MONEY
Pursuing higher education abroad can be expensive. Thus, students facing financial challenges may find educational loans to be a viable solution. However, it is crucial to be aware of common issues and take appropriate precautions so that they do not end up falling into a debt trap. Protecting those aspiring to study overseas from financial strain is of utmost importance. Below are several key considerations that students should keep in mind to prevent an increase in their financial obligations. Also Read: Who bears the burden of a loan after the borrower’s death? Overcoming a financial burden can be daunting. Nevertheless, with careful and strategic planning, it is achievable. Several factors can be considered to simplify the process and prevent falling into debt traps. These include: Mamta Shekhawat, Founder of Gradding.com, a study abroad platform, says, “Walking into a debt trap is easy, but getting out of it is very tricky. Thus, taking precautions is essential so that you do not drain your pockets while you are in a foreign land. It is vital to prioritize needs and spend accordingly. Moreover, one must have a proper financial plan to avoid casualties.” None
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