Often, those students who take a loan to pursue their higher education abroad worry about repaying it. They also have a lot of questions about it. Here are a few questions answered by Damini Mahajan, CEO and Co-Founder, WeMakeScholars.com, an education finance platform
Will I be able to pay my education loan on time?
Since the return on investment after master's is adequate, the students who had taken loans for their education were able to pay their loans back on time. Students might feel apprehensive about whether they will be able to pay back the loans on time, but usually, this is not as difficult as it might seem.
How long will it take to repay loans in countries like:
USA: Coming to a net zero takes a minimum of three years and should not take more than five years in the USA
Canada, Germany: For Canada and Germany, it should not take more than 3.5 years, as in Germany, there are no tuition fees levied for masters' and in Canada, a masters' degree won’t cost more than Rs 30 lakh and one year course wouldn’t cost more than Rs 15-17 lakh, including living expenses
UK: It might take up to 6.5 years or more to come to a net-zero. People usually return to India due to work visa-related issues. The process sometimes becomes arduous as they have to pay back the loans in Indian currency
Australia: It takes up to five years to repay the loans taken for studies in Australia due to the high fees, yet the figures are subjective because it depends on what kind of a job you are involved with
