The UK International Student Loan Dangers Don t Make This Mistake

Taking loan means basically you have to also pay it back, right? So it is not that it is free money that is coming. So you need to be very calculative. Hello everyone. I'm Piyush, your study abroad coach. And me and my team helped hundreds of students every day navigate their journey of studying abroad. Our team has a top accreditation from global authorities and I'm myself, a British Council certified counselor. From all my learnings of traveling around the world and meeting hundreds of students, I'm doing one-on-one counseling sessions to help you guys understand what you can do to make your career better. So let's get started with our counseling session today. One question I want to understand, how are you planning to fund your education? See one, so that's good that you have eligibility, but taking loan doesn't mean that it means basically you have to also pay it back, right? No, it is not that it is free money that is coming. So you need to be very calculative in the way that how much money I'm telling you this, this kind of mistake can be very, very costly, especially if you are going on a loan. Also, what do your parents do? I mean, what kind of income profile does your, is like, is it okay? If you lose 30, 40 lakhs, right? It is extremely important. Or if it is that, you know, I can invest 30 lakhs, 40 lakhs in my son's education and it doesn't matter if he has to come back into India, I mean, because it's okay. Then you should try to target a great university, great pedigree. It will have a longer term impact, but in the short term, you need to earn that money back. If you're spending 40 lakhs, you need to get a job in your domain guaranteed in UK. Otherwise you will not be able to repay your loan back or get a return out of it. What is happening in the UK, UK, you're not getting a full-time job in a relevant domain immediately, right? So what happens is you are doing these odd jobs. You are doing it to get you because you are desperate to get money in pounds so that you can repay back your loan because you have already paid in pumps, right? Now what happens is this is a trap that students get caught in because now they have taken a very large loan. They can't come back to India, even if they want to, because they were here, they will earn in rupees. It will be very difficult to pay back that. So your loan amount should not be more than 25, 30 lakhs above that. Then you are going in a danger zone. Either you can afford, either your family can afford that. It's okay. Even if we, even if you're not earning in pounds, we as a family can afford, I want my child to have my son to have a great education experience there in that university will be definitely better, but the outcomes are not linked to the university ranking. So don't overstretch yourself financially. Go in a university where if you had to kind of come back after six months, let's say you are trying six months to a year, and you're not getting a job because then what will happen is two years, you will work in a restaurant. Then after two years, you will come back to India. And on what basis will you ask for a job? You studied master's in accounting from a good university. Then you worked in restaurants for two years. What is your experience? If I were hiring you, I would say, Oh, this guy had no caliber because he could not get a job only there. Right? So what I'm trying to tell you is do not put that pressure on your head. In that case, after one year, let's say you, you are still having five, six, seven, eight lakhs of loan left. You're like, chuck it, man. I'm going to come back. I'm going to work in my domain. I'm not going to work random jobs, right? You should have enough time to be able to become ACCA qualified. You have four exemptions. You need to give another one and then prepare for it. Right? So in your choice, I would say, accounting is your forte. You want to go in accounting, go for specialized accounting courses. Don't go fancied by data analytics. That's not want to try to build your expertise in one domain. Number two, do not overstretch your finances. Number three, select the city based on job density and competition. In this, it comes out like Birmingham is a great option as well. And if you have an offer from Aston, that's again, a good option. Also you can look at the larger London area, right? And like places like, you know, which are nearby, not very far, maybe Kent. Also you can look at Oxford. Also you can look at Windsor. Also you can look at some places which are like in an hour, hour and a half to hours radius of London, because they're the living will be cheaper and you can study there and try and find work within the London area. So I hope you guys enjoyed today's session and we had a great conversation here. And if you also want to have a one-on-one counseling session with me, feel free to reach out to me. There's a calendar link in the description and book a slot with me. I wish you guys the best of luck for your careers. And I hope I am able to be a part of it and help you guys take better calls. So see you guys soon in the next episode.