and if not what would private expenses and options for accommodation look like
  • Finally, discuss one of the most important aspects; the Fee structure. Ask questions to learn more about:
    • The total fees including the tuition and other costs.
    • Availability of the installment payment system.
    • Scholarships available and how to qualify for them.
    • And any other miscellaneous requirements of the University.
  • Once tele-counselling with all the shortlisted universities is done, come to a decision about the course and university you would like to study at.

Step 5:

The final step is to send applications to the list of shortlisted universities. First and foremost get your documents in order. These include:

  • Your Marksheets from grade 10, grade 12, and Bachelor’ (that is if you are applying for a master’s)
  • Recommendation letters as per the requirement of the university.
  • Portfolios if applicable.
  • Identity certificate or Passport: A passport is the official document to travel internationally. It verifies and confirms your identity as a resident of the country. It also verifies your personal details like age, address, and so on.
  • And Passport size photographs.
  • Fill the application form with due importance given to completing the task before the deadline.
  • Pay the application fee and any other fee applicable. Make sure to keep a copy of the receipt.
  • Prepare well for interviews in any, and keep your documents ready.
  • Wait for confirmation from the university before finally choosing the one University that you want to study at.
  • The last step would be to file for a Visa after confirmation of admission by the University. A Visa is an official document that allows an individual to enter a foreign country legally. A student Visa can be applied for to study at a University in Dubai.
  • While applying for a Visa, the following points need to be taken into consideration:
    • Acceptance letter from the university.
    • Accommodation proof.
    • Sufficient financial funds for expenses, tuition fees and medical insurance.

That is all about applying for your education in Dubai. Happy Learning!

Categories
Universities in New Zealand

Top Universities for Indian Students in New Zealand

New Zealand, the land of beauty and education, hosts many Indian students pursuing higher studies abroad. The educational institutions of the country are known to be the epicenter of academic excellence with a wide variety of programs meant for a global audience. This blog provides an insight into a few of the top universities in New Zealand for Indian Students.

A Closer Look at the University of Auckland

Ranked 68 in the QS World University Rankings 2024, the University of Auckland is New Zealand’s highest ranked university. This is further backed by a five star plus QS Stars University Rating for excellence in the categories: Research, Employability, Teaching, Facilities, Internationalization, Innovation and Inclusiveness. The University of Auckland conducts teaching and learning at two large-scale research institutes, and other institutes and centers. It offers a wide range of study options at undergraduate, postgraduate, and doctoral levels. The programs span across eight faculties: Arts, Business, Creative Arts & Industries, Education & Social Work, Engineering Law, Medical & Health Sciences, and Science. The university is located in Auckland which is New Zealand’s economic hub and hosts a multicultural environment for its residents. University of Auckland is home to over 7000 international students from over 120 countries. Notably, the university has curated an exclusive scholarship program for Indian students which covers up to $20,000 of tuition fees.

Discovering the Rich Offerings of the University of Otago

The University of Otago has its main campus in Dunedin, the Wildlife Capital of New Zealand. It also has Schools of Medicine and Health Sciences in Wellington and Christchurch. It is a prestigious center of learning with a global footprint and a rank of 206 in the QS World University Rankings. Established in 1869, the University of Otago is officially the first university of New Zealand. The university has received a Five Stars Plus QS Stars University rating in the years of 2016, 2018, and 2021. The University of Otago offers more than 200 undergraduate and postgraduate programs across four divisions – Health Sciences, Sciences, Humanities, and Business. 95% of students passing out of the University of Otago enter the workforce or opt for higher education. The Otago University Indian Students Association is a strong community which offers a smooth transition for the incoming Indian students into the campus.

Unveiling the Victoria University of Wellington Experience

Situated in the city of Wellington, the capital city of New Zealand, Victoria University of Wellington offers a quality education modelled on the highly successful British framework. It is ranked 50th in the world for Social Policy and Administration. The programs offered by the university are majorly in the categories of Accounting and Finance, Development Studies, Education, English Language and Literature, Geography, History, Law, Engineering, and Linguistics and Psychology. Apart from that Victoria University has received five stars in each of the following categories: arts and culture, discipline ranking and accreditations, employability, facilities, inclusiveness, internationalization, research, and teaching. With a focus to promote postgraduate studies on India in New Zealand, the Victoria University of Wellington established the New Zealand India Research Institute in 2012.

