We've got exciting news at SchoolApply: we've just partnered with Credila – the largest provider of educational loans in India – to help us provide even more assistance for new students studying abroad. One of the biggest barriers for international students who want to study abroad is finding financial aid – whether that comes in the form of scholarships; government grants; or loans. Our partnership with Credila will allow us to provide additional options for students in India who need to fill in the financial gaps for their future studies, and we're incredibly excited to be able to help more students access educational opportunities and reach their educational goals.

You may be wondering how these international education loans work and how they can help you finance your education. Here's a few pointers to help.

  • You can apply for an international education loan before finalizing your school choice – It's pretty common for students to have a few available options for where to study before making a final decision. However, since cost plays a big role in making a final school decision, it's good to know how much financial aid you can count on for your higher education. So it's good to know that you can actually apply for education loans before you've finalized your choice of school – or even your choice of country. This doesn't mean that you'll be able to finalize your loan before choosing your school, but you can start the process so that you'll have a much clearer idea of how much money you'll be approved to borrow, and how far that will go towards tuition and other educational and living costs.
  • Loan payments are dispersed in Indian rupees – Since Credila's education loans are built for Indian students studying abroad, their loan funds are dispersed in Indian rupees and are paid back in rupees. This means that it's important to take into account currency conversion rates and exchange fees when estimating the full cost of your education.
  • Loans can be used for living expenses too – While many education loans require that the funds be spent only on tuition, books, or other fees directly associated with the university you're attending, study abroad education loans are more flexible and can also be used to cover living and travel expenses; exam fees; equipment, uniforms, or musical instruments; computers, laptops, and other devices that are necessary for study.
  • Co-applicants are usually required for education loans– Like most education loans or student loans, there is a requirement to have a co-applicant (also known as a co-signer) on the education loan. This person should be a relative (you'll need to provide proof of relationship to the student), living full-time in India, and be employed or earning a living in order to act as a co-applicant for the loan.

Education loans can be incredibly helpful in paying for your education. And they offer a way for more students to qualify for an education abroad, which can pay huge returns over the course of your lifetime. Find out more at our Webinar with Credila on the 22nd of October, 2016