Blog Content: The Ultimate Checklist for Funding Your International Education: Scholarships, Loans, and Grants
Blog Content: The Ultimate Checklist for Funding Your International Education: Scholarships, Loans, and Grants
If you're planning to study abroad, you're probably already dreaming of new opportunities, top-ranked universities, and life-changing experiences. But let’s be honest—before any of that becomes a reality, there’s one big question that’s probably keeping you (and your parents) up at night: How are we going to pay for all this? And that’s exactly why you’re here.
Whether you're looking into international education loans, hunting for the best scholarships for studying abroad, or trying to understand what education grants for studying abroad actually cover—this guide is going to walk you through it all, step by step.
Let’s dive in.
📑 Table of Contents
- Understanding Financial Needs for Studying Abroad
- Education Financing Options
- Acquiring Loans
- Comparison of Loan Providers
- Managing Finances While Abroad
- How Lorien Finance Helps Students Like You
- Frequently Asked Questions
- Conclusion and Next Steps
Understanding Financial Needs for Studying Abroad
Before you even begin applying for international education loans or scholarships for international students, you need to know how much money you actually need. Here’s what to factor in:
- Tuition Fees: These vary wildly depending on the country and university. For example, a Master’s program in the U.S. can cost anywhere from $20,000 to $60,000 per year.
- Living Expenses: Cities like London or New York are notoriously expensive.
- Travel and Insurance: A round-trip flight, health insurance, and visa fees can easily run between ₹1.5 to ₹3 lakhs.
- Miscellaneous Expenses: Textbooks, winter clothes, mobile plans, and social activities.
Education Financing Options
International Education Loans
These are loans specifically designed for students going abroad. There are two main types:
- Collateral Loans: Pledge an asset as security.
- International Student Loans Without Collateral: No asset needed, but interest rates may be slightly higher.
Read more here: How To Get Education Loan Without Collateral For Study Abroad
Scholarships for International Students
This is the part I get most excited about—free money!
Some of the best scholarships for studying abroad include:
- Chevening Scholarships (UK)
- DAAD (Germany)
- Fulbright-Nehru Fellowships (USA)
Education Grants for Studying Abroad
Grants are often need-based and don’t require repayment.
Financial Aid Options
Many universities, especially in the U.S., offer need-based or merit-based aid. Always apply—even if you think you don’t qualify.
Acquiring Loans
Applying for International Student Loans Without Collateral
Here’s the step-by-step:
- Shortlist lenders: Compare interest rates, moratoriums, and processing time.
- Check eligibility: Many lenders prefer top 200-ranked universities.
- Collect documents: Admission letter, KYC, co-applicant details, income proof.
- Apply online: Most lenders offer a digital application.
- Loan sanction: Once approved, you'll receive a sanction letter.
Understanding Loan Terms
Decode terms like APR, Moratorium Period, and Repayment Term.
Approval Process
Expect a background and credit check on co-applicant, if required.
Comparison of Loan Providers
Best Scholarships and Education Loans Comparison
Provider / Scholarship | Interest Rate | Collateral Required | Max Amount |
---|---|---|---|
SBI Global Ed-Vantage | 10.15% | Yes | ₹1.5 Cr |
Prodigy Finance | 11–13% (APR) | No | ₹60 Lakhs |
MPower Financing | 12–14% | No | ₹40 Lakhs |
Managing Finances While Abroad
Tips for Money Management
- Open a local bank account within your first week.
- Use budgeting apps like Mint.
- Look for part-time jobs (within visa limits).
Building Credit Abroad
- Apply for secured credit cards.
- Pay your bills on time.
For more, visit: Best Education Loan Banks For Study Abroad 2025
Frequently Asked Questions
How can I get international student loans without collateral?
Identify lenders who specialize in non-collateral loans—like Prodigy Finance or MPower.
What are the best scholarships for studying abroad?
Top scholarships include Chevening, Fulbright, and Vanier. Apply early and focus on essays.
Are education grants for different from scholarships?
Yes. Grants are usually need-based while scholarships are merit-based.
Conclusion and Next Steps
Studying abroad is one of the biggest—and most rewarding—investments. Mix of loans, scholarships, and grants make it doable.
✅ Download our free financial planning checklist.
✅ Book a consult with a Lorien expert.
Feel free to reach out for guidance!