University of Canterbury

This public research institution is the second-oldest university of New Zealand. It is ranked 256 in the QS World University Rankings. The university follows the People First principle and welcome anyone interested to learn from a diverse and flourishing community. The university offers world class education through its faculties in Arts, Education, Engineering, Health, Law, and Business. It invites applications for undergraduate, postgraduate, and doctoral programs every year. When you graduate from the University of Canterbury, you join an alumnus of more than 140,000, a cohort of engaged and empowered individuals affecting change across the globe.

Discovering Auckland University of Technology (AUT)

Among the top public universities of New Zealand, Auckland University of Technology is placed 407th in QS World University Rankings 2024. AUT has received an overall five-star rating from QS. It also has five-star ratings for Teaching, Employability, Research, Internationalization, Facilities, Innovation and Inclusiveness. It has 60 research centers and institutes which deliver leading research across a range of subjects including space, artificial intelligence, robotics, ecology, physical activity and nutrition. Furthermore, AUT has more than 5,000 industry partners around the world. Therefore, within nine months of graduation, 94% of graduates enter the workforce.

For the Indian students, these universities in New Zealand for international students do not only offer high-quality education but also homes providing a cultural and opportunity-rich environment. Each university has its own unique strengths: research, student life, specialized programs, and industry connections. Choosing to study in New Zealand, Indian students can have the hope of an enriched educational experience that will work as a window into success in the future.

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Student Loans

Understanding Interest Rate on Education Loans

Picking the right education loan is crucial for those studying abroad, but many students struggle with complicated financial terms and don’t grasp what they mean. This blog is here to help clear things up, especially about interest rates on education loans. It will also cover in brief how simple interest is different from compound interest. By getting a clear picture of interest on education loans, students can talk more confidently with loan providers to ensure they get deals that will put them in a manageable financial spot. Learning about interest on education loans isn’t just about doing math; it’s about ensuring you understand your finances well to make smart choices for your future.

What is the Interest Rate on Education Loan?

Interest on an education loan is a way to figure out how much extra money you need to pay on a loan. It only looks at the original amount of money you borrowed, not including any interest that adds up over time. This means you’re only paying extra on the first amount you took out, no matter how long you take to pay back the loan. This can be helpful for students going for an abroad education because it makes understanding how much they owe more straightforward.

The interest rate on your education loan can be of two types –

Floating interest rate: Varies with market conditions, leading to unpredictable EMIs. Makes budgeting difficult due to fluctuating repayments.

Fixed interest rate: Stays the same throughout the loan term, unaffected by market changes. Offers predictable, unchanging EMIs, aiding in financial planning and stability. Ideal for those who value certainty in monthly payments.

The interest rate on an education loan is often known as simple interest. The simple interest on an education loan is calculated in this way –

Interest = Principal x Rate x Time (I = P x R x T), where:

P is the principal amount (the original sum borrowed),
R is the annual interest rate
T is the time the money is borrowed for, in years.

Simple Interest vs Compound Interest

Difference FactorSimple InterestCompound Interest
Basis for CalculationCalculated based on the original loan or deposit amount.Calculated on both the initial amount and the accumulated interest over time.
Accumulation of InterestInterest does not compound; it’s only on the principal.Interest compounds, accumulating on the principal and previously earned interest.
Overall CostTypically results in a lower total repayment amount for loans, making it cost-effective for shorter periods.Due to compounding, the total repayment or investment value increases more significantly over time, which can be more costly for loans but beneficial for investments.
GrowthShows steady and predictable growth, increasing linearly over time. This makes it simpler to forecast future payments or earnings.Exhibits exponential growth, which can greatly increase the future value of investments or the total cost of loans, especially over long periods.
SuitabilityIdeal for short-term loans or investments where quick repayment is expected. It’s straightforward, making it easier for individuals to plan their finances without worrying about fluctuating costs.Preferred for long-term investments or loans where the compounding effect can substantially benefit the investor or saver over time. It’s particularly advantageous for those looking to maximize returns on investments.

