Lending Bee Overseas Education Loans

Overseas Education Loans

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An Overseas Education Might Just Open New Windows Of Opportunities For Your Child

Broaden your horizons with an overseas education loan from Lending Bee.

Most parents dream of giving their children the very best that life has to offer. When it comes to education that often means sending them to institutions of learning in nations known to offer the very best education in the world.

After all, providing your child with the best education is the goal of every parent. It also paves the way for their future.

In Singapore, parents typically send their children to these three countries for further education: The United States of America, the United Kingdom, and Australia.

Even though parents are excited about the benefits an overseas education can bring for their children, the financial implications are often daunting.  Such education costs go well into the six figures, and few can afford this just from their pocket.

This is why an overseas education loan can be a huge lifesaver. Your child gets the education you have always hoped to give them, and you can pay for that education slowly over time.

What Is An Overseas Education Loan?

An overseas education loan functions in about the same way as a personal loan would. The difference is than an overseas education loan is specifically tailored to cater for any spends that might occur during your child’s time overseas. These include your tuition fees and living expenses (food, accommodation, utilities, travel, etc.). With so much to account for and being in a foreign land, Lending Bee hopes that by helping you with the education costs, you child will be able to better assimilate into life overseas.

The power of a good education is largely unparalleled.

Our Process Is Simple – Just 3 Steps

Apply anywhere and we will get back to you within an hour. Efficient and reliable, we help you make progress in life.

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1. Easy online application

Fill in our online form that takes only 3 minutes.

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2. Confirm your
details

Our consultants will contact you to confirm your loan at one of our branches.

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3. Get your
money

Receive your money in cash or cheque on the spot.

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1. Easy online application

Fill in our online form that takes only 3 minutes.

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resume-art

2. Confirm your details

Our consultants will contact you to confirm your loan at one of our branches.

Arrow-down
getmoney-online

3. Get your money

Receive your money in cash or cheque on the spot.

The Financial Implications Of An Overseas Education

An education loan has the sole purpose of funding your education costs and easing your financial burden in the process. This way, you will not have to worry and struggle about paying for your tuition fees. At Lending Bee, we believe that an education loan allows you to shift your focus to what is truly important: your studies.

Australia (AUS)

This is the number 1 destination for Singaporean students going to study overseas due to its proximity to Singapore and large Asian culture.

Undergraduate education generally starts at $30,000 a year for international students. This number will generally be higher for technical courses relating science, medicine or law.

Below is a table depicting the average cost of a Bachelor Of Arts degree in the more popular Australian Universities:

Australian UniversitiesAnnual Tuition Fees
University of MelbourneAUD 32,512 (SGD 31,089)
Monash UniversityAUD 31,500 (SGD 30,121)
RMITAUD 30, 720 (SGD 29, 376)
University of SydneyAUD 40,000 (SGD 38, 250)
University of New South WalesAUD 35,280 (SGD 33, 737)
University of QueenslandAUD 33,904 (SGD 32, 421)

*Tuition fees and currency exchange are as of 25 April 2019

United States (USA)

Another popular destination for Singaporeans due to the elimination of language barriers, the average annual tuition fees for international students are as follows:

USA UniversitiesAnnual Tuition Fees
University of ChicagoUS $55, 425 (SGD 75, 476)
California Institute of TechnologyUS $50, 487 (SGD 68, 751)
Harvard UniversityUS $46, 340 (SGD 63, 104)
Stanford UniversityUS $50, 703 (SGD 69, 044)
Massachusetts Institute of TechnologyUS $51, 520 (SGD 70, 156)

*Tuition fees and currency exchange are as of 25 April 2019

United Kingdom (UK)

This is another preferred destination for people looking for an overseas degree because of its high-ranking Universities and how it acts as the gateway to Europe.

