Can Education loan be Used to Cover Study-related Travel Expenses
Can Education loan be Used to Cover Study-related Travel Expenses.As people follow their dreams to attain education overseas there is a lot more than tuition fees and books to be paid. There are incidental costs such as housing, subsistence, and more importantly transport costs if the learning institution is situated in another city or country all those costs are borne by students alone. One common question that arises is: One very important question that often arises is whether study related travel expenses can be paid using an education loan?
As much as our general perception may be convinced that we can access an education loan for our studies, it is essential to become well-informed about this topic, which is what we’ll be discussing in this blog I detail: All the types of education loans, what they cover and whether the travel expenses for studying fall under any of these categories.
Understanding Education Loans
An education loan is a type of financial instrument that is directed towards the finance of the expenses of learning. It is much easier to access this type of loans for education and these can be used for; paying tuition fees, buying books or even expenses for the period of study. Education loans are provided by both banks and Non Banking Financial Companies (NBFCs) and the students in India or abroad for undergraduate, postgraduate, or any specialized course.
Loan Features of an Education Loan
Education loans generally cover a variety of expenses, including but not limited to:
Tuition fees: The only cost that most education loans are aimed to Finance.
Cost of books, study materials, and equipment: Most courses compel students to purchase course texts, notes, and even apparatus like devices, tools, etc. needed by the subject area.
Accommodation expenses: Regardless of whether the students live in dormitories, hostels or in hired houses or flats, such a cost forms part of the loan.
Examination fees: This includes fees for examinations undertaken during the course of study, and fees for the various qualifying or entrance tests.
Living expenses: These include expenses on such necessities such as food bills, utilities and many other expenses that are incurred in a situation that one has to be out of the house for some time.
Insurance premium: There are some loan companies that include items like the loan protection insurance under a loan.
Travel expenses: Travel becomes an issue whenever students are Studying abroad and especially when the means of transport is an aeroplane.
Does Education Loans Included Travel Expenses?
Yes the education loans can be utilised in most of the cases which are required for the study like travelling expenses especially for the foreign country students. For the purposes of this paper the three main categories of education loans include bank education loans, type of education loan and country of study Education loan: the scope and limits of what the loan covers vary with the bank of preferred education loan as well as the country of study. Here’s a closer look:
1. For Students Studying Abroad
In the case where the student uses another loan to finance their education in other countries, transport cost especially the fare is usually added on to the loan. One of the essential expenses that most students incur when pursuing their education in other countries is the cost incurred when traveling to the country in question and most lenders understand this point.
Airfare: Most of the banks provide one way airfare within the education loan package and this is especially so in the first trip to the destination country. Some banks also offers credit facility for travel during semesters if the student is required to travel back to his or her home country during semester breaks.
Visa-related travel: Interview travels, issuing of visas or traveling in the accomplishment of other specific immigration requirement can also be factored under the education loan depending on the company’s set out conditions.
In such cases the education loan is not only useful to pay the tuition fee as well as living expenses but also equally helpful to meet the airfare expenses which can be relatively very high for many students.
2. This paper is especially for Students studying in India
As a result, if a student continues to study in the same country he or she come from, the probability is that the travel expenses will not be covered with the same broadness. But some education loans are eligible for travel allowances if the student has to shift to other city. This can include:
Train or flight tickets: Some types of financial aid that students can receive from certain banks include expenses that cover the cost of transportation since such students may be required to move to another area or county to further their studies and the funding only applies to the first trip.
Commuting expenses: Sometimes, education loans may include transportation costs, within the city, if the student is entitled to commute daily between his/her place of residence and the learning institution.
But let us point out that many of the education loans used by students do not include local transport or commuting costs, and that would be listed as terms and conditions of the loan.
Can Education loan be Used to Cover Study-related Travel Expenses
Can Education loan be Used to Cover Study-related Travel Expenses
When can one say that the travel is fulfilling a study related task?
Hence, study related travel costs cannot be restricted to the costs incurred during the first visit to the study area. In different types of courses and at different locations, students may have such or other transportation requirements during their studies. Here’s how travel can become an integral part of education:
1. They include Field Trips and Educational Tours.
Several programs such as in environmental studies, archeology, geology and business education need students to be taken out of the classroom for educational visits or tours. In such circumstances, the journeys that might be required in order to attend these field studies may form part of educational needs and could be borrowed under an education loan.
2. Conferences and Workshops
Conferences, workshops, or seminars are traditional activities an average Higher Education student will undertake. The points of concern are as follows: Students either under graduate, post graduate or even doctoral degree participants may occasionally have to travel from one city or even country to another for paper presentations or attending programme. Most of the lenders may approve education loans to cover these traveling expenses, so long they are for events in connection with the course of study.
3. Internships and Placements
In fact for some courses internships form part of the program whereby students must complete an internship as part of the course. Such internships may event compel the students to move to other cities or even other countries. In such cases, some of the education loan institution may pay for the intern travel and accommodation, which is a part of the internship.
Guidelines to Make Sure Your Education Loan Can Cater the Travel Cost
Regarding studying education loan, it is also very important to know from the banker whether the study related travelling expenses are included. Here are a few steps to ensure that your loan will meet all your financial needs, including travel:
1. Explain Travel Costs During Embezzlement Loan Application
The borrower must be honest when applying for the loan and state explicitly all likely spending, including traveling. Make sure your lender understand that travelling is in line with education whether it was for relocation, field trips or study tours. In some cases, the educational loans could be of different types – one for domestic students and the other for international students – that is, some may reimburse travel costs while others do not.
2. Read the Small Print About the Loan
Take some time and read through the loan agreement several times. Look for the following clauses, the purpose of the loan and if travel costs are covered. They can be regarded as important and optional additions to the cost of the loan if it does not contain travel expenses.
3. Make Arrangement for Other Journeying Costs
This means there is need to organize for any form of transport that may be required during the course of your study. For instance, the applicant should ask whether such expenses such as attending conferences or internships can be covered by the loan.
4. Request the Travel Assistance for Internship or Academic Related Activities
Concerning the coverage of expenses which is related to the student activities apart from class work, some lenders allow flexibility. If your academic experience involves extensive traveling, consider whether or not this aspect is within remit of ones lender and whether or not any form of coverage was discussed prior to traveling.
Options if Your Loan Doesn’t Cover Travel
Still, if your education loan does not cover the cost of travel, then you are going to have look for funding from other source. This can include:
Personal savings: It allows you to budget a little reasonable amount of money to be spent on travelling purposes.
Scholarships or grants: Nearly all scholarships including those offered to international students include funds for travel as well.
Part-time work: Some students engage in other income-generating activities feed for other incidental expenses such as fares.
Conclusion
Another category that may have a considerable impact on students is related to travelling expenses students may have, especially those who study in other countries or those, whose curriculum include numerous field trips, internships, seminars, conferences etc. Thankfully, a lot of education loans are flexible enough for these charges; especially considering the fact that many students are foreigners.
However, not all loans are expected to offer travel cost allowance and therefore travel expenses may not always be provided and that proper consultation with your lender should be made for you to be sure that you have chosen the right loan package. Being savvy over your loan terms and a meticulous planner when in comes to spending for travels, the financial trip as you go through your education will be secure.