BWI: Lufthansa Student Centre Offers Education Financing Advice

Press release from Business Wire India
Source: Lufthansa Student Centre
Monday, May 24, 2010 05:15 PM IST (11:45 AM GMT)
Editors: General: Consumer interest, Travel & tourism; Business: Advertising, PR & marketing, Business services, Education & training, Media & entertainment, Travel & tourism
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Lufthansa Student Centre Offers Education Financing Advice


New Delhi, Delhi, India, Monday, May 24, 2010 -- (Business Wire India) -- The thought of studying abroad is both exciting and daunting.
The thrill of venturing out into a foreign land, to a globally recognized education institution, to study with students from all parts of the world, and emerge as a true global citizen with an education that can help you build a successful future. At the same time, the thought of how expensive this might be is a cause for anxiety to a large majority of students.

It is a fact that post secondary education in North America can be very expensive. The cost varies widely across different colleges and universities, but with all the tuition, boarding, travel, etc. included, it could add up to tens of thousands of dollars.

You've probably heard that loans are now available in India for students wanting to study abroad. But before you look into the option of a loan, it would be a good idea to evaluate how much money you really need to study in the college or university you prefer, and of that, what amount you will be able to finance through personal or family funds and what can be secured through scholarships or financial aid from your college or any other source.

This is not as simple as it sounds.

The very calculation of total cost can be quite tricky. Start making a list of everything you think you will have to pay for. You will soon realize that it includes a lot of expenses that are quite easy to overlook but add up in the final cost. The Tuition fee of course is the most obvious entry into this list. Then comes the cost of travel to university from home (yes, you should multiply this by the number of times you intend to return for a holiday). Add in the cost of living at university - housing, food, utilities. Don't forget the cost of a laptop, books, stationery, supplies, of health and travel insurance if required, telephone charges - you will call friends and family in India! Then add in some for laundry, local conveyance, and any other miscellaneous.

Now, you know what you will need. It could scare you - don't be. You will find that there are several sources of finance once you start doing your research. Funding your education will usually involve more than one source of finance. It could be a mix of family savings or personal sources, financial aid, scholarships and grants, student loan and part time employment.

Among these, while the last seems the most promising, it cannot be presented as a source of funds to your visa officer! They are looking for existing sources of funds, not potential income.

For the academically brilliant students, the best option is to try for admission in one of the colleges and universities that offer a Need-Blind Admission policy. Not only are they among the best in the world, they take care of all the expenses over and above what you can afford to pay personally. The colleges and universities that offer Need-blind admission include Massachusetts Institute of Technology, Harvard University, Princeton University, Yale University, Dartmouth College, Amherst College and Hamilton College. Needless to add that as these are some of the best the competition to gain admission to these is acute. So only the best will succeed.

The good news is that many colleges and universities have the budget to offer significant financial aid to deserving students. So look up the various schools and what kind of financial aid is offered carefully. There are many websites that can help in this regard. Among them is http://www.internationalstudent.com/scholarships/search.shtml which provides a fairly comprehensive listing or other popular sites such as IEFA.org - Financial Aid College Scholarship Search or InternationalScholarships.com.

Over and above a general search, ask the university that you are applying to for their eligibility criteria for financial aid. If you have been a successful sportsperson in school, ask about sports scholarships.

Only after you have examined all these sources thoroughly, check the availability of a student loan for the remaining amount. You will find that several banks and financial institutions in India now finance international education and that there are various collateral free loans offered at concessional rates of interest.

Now that you have made the beginning to a smart way to finance your education, the thought of studying abroad will seem more exciting and less daunting.

About Lufthansa in India

49 weekly flights to seven Indian destinations make Lufthansa the Number One European carrier in India. The carrier completed 50 years of operations in the country in Nov 2009 and was voted "Best International Airline in India" at the CNBC Awaaz Travel Awards 2009.

The Lufthansa Group airlines - Austrian Airlines, bmi, Brussels Airlines and SWISS together with Lufthansa - serve 274 destinations in 104 countries on four continents in the current summer schedule from their hubs at Brussels, Dusseldorf, Frankfurt, London-Heathrow, Munich and Zurich.

Lufthansa German Airlines is a founding member of Star Alliance and has developed one of the most comprehensive alliance networks in the industry.


CONTACT DETAILS
Ketika Manohar, CNC - Communications & Network Consulting India Pvt. Ltd., +91 9953684264/ +91 (11) 43590429, Ketika.Manohar@cnc-communications.com

KEYWORDS
CONSUMER, TOURISM, MARKETING, BUSINESS SERVICES, EDUCATION, MEDIA, TRAVEL

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