A lucrative option waiting abroad

Malvika — Wed, 18 Aug 2010 04:40:04 +0000

What dream you are chasing? Is it to go abroad for studies and gain international exposure? Do you have the funds? Don’t know how to get started? Here’s a little help!

Reasons for studying abroad:

Students, nowadays have a variety of reasons to study abroad. The destinations being United States, Australia, New Zealand, France or any other which fits the requirements of the students. Students gain enormous self confidence when they move out from the protected environment of their families. They develop independence and multiple skills to face the competitive and global environment.

International universities help to opt for courses not available in home universities or gain credits for home universities. It gives an exposure to diverse cultures and languages and also helps to make many global friends. A mention of foreign university on resume helps in securing competitive advantage over other applicants.

Planning for the place of study

It can depend on your knowledge of foreign language, subject/course to be pursued, the duration of the course, culture, environment/location, food and the people of foreign country like New Zealand is favoured due to its peaceful location and the cost involved in studying.

What is needed?

Admission to a foreign university or college.
Passport and visa.
Minimum education grade.
Financial assistance

Planning for finances for studying abroad

The finances need to be planned for housing, food, local travel and other day to day activities apart from the course fees and air fare. Sometimes, discounts or scholarships are available in respect of course fees to students having academic excellence. There are various options available to secure finances if you do not have enough savings or money to plan for studying abroad.

Education loans are available to students at reasonable interest rates to help students pursue career of their choice if the course offers promising job opportunities. This may cost less than funding from foreign land’s sources.

Students are offered loans by the institutions abroad if they pursue courses from their country. The students can get help from the financial advisor of their university or college. The exchange rates need to be considered.

Students can also look for part time jobs in the host country to finance their studies, though it’s not easy to work due to the restrictions of the host country.

Investing for your kids’ future

Tushar Mathur — Thu, 10 Jan 2008 06:26:50 +0000

Wouldn’t you like to see your children realize all their dreams? Wouldn’t it be nice to send your kids to college without worrying about debt or going broke yourself? Now, you can do this if you start early and use a little bit of planning and foresight.

There are goal-oriented investments you can make without breaking your budget, and these will save you on taxes too.

You mainly need to provide for kids’ education, health, and lifestyle. Thats it. Mortgages etc is not a parent’s responsibility.Of these, education is usually the most expensive.

Health is less so and is being aggressively pushed by the government. Lifestyle will cost you as much, or as little as you teach your kids. In addition, your kids will need to be taught the value of money, savings, and investment.

Though expensive, education can be financed without debt. Tax-advantaged 529 plans are the most popular ones in the US. Most states offer 529s with tax deductions for in-state investors. The Congress has also permanently removed taxes on the monies drawn, if used for educational purposes. You can invest $24,000 per year, or $1,20,000 in a 5-year bracket, without taxes. Your money will be professionally managed. Custodial accounts for minor children (UGMAs/ UTMAs) allow you to save $24,000 without taxes, but this has two main problems – you cannot give it to your second kid if the first gets a scholarship, and it is considered the child’s asset, which can affect institutional aid prospects.

If you live outside the US, try investing in schemes that will mature at crucial landmarks like the child’s 21st birthday when they are looking to pursue expensive higher education. Insurance schemes or even some smart investing in mutual funds can help you build a corpus. Avoid dabbling in riskier ventures like stocks since you cannot afford to lose the money set aside for a college fund.

Health insurance is important to help your child through distressing illnesses, and permits you to put away some money for the child’s future. So make sure you always have your health cover.

Lifestyle and finance educationgo hand in hand. You can teach your kids to enjoy life and develop a healthy respect for money along the way. You can teach them to save and make investments for them.

How have you planned for your kids’ future?

Related Links:
Saving for Kids College Education

Invest In India » College

A lucrative option waiting abroad

Investing for your kids’ future