To get high-quality education, practical knowledge, and experience, nowadays students are keen to apply at international institutions to expand their horizons. The concept of studying overseas is popular as teenagers, youngsters and working professionals are aware of its various advantages. But it come with a huge amount attached due to which only a handful of people can fulfil this dream. However, it is a misconception. Today, there are several ways through which a student can finance their education. The only thing they must do is to finalize a country they wish to study at and a program that interests them.
New Zealand as a study overseas destination has rapidly grown in the last few decades and now over 15,000 international students choose to study here every year. The country is known to be one of the lucrative studies overseas destination as it is home to some of the top-notch universities. Here is the cost to study in New Zealand for one academic year:
• Undergraduate course: $20,500 - $25,000 per year
• Postgraduate course: $19,000 - $29,000 per year
• MBA program: $31,000 - $50,000 per year
This is inclusive of the tuition fees, living expenses, travel and other miscellaneous charges required for studying in New Zealand. To fund an international degree, students are required to consider various options to fund their education. Some apply for scholarships, bursaries, fellowships whereas most students avail an education loan for studying in New Zealand.
Applying for an overseas education loan must be one of the first steps of any international application process as it is quite tiring and time-taking. But due to the lack of information and proper guidance, it gets on delaying.
Step by Step process to apply for an education loan and student visa in New Zealand:
Step 1: Apply to the chosen university for the desired study program.
Step 2: On receiving the conditional offer from the university, apply for the education loan.
Step 3: Kindly ensure with the financial institution, that on receiving the AIP, bank will transfer one-year tuition fee and living expenses to the FTS account.
Step 4: The banks will further process the loan file for Search and Valuation. On getting the clear report, a loan sanction letter will be given to the student.
Step 5: Now, students should proceed for the New Zealand Student Visa. For that they must undergo a medical check-up and few tests at the New Zealand immigration and also get the police clearance certificate from the local police station.
Step 6: Initiate the mortgage process of the property to get the Pre-visa disbursement of loan on receiving AIP from New Zealand immigration officer.
Step 7: After fulfilling the AIP conditions, students will be granted an e-visa.
Acceptable sponsor and banks in New Zealand:
For New Zealand education loan for higher education abroad, only parents, siblings or grandparents are allowed as Sponsorers. Third-party Sponsorers are not acceptable by the financial institution.
In terms of the banks, students can apply at any bank for getting the education loan. They just need to check if the bank fits the New Zealand Immigration criteria. To name a few, they are SBI, BOI, ICICI, Axis Bank etc.
If you wish to avail an overseas education loan to study in New Zealand, follow our website for further details. Our loan experts will resolve your queries and make sure that you get an education loan to study at the dream university in New Zealand.
