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How To Plan Your Finances For Studies Abroad

Posted By INSTAREM, Sunday, 12 November 2017

You were over the moon with your child’s achievement of making it to his / her dream university until you sat down to calculate the expenses. While the huge expenses can be daunting for most parents, you can actually manage the cost with some smart tips:

Try looking for programmes that suit your budget and your child’s career plan. Encourage your child to apply for scholarships. However, a scholarship alone will not cover the entire cost of your education abroad. You could also consider getting your child to apply for a student loan. Now we know how you feel about loans of any kind, but it’s not all that scary if you consider your options thoroughly. Here are a few pointers to get you started:

  • Maybank’s Overseas Education Loan can provide up to S$200,000 with a processing fee of 1.00% and interest rate of 4.88%.
  • OCBC Frank Education Loan can provide up to S$25,000 over 6 years, with 2.5% of fee and 4.5% of interest. It extends the interest only period to 4 years.
  • POSB Further Study Assist can provide up to S$20,000 over 5 years. It charges a processing fee of 3% and an interest rate of 5.88%.
  • RHB Education Loan Graduated can provide up to S$25,000 over 6 years. It charges a processing fee of 2% and 4.78% interest rate during school and 4.78% interest rate after school.

Compare the interest rates. Once you start your research, you will notice that different banks charge you different interest rates. Most banks offer interest rates on a floating rate basis. Hence, be prepared for an increase or decrease in the interest rates. To avoid any last-minute surprises, go through all related info on the bank’s website carefully.

Choose the right remittance partner. While banks add a lot of hidden charges to your overseas money transfers, most online remittance portals fleece you by adding markups on FX rates. Take time to compare the various remittance portals online. One such overseas remittance portal that offers you real-time rates, speedy and transparent money transfers is InstaReM. It boasts of a user-friendly, easy sign-up process. Once your account is verified, you can start sending money using real-time FX rates at a surprisingly low fee. Check it out right away.

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