Education loans usually use compound interest, meaning interest is calculated on both the borrowed amount and any previously accumulated interest. This can increase the total interest paid over the loan’s life. However, terms can vary by lender, so it’s important to check the specific loan details. Here is a table that explains the difference between simple interest and compound interest.

Interest Rate on Education Loan by Different Lenders

When exploring an abroad education loan comparing the starting interest rates provided by various lenders is crucial. Below is a simplified table that illustrates the different initial rates:

Lender NameSecured Loan Interest RateUnsecured Loan Interest Rate
Union Bank of India9.25% – 11.5%9.75%
Axis Bank9.99%10.75% – 12.5%
ICICI Bank9.9% – 10.0%10.99% – 12.75%
IDFC First Bank9.5% – 11.0%10.75% – 13.0%
HDFC Credila10.25% – 10.75%11.75% – 12.75%
Avanse10.75% – 12.0%12.0% – 13.0%
IncredNA11.85% – 13.25%
Auxilo Finance11.5% – 12.5%12.0% – 13.5%
Prodigy FinanceNA11.5% – 13.5%
MPOWER FinanceNA12.99% – 15.99%
State Bank of India10.15% – 11.15%NA
Bank of Baroda9.7%NA

Factors Impacting Interest Rate on Education Loan

Several factors can influence the interest rate you receive on an education loan. These factors include:

Applicant profile: The financial history, credit score, and current income of the applicant can significantly influence the interest rate. Lenders use this information to assess the risk level of lending money. A stronger profile often results in lower interest rates, as it indicates a lower risk of default.

Co-applicant profile: Similar to the main applicant, the co-applicant’s financial stability, credit score, and income are scrutinized. A co-applicant with a strong financial background can help secure a lower interest rate, providing additional assurance to the lender.

Type of loan: Secured loans, which are backed by collateral, typically have lower interest rates compared to unsecured loans. This is because secured loans present a lower risk to lenders, as they have assets to fall back on in case of default.

Market conditions: Interest rates are influenced by the broader economic environment, including inflation rates, central bank policies, and the state of the financial markets. Changes in these conditions can lead to fluctuations in interest rates offered to borrowers.

Targeted country & institute: The country and institution where the applicant plans to study can also impact the interest rate. Some lenders may offer lower rates for studies in countries or institutions they perceive as having better employment prospects post-graduation, which affects the borrower’s ability to repay the loan.

Smart Ways to Lower Your Education Loan Interest

There are several strategies through which you can save on the total interest payments on your education loan. While these approaches may not seem immediately advantageous in the short term, they will be beneficial in reducing your effective interest rate over time. These strategies are –

Paying interest during the grace period – Making interest payments during your loan’s grace period can notably lower the principal amount before you begin making regular payments. Taking this early action helps save money over time by reducing the principal, thereby decreasing the total interest accumulated on this smaller principal amount.

Prepay when possible: Making extra payments or larger payments than the minimum can reduce the principal faster, leading to less interest accrued over time.

Opt for shorter repayment terms: Though this means higher monthly payments, the total interest paid over the life of the loan is reduced.

Refinance at lower rates: If your credit score improves or if market rates drop, refinancing your education loan can secure you a lower interest rate.

Sign up for automatic payments: Some lenders offer a discount on the interest rate for enrolling in automatic payments.

Tax Claim under Section 80e: Deducting interest paid on education loans under Section 80E can lower your taxable income, benefiting those paying for higher education for themselves or dependents. This tax relief extends over the time you pay interest, enhancing savings.

Grasping how interest rate affects education loans is key for students eyeing studies overseas. Through strategic decisions, like covering interest in the grace period and adept loan management, students can notably lessen their financial load. GyanDhan provides tailored education loans for abroad studies, ensuring competitive rates tailored to your needs. Simply check your loan eligibility through GyanDhan, and embark on your international educational voyage with financial assurance and simplicity.

Frequently Asked Questions

How do you calculate simple interest on education loans and what are its benefits?

To find simple interest on education loans, multiply the principal amount by the annual interest rate, and then by the number of years. This method is beneficial because it applies interest only to the original loan amount, offering a more economical way to handle education expenses.

