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  • Writer's pictureAbhishek Patil

How can I study abroad without parental support but still get a student loan?


If you choose to pursue further education abroad, it won't be a problem that your parents have restricted repayment capacity. Both the number of students enrolling in higher education abroad and the range of financial options have constantly expanded.


Grants and scholarships are few and challenging to obtain. An Ivy League university's extensive financial requirements, which can run into millions of dollars, make studying abroad quite expensive. Many deserving Indian students still cannot afford the expense of attendance, even with grants, scholarships, and other forms of aid.


Only a small number of students are offered grants and scholarships by universities abroad. Higher education may become unaffordable for a sizable portion of this population due to the steadily increasing number of aspirational students.


Thus, applying for a student loan is a wise decision that many students make.


Student loans come in two varieties: secured and unsecured. Few students may easily receive an unsecured school loan, even if they have significant family income and a solid ability to repay the loan. Richer parents also qualify their children for larger loans after pledging their possessions as collateral. Some students have had trouble getting the right amount of loans because their parents' financial backgrounds aren't as solid as they should be.


The parents' assets are essential in the secured one since they act as security (collateral) if either the child or the parent cannot repay the loan. The financial institution is secure, thus the student's academic records don't matter.


Financially unstable students frequently had to give up on their ambitions. Lenders typically offer significantly lesser loan amounts compared to secured loans, even though some of these students used to obtain modest unsecured loans.


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