The high quality of life in the UAE draws many people from all over the world to the country’s shores. Everything one possible needs is already present here – the best of infrastructure, education, entertainment, housing, employment opportunities are to be had in this country.
But the cost of living in the UAE is quite high, too. Nowhere is this fact more evident than when it comes to paying for one’s children’s education. While every child has access to quality education, good education often comes at a high price in the UAE. This means that parents must gather all the money at their disposal to pay for their children’s education right from the school level itself.
When new parents envisage their children’s future, they see a degree or doctorate in a higher stream of learning, an excellent job and an owned property in their child’s name, among other things. But the costs of education are high right from the time one’s child starts going to school. Apart from tuition fees, parents must pay for school books, uniforms, extracurricular activities, hobby classes, etc. When the child attains the age for higher education, the cost of study goes up exponentially.
Most of us do not have adequate savings to finance our child’s dreams of studying in a foreign university, or even taking up a stream of education in a local college. Not enrolling one’s child in the study course of choice is not an option – instead, the shortfall in finances can be met with an education loan.
Most banks in the country are willing to extend education loans to customers, while universities also have loan schemes to help enrol students. Apart from those who wish to enrol their children for the course of their choice, those persons who have had to discontinue their studies in their youth can also avail of education loans to complete their studies. There are several instances of people taking an education loan to fund their own studies in the UAE.
However, it is important to assess one’s financial repayment capability and current position before taking the education loan. Those with an erratic income in business or those who are likely to be laid off from their place of work are unsuitable candidates for this loan. The bank or lending institution will scrutinise your finances for a period of at least one year, apart from your residential status, business licence and balance sheets (if in business), etc. Once you clear these checks, opt for a loan product that comes at a low rate of interest and flexible repayment options.