Do education loans from Indian lenders use compound interest?

Yes, education loans from Indian lenders usually apply compound interest, meaning interest accumulates on both the principal and previously accrued interest. However, if you pay simple interest during the moratorium period, compounding does not occur. The frequency of compounding depends on the lender’s policy, typically annually or quarterly.

What factors affect simple interest rates on education loans?

Simple interest rates on education loans are influenced by the borrower’s credit score, the size of the loan, the repayment duration, and whether the loan is secured or unsecured. Being aware of these factors can help borrowers secure a more favorable interest rate.

How is simple interest on education loans calculated by private lenders?

Private lenders might have their own guidelines for calculating simple interest on education loans, including requiring interest payments during the study period to prevent interest from compounding. Borrowers should closely review lender policies to fully understand their loan’s costs.

Why is knowing how to calculate simple interest on education loans advantageous for long-term financial planning?

Understanding the calculation of simple interest on education loans aids long-term financial planning by clarifying the total cost of borrowing. This insight allows borrowers to make informed decisions, potentially saving a substantial amount in interest over the loan’s life.

Categories
Overseas Education Study Abroad

Exploring Alternative Options to Fund Your Study Abroad Dream

To study abroad is a dream of many in today’s world. It is more dynamic and allows one to access the globalized nature of markets. Having said that, this dream often faces financial challenges. To overcome that, students apply for loans for studying abroad generally. At times, a student loan for abroad doesn’t get sanctioned or there are some hurdles with respect to paperwork. Therefore, it is important to explore alternative funding options and secure your plan of international education.

Crowdfunding: A Modern Approach to Education Funding

With the increasing access to digital world, crowdfunding has emerged as a very potent tool and an alternative to a student loan for abroad. It is quite practical and many platforms such as Kickstarter, GoFundMe, and Ketto ensure transparency of the entire fund. They give you the opportunity to tell your story and set a goal for your campaign. There are many students who have been able to raise money to support their educational goals. The success rate for crowdfunding is quite varied and there are people who have collected around USD 10,000. They key is to craft a compelling narrative and keep the audience engaged with regular updates and gratitude.

University-Provided Scholarships

  • Merit and Need-Based: Top universities globally offer scholarships based on academic merit or financial need. The amounts can range from partial to full tuition coverage.
  • Government-Funded: Indian government scholarships like the Fulbright-Nehru Master’s Fellowships can cover tuition and living expenses, often exceeding $20,000.
  • Private and NGO Scholarships: These can range from a few thousand dollars to full tuition coverage, depending on the organization and program.

Work-Study Programs and Exchange Opportunities

For example, USA offers F1 visa to students. Under this they can work up to 20 hours a week during term-time. In Canada, the study visa enables students to work similar number of hours and full-time during semester breaks. In addition to this, there is an Erasmus+ program in Europe. It covers a significant portion of living expenses (€300 to €400 per month).

Tuition-Free or Low-Cost Universities

Germany: In Germany, public universities offer tuition free education. It covers both undergraduate and postgraduate courses. All you have to do is budget for living expenses (€850 per month).

Nordic Countries: On the lines of Germany, Nordic countries like Norway also waive off tuition fees at public institutions. The only thing to manage is living expense which can be on the higher side (€1,000 per month).

Earning While Learning: Freelancing

In this globalized world, platforms like Upwork and Fiverr have emerged. They are leading aggregators of freelancers from all over the world. A successful freelancer can earn anywhere from a few hundred to several thousand dollars per month, depending on the skill set and time commitment. This also provides you to have flexibility of schedule along with academic load.

Academics are a one-time investment which goes a long way in your career. To study abroad and gaining an internationally accredited educational qualification is a feat known to a few. Once you are determined enough, you can devise ways to fund your education. From crowdfunding to scholarships, and work-study to low-cost universities, the possibilities are diverse. Combining these with entrepreneurial endeavors like freelancing or starting an online business can create a robust financial plan for your study abroad aspirations. This path is all about research, creativity, and zeal to make things happen.

