Expenses or money for visa can be in terms of showcasing funds, and applying for the actual visa itself. Not just the application fees, but specific evidence pertaining to funds required are equally important as the cost for visa.
Given below are the ways you can financially plan your visa application:
Overseas education aspirants must start their planning for admission a year in advance. This gives them sufficient time not only to look for ways to fund their education but also give them ample time to clear mandatory exams like GRE, GMAT, SAT, ACT and TOEFL, IELTS specific to the university.
Parents on the other hand must plan and start putting money in the bank assiduously so that there is no last minute rush. Visa officers have discerning eyes and will be easily able to gauge the actual reason behind abruptly bloated account balance as a proof of money for visa.
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Calculation of Liquid Assets
Any form of asset that can be freely and readily converted into cash within 7 days or less is considered a liquid asset. Liquid asset includes savings account, fixed deposits, equity and mutual funds, withdrawal portion of your provident fund, life insurance policy surrender value, investment in precious metals, etc. Gold (not in all forms though) also comes under liquid asset (with some caveats) and one has to get an evaluation certificate from a government approved valuer.
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Once you have a fair idea of the fund required versus your liquid assets, you can start looking for ways to raise money from alternate sources and cover the gap. You can think of applying for scholarships, fellowships and fee waivers. Several universities are extending financial aid to international students essentially based on their academic credentials. Some universities offer assistantships too. The sum and kind of assistance offered differs from university to university and also depends on the department you are applying for. Most prestigious universities have their own Scholarship service panel which decide on scholarship to be provided – either merit based or need based.
Once you identify the gap between funds available and funds required to pursue your study abroad, you can approach trusted banks for education loans. Many banks are happily extending flexible repayment options, tax benefits and free insurance cover with foreign education loans. They not only provide varied collateral options but also make the application process swift and stress free. Speedy sanction and disbursal of money sometimes even directly to the university makes life easy for the student.
Suggested: When to Apply for an Education Loan?
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Banks are increasingly coming up with favourable interest rates for students going to top notch universities. Employability is a major factor that they would want to consider before disbursing a loan. Banks might also want to check the credit history of parents and make sure that there are no defaults against their name. While the bank wants to ensure timely repayment, students too must do a thorough comparative study of the loan options available and their financial consequences.
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Higher study abroad is a wonderful privilege and a licence to an academically and professionally rewarding life. Right financial planning and money management makes it a delightful experience that pays off immeasurably. The cost for visa can be easily managed with a lot of available funds for both students and parents. You can even connect with our 小优视频 Counsellors to know more about visa fees, and other expenses related to studying abroad!
