If you decide to take a student loan, take a look at some of the best student loans for graduates offered by Prodigy Finance.
Is there job security in your field?
If there is a high and rising demand for the skills you’ll have after graduation, you can really spend some time thinking through the international student loan versus savings question.
If you’re almost certain that you’ll find a fantastic job and do so quickly, you may want to hold onto as much of your cushion as you can until you do so.
Will you get a high-paying job?
If you think you would be able to make higher payments or repay your international student loan sooner because of your earning potential, a savings balance may allow you to be picky about the position you accept after graduation. In that case, you might want to start looking at some of the best student loans for graduate students.
Where are your savings?
If you have a bank account in a strong, relatively stable currency, you may want to hold on to that. If your account is in a country that’s recently dealt with depreciation against stronger currencies, you may want to use as much of this money as possible to avoid double losses later on. A fluctuating exchange rate can be a huge influence in your decision of using your savings or taking student loans for a masters degree.
Do you have a safety net?
If you can avoid trading in the last of your safety net for those first few months when you’re still looking for a job or settling into one, you probably want to do so https://paydayloansmichigan.org/cities/riverview/.
There are moving costs and emergency expenses to consider. It’s worth remembering that in any of these cases, you can take an international student loan and repay it early using your savings, as long as your loan provider allows for early repayment. (Prodigy Finance does.) In such a case, taking out loans for grad school might not be a bad idea.
But, these are merely theoretical questions, answers, and situations; none of this should be taken as financial advice. You’ll need to establish your priorities and consider your individual goals before using your savings or finding the best student loans for graduate students.
If you have the choice between using savings or taking private student loans, you should consult a trusted (and registered or licensed) financial manager. A masters degree is an investment, after all, even if it feels like an expenditure at the moment.
If you do choose to go after some of the best student loans for graduate students, one question you might ask yourself is, What can I spend my student loan on?’. Well, you can use your student loan to cover your school tuition and fees, plus all other expenses included in the cost of attendance at your school. These expenses include paying for books and supplies, transportation costs, and housing utilities, among others. However, it’s important to budget and spend your loan wisely to cover your necessary living expenses.
You usually have the option of deferring payment on your student loans while you’re in graduate school. This means you will not have to pay off your student loan while you’re still in grad school. With Prodigy Finance, you only start repaying your loan 6-months after classes end.
Prodigy Finance offers international student loans to masters students pursuing business, engineering, law, public policy, and health science degrees. We don’t need co-signers or collateral for any of our loans.
For any other information about Prodigy Finance, or our student loan process, feel free to check out or browse our site, or register for a webinar to have your questions answered by one of our team.
You’ll still need to consider your priorities and some questions that relate to life outside of your bank balance. Should I use a savings account or a student loan?’ is a question for which there is no one-answer-fits-all approach.