Categories
Student Loans

Comparing Student Loan Options for Studying Abroad

Taking your aspirations to a foreign country is a milestone for many Indian students. However, this journey is often road blocked by its financial implications. Thus, there is a need to have a well-planned borrowing strategy. We will conduct a thorough comparison of student loan options, tailored for Indian students.

Government-Backed Loans vs. Private Loans

Government-Backed Loans

Advantages: Government-Backed student Loans are offered at lower interest rates (around 8-10% annually), they have longer repayment terms and sometimes subsidies on interest.

Disadvantages: They are available up to only INR 20-30 lakhs. Moreover, being government backed brings in higher level of scrutiny which in turn means a stricter eligibility criterion.

Private Loans

Advantages: Private sector student loans can have higher limits upwards of INR 50 lakhs. They are more flexible in nature and the processing time is also faster.

Disadvantages: The major impediment in securing a private loan is the high rate of interest (10-14%) and the repayment schedule is stricter.

Types of Interest Rates: Fixed vs. Variable

Fixed Interest Rates

Pros: Offer predictability in repayments; rates generally vary between 9% and 12%.

Cons: Such student loans for studying abroad can be higher than initial variable rates.

Variable Interest Rates

Pros: Start with lower rates, beneficial if market rates decline.

Cons: Risk of increasing payments if market rates rise.

Loan Repayment Terms and Grace Periods

Repayment Terms

Short-Term Loans: Typically, 5-7 years, resulting in higher monthly payments but less interest overall.

Long-Term Loans: These student loans for studying abroad extend up to 10-15 years, easing monthly burdens but increasing the total interest paid.

Grace Periods

Post-Graduation: Several banks offer a six to twelve-month window before repayments start. It eases the burden of immediate repayment and one has time to look for a job.

Indian Loan Providers

Public Sector Banks

State Bank of India (SBI): Global Ed-Vantage scheme offers loans up to INR 1.5 crores with interest rates starting from 8.85% p.a.

Punjab National Bank (PNB): PNB Udaan loans offer up to INR 40 lakhs with interest rates around 9% p.a.

Private Banks and NBFCs

HDFC Bank: Provides flexible loans up to INR 20 lakhs with interest rates starting from 9.50% p.a.

Credila: Specializes in education loans, offering variable rates and customizable plans.

Evaluating Your Options

You must consider the following parameters while deciding upon your loan:

  • Interest Rate Impact: Lower rates are critical for long-term affordability.
  • Loan Amount Adequacy: Ensure the loan covers all costs, including hidden expenses.
  • Repayment Terms: Seek flexible options that align with potential earnings.
  • Processing Efficiency: Consider the ease and speed of loan approval.
  • Collateral Requirements: Weigh the implications of secured versus unsecured loans.

For an Indian student, securing a student loan is a major step. You are advised to compare different loan types, interest rates, and repayment terms. It is better to consult a financial advisor and make the best possible decision keeping in mind your future financial capabilities.

Categories
Study in Ireland

Top MBA Colleges in Ireland 2024

Ireland offers an array of MBA programs known for their quality and global recognition. This blog highlights the top colleges for MBA in Ireland for 2024, focusing on their specializations, faculty, industry connections, career placements, and their rankings.

Top MBA Colleges in Ireland

Trinity College Dublin – The School of Business

  • Specializations: Finance, Entrepreneurship, International Business
  • Faculty: World-class experts with extensive industry experience
  • The college boasts prestigious accreditations and memberships from a range of respected bodies including the AACSB (Association to Advance Collegiate Schools of Business), EFMD EQUIS (European Quality Improvement System), AMBA (Association of MBAs), the Athena SWAN Bronze Award which recognizes advancement in gender equality, PRME (Principles for Responsible Management Education) an initiative of the United Nations Global Compact, eduniversal Business Schools Ranking, QS (Quacquarelli Symonds) for world university rankings, and it is part of the Council on Business & Society, a global alliance of schools of management.
  • Career Placement: High employment rates in top-tier companies post-graduation
  • QS Ranking: Ranked 101 globally

University College Dublin – Smurfit Graduate Business School

  • Specializations: Entrepreneurship, International Business, Finance
  • Faculty: Renowned professionals and researchers
  • Being a part of the Global Network of Advanced Management (GNAM), which comprises 32 elite business schools including Yale, INSEAD, and Oxford’s Saïd Business School, the UCD Smurfit School provides its students with unparalleled global exposure.
  • Career Placement: 90% employment rate within three months of graduation
  • QS Ranking: Ranked 177 globally