Below is the cost of the average annual tuition fees you can expect to pay as an international student:

UK UniversitiesAnnual Tuition Fees
University College London (UCL)UK £19, 390 (SGD 34, 084)
Imperial College LondonUK £29, 000 (SGD 50, 977)
University of Cambridge, UKUK £20, 157 (SGD 35, 432)
University of OxfordUK £23, 800 (SGD 41, 839)

*Tuition fees and currency exchange are as of 25 April 2019

It is important to note that the above numbers stated are just the tuition fees alone. There are still other costs to factor in such as accommodation, your child’s day to day living expenses, phone bills, meals and any other costs that they might incur if they opt to travel out of state during their breaks.

Another factor to keep in mind is the duration of your child’s degree. Most undergraduate degrees are 3 – 4 years long. By having a relevant polytechnic diploma, your child can shave up to 1.5 years of the degree, saving you a substantial amount of money. However, be sure to check with your child’s polytechnic or the overseas education consultant on which universities gives you credit.

Lending Bee’s overseas education loan paves the way for your child’s education needs. Apply today.

Advantages of an Overseas Education Loan With Lending Bee

We understand that it is every parent’s dream to provide their children with the best education. This is why at Lending Bee, we have perfected our overseas education loan to provide you with the financial help required. We have kept our loan terms as manageable as possible and they include:

1. Quick and fast application process:
We understand that time is of the essence when it comes to your child’s education. You wouldn’t want to wait for the following semester and waste precious time just because the funds were not disbursed to you on time. Applying for an overseas education loan with us can be conveniently done online. We will then get back to you within 24 hours. Following which, we’ll just require you to bring the relevant documents down to our head office for your loan to be approved, and for the cash to be disbursed.

2. Longer loan tenure:
Because the amount provided is high, there might be instances where we are able to maximise the loan tenure for you. This allows you to pay off the loan at a comfortable pace so that there is no strain. At Lending Bee, we are able to provide you with an unsecured overseas education loan of up to 24 months. This will also significantly reduce your TDSR, improving your credit score in the process.

3. Lower monthly repayments:
Since the loan tenure is longer, the monthly repayments will then be spread out in smaller amounts. This ensure that you won’t have to put such a huge strain on your finances.

4. Reasonable interest rates:
The cost of sending your child overseas is already going to set you back quite a lot. This is why we have kept our interest rates to a minimum for our overseas education loan so that there won’t be such a strain on your finances.

5. No need for collateral:
Overseas education loans are mostly unsecured, meaning that you won’t have to provide collateral in exchange for the loan.

6. Creates new opportunities for your child:
With our quick approval and loan disbursement process, your child will be able to enjoy the benefits of studying overseas, and explore further career advancement options upon graduation.

Opportunities are fleeting. When presented with the right ones, it’s best to make the most out of them.

What I Should Take Note Of Before Applying For An Overseas Education Loan?

1. Credit Score:
Your credit score hinges heavily on your credit history and income. If you have a poor credit history (delayed payments, defaulting on payments), this could easily tarnish your record. However, Lending Bee will not reject you immediately based on your poor credit score. We will carefully access each individual’s situation and see if we are able to grant you the loan. If we see a marked improvement and are confident of your repayment capabilities, we may be able to grant you with an overseas education loan.

2. Qualifying Details:
In order to successfully qualify for a loan with Lending Bee, you will need to:

  • Be a Singaporean citizen or PR. Foreigners need to provide their employment pass or passport.
  • Be above 21
  • Be permanently employed, have a valid work permit (for foreigners). Those who are self-employed, require a valid income proof.

3. Required Documents:
Before you head down to our office, do ensure that you have:

  • Original NRIC / FIN
  • Proof Of Residence (recent bill or letter addressed to you)
  • Proof Of Employment
  • For Salaried Employee: 3 months payslip (for foreigners only)
  • For Self-Employed: Notice of assessment for the past 1 year

Studying Overseas: A Gateway To New And Amazing Opportunities

Those who go to the lengths necessary to apply for an overseas education loan should have a clear understanding of the advantages their children will enjoy once they are exposed to an overseas education. Here are some of