Dublin City University – Business School

  • Specializations: International Business, Finance, Entrepreneurship
  • Faculty: A mix of academic scholars and seasoned business practitioners
  • DCU Business School has solidified its reputation as a premier institution with the prestigious AACSB (Association to Advance Collegiate Schools of Business) accreditation. This recognition places DCU Business School among the elite top 5% of business schools globally, marking it as a bastion of excellence in business education.
  • Career Placement: Excellent employment rates across various industries
  • QS Ranking: Ranked within 401-450 globally

Cork University Business School

  • Specializations: Entrepreneurship, Finance, International Business
  • Faculty: Noted for research and practical business experience
  • The institution holds esteemed accreditations and is a member of distinguished global networks, which include the Association of MBAs (AMBA), the Association to Advance Collegiate Schools of Business (AACSB), the Principles for Responsible Management Education (PRME) initiative of the United Nations Global Compact, and EFMD Global, reflecting its commitment to excellence in business education.
  • Career Placement: High placement rate in finance and international businesses
  • QS Ranking: Part of University College Cork, ranked within 301-350 globally

University of Limerick – Kemmy Business School

  • Specializations: International Business, Finance, Entrepreneurship
  • Faculty: Experts in both academia and business
  • Its MBA program boasts a ‘Triple Crown’ accreditation, having earned recognition from the Association of MBAs (AMBA), the Association to Advance Collegiate Schools of Business (AACSB), and EQUIS (EFMD Quality Improvement System).
  • Career Placement: High employment rates in multinational companies
  • QS Ranking: Ranked within 501-550 globally

National University of Ireland, Galway – J.E. Cairnes School of Business and Economics

  • Specializations: Finance, Entrepreneurship, International Business
  • Faculty: Known for international business expertise
  • J.E. Cairnes is distinguished by its dual accreditation from the Association of MBAs (AMBA) and the Association to Advance Collegiate Schools of Business (AACSB), highlighting its global recognition for excellence in business education.
  • Career Placement: Graduates occupy significant positions internationally
  • QS Ranking: Ranked within 258 globally

Griffith College Dublin

  • Specializations: Strategic Management, International Business, Entrepreneurship
  • Faculty: Blend of academic and industry expertise
  • The institution has formed strategic partnerships with ESS Ltd. and Globe Business College Munich, which illustrates its commitment to collaboration and the expansion of educational and professional opportunities for its students and stakeholders.
  • Career Placement: High graduate employment rate
  • QS Ranking: Not individually ranked, but enjoys a good reputation in Ireland

Selecting a program for MBA in Ireland is a significant decision that influences future career prospects. Students should consider multiple factors along with the QS rankings to make an informed choice that aligns with their career objectives. Study Overseas Help streamlines the process of shortlisting top MBA colleges in Ireland for you and assist you throughout the admission process along with multiple assistance programs during your entire academic journey in Ireland.

Categories
Study in Dubai Universities in Dubai

Top 5 Universities in Dubai: A Guide for International Students

Home to ultramodern architecture and vibrant cultural scene, Dubai has begun to make a mark for itself in the space of higher education. With the aim to deconstruct how to study in Dubai, today, we focus on the five best universities in Dubai offering world class education. We look at their academic reputation, research output, student satisfaction, and international outlook. This will give you a fair idea of the education landscape in Dubai.

American University in Dubai (AUD)

Among the best universities in Dubai, AUD is a well-reputed centre of learning [#15 (UAE), #601 (World) QS World University Rankings]. It provides robust American-accredited programs. The courses are quite diverse from engineering to business. They even offer specialized programs on media studies. The university campus hosts a diverse community. Over 100 nationalities find representation in the diverse student body of the university.

On an average the cost of education ranges from AED 75,000 to 90,000 per annum. It changes according to the choice of program. To facilitate students from modest financial backgrounds, AUD offers a variety of scholarships and financial aid packages to support students.

Discover more at: https://www.aud.edu/

University of Wollongong in Dubai (UOWD)

With world class programs in business, engineering, and IT, UOWD, is a prized destination for innovative learning and strong research output [#10 (UAE), #101 (World) UniRank 4icu: Top 200 Arabic-Speaking Universities]. It is a highly ranked institution offering a broad spectrum of undergraduate and postgraduate programs. The curriculums have been curated to keep in line with global industry standards.

At UOWD, programs cost between AED 80,000 and AED 95,000 annually. To aid students, there are several scholarships and financial aid options.

Discover more at: https://www.uowdubai.ac.ae/

Zayed University

Zayed University is a prestigious university for its excellent programs in arts, education, and social sciences. It ranks well [#19 (UAE), #701 (World) QS World University Rankings] for its commitment to fostering a creative and innovative learning environment. The university is known for its vibrant campus life and focus on embracing cultural diversity and promoting international exchanges.

Annual tuition fees range from AED 70,000 to AED 85,000. Zayed University offers various financial assistance programs to support students.

Discover more at: https://www.zu.ac.ae/main/en/index

British University in Dubai (BUiD)

Recognised for a unique British education experience in the Middle East, BUiD is a renowned institution in Dubai [#12 (UAE), #61 (World) QS University Rankings: Arab Region] . It has a strong focus on postgraduate studies in business and engineering. The university is a hub for research and innovation, frequently collaborating with international institutions.

Tuition fees at BUiD are approximately AED 85,000 to AED 100,000 per year. The university offers a range of scholarships, including merit-based and need-based awards.

Discover more at: https://www.buid.ac.ae/

Middlesex University Dubai

Middlesex University London has opened up an associate university in Dubai which is called Middlesex University Dubai. The programs are internationally accredited and the university is known for courses in business and technology [#21 (UAE), #801 (World) QS World University Rankings].

Average annual tuition fees are between AED 65,000 and AED 80,000. Middlesex University Dubai offers various scholarships to eligible students.

Discover more at: https://www.mdx.ac.ae/

Comparing Tuition Fees and Living Expenses

When considering to study in Dubai, it’s important to factor in both tuition fees and the cost of living. The average cost of living for a student in Dubai ranges from AED 3,000 to AED 4,500 per month. Dubai presents a compelling option for international students, offering a blend of high-quality education, multicultural experiences, and a dynamic urban lifestyle. You are the one to make the choice on where to take your academic aspirations among the leading institutions.

Categories
Study in UK

Conquering the UK MBA as an Indian Student

Pursuing a Master of Business Administration (MBA) in the United Kingdom for Indian students is a one-of-a-kind experience. It’s a path laden with opportunities for personal growth, professional development, and global exposure. We will discuss the prospects that await Indian students pursuing an MBA in UK and share insights about the application process.

The Allure of a UK MBA

Global Recognition and Academic Excellence

Several top business schools of the world such as London Business School and Oxford’s Said Business School are located in the UK. These institutions offer rigorous academic standards, cutting-edge research, and innovative teaching methodologies. Obtaining an MBA degree from the UK is a globally recognized symbol of excellence. Top ranking systems such as TIMES and QS often feature UK universities in the top tiers.

Diverse and Powerful Alumni Networks

A key strength of UK MBA programs is their expansive alumni networks. These networks connect students with a global community of successful professionals and leaders. For example, the alumni network of Cambridge Judge Business School spans over 120 countries, providing unmatched opportunities for networking and mentorship.

Cultural Diversity and Learning Environment

The UK is a melting pot of cultures, offering a diverse and inclusive learning environment. This diversity fosters a broader understanding of global business practices and prepares students for leadership roles in a multicultural world.

Navigating the Application Process

Understanding Admission Requirements

Admission requirements vary among institutions. Typically, they include a good undergraduate degree, work experience (average of 5 years), and GMAT scores. For instance, the average GMAT score for incoming MBA students at Imperial College Business School is around 650.

Crafting a Standout Application

Personal statements and essays are pivotal. They should reflect your career aspirations, leadership potential, and how the MBA will help you achieve your goals. Clear articulation of your vision is crucial.

GMAT and English Proficiency

A competitive GMAT score is essential. Additionally, as English is not the first language for many Indian students, proficiency tests like IELTS (usually requiring a score of 6.5 or higher) or TOEFL are mandatory.

Embracing UK’s Culture

Adjusting to Cultural Differences

The UK’s culture might be different from the one over here at home. Understanding and adapting to these differences is key to a smooth transition. You may attend various festivals, fairs, etc. to better understand the local culture and traditions.

Building a Local Network

Engaging with local communities and fellow students helps in building a support system. Many universities have Indian societies and clubs, which can be a starting point for socializing and networking.

Career Opportunities Post-MBA

Internships and Job Placements

The UK offers vast opportunities for internships and placements. For instance, at the University of Warwick, over 94% of MBA graduates are employed within three months of graduation.

Leveraging University Career Services

Universities offer extensive career services, including CV workshops, interview preparation, and job fairs, crucial for post-MBA job hunting.

Networking for Career Advancement

Attending industry events and seminars is vital for networking. These platforms can lead to potential job opportunities and industry connections.

MBA in UK is a gateway to a world of opportunities. MBA in UK for Indian students is an investment in your future, providing you with the tools, networks, and knowledge to excel in your career. Study Overseas Help provides you with the support to embrace the challenges and opportunities that come your way to becoming a global business leader.

Categories
Student Loans

Comparing Student Loan Options for Studying Abroad

Taking your aspirations to a foreign country is a milestone for many Indian students. However, this journey is often road blocked by its financial implications. Thus, there is a need to have a well-planned borrowing strategy. We will conduct a thorough comparison of student loan options, tailored for Indian students.

Government-Backed Loans vs. Private Loans

Government-Backed Loans

Advantages: Government-Backed Loans are offered at lower interest rates (around 8-10% annually), they have longer repayment terms and sometimes subsidies on interest.

Disadvantages: They are available up to only INR 20-30 lakhs. Moreover, being government backed brings in higher level of scrutiny which in turn means a stricter eligibility criterion.

Private Loans

Advantages: Private sector loans can have higher limits upwards of INR 50 lakhs. They are more flexible in nature and the processing time is also faster.

Disadvantages: The major impediment in securing a private loan is the high rate of interest (10-14%) and the repayment schedule is stricter.

Types of Interest Rates: Fixed vs. Variable

Fixed Interest Rates

Pros: Offer predictability in repayments; rates generally vary between 9% and 12%.

Cons: Can be higher than initial variable rates.

Variable Interest Rates

Pros: Start with lower rates, beneficial if market rates decline.

Cons: Risk of increasing payments if market rates rise.

Loan Repayment Terms and Grace Periods

Repayment Terms

Short-Term Loans: Typically, 5-7 years, resulting in higher monthly payments but less interest overall.

Long-Term Loans: Can extend up to 10-15 years, easing monthly burdens but increasing the total interest paid.

Grace Periods

Post-Graduation: Several banks offer a six to twelve-month window before repayments start. It eases the burden of immediate repayment and one has time to look for a job.

Indian Loan Providers

Public Sector Banks

State Bank of India (SBI): Global Ed-Vantage scheme offers loans up to INR 1.5 crores with interest rates starting from 8.85% p.a.

Punjab National Bank (PNB): PNB Udaan loans offer up to INR 40 lakhs with interest rates around 9% p.a.

Private Banks and NBFCs

HDFC Bank: Provides flexible loans up to INR 20 lakhs with interest rates starting from 9.50% p.a.

Credila: Specializes in education loans, offering variable rates and customizable plans.

Evaluating Your Options

You must consider the following parameters while deciding upon your loan:

  • Interest Rate Impact: Lower rates are critical for long-term affordability.
  • Loan Amount Adequacy: Ensure the loan covers all costs, including hidden expenses.
  • Repayment Terms: Seek flexible options that align with potential earnings.
  • Processing Efficiency: Consider the ease and speed of loan approval.
  • Collateral Requirements: Weigh the implications of secured versus unsecured loans.

For an Indian student, securing a student loan is a major step. You are advised to compare different loan types, interest rates, and repayment terms. It is better to consult a financial advisor and make the best possible decision keeping in mind your future financial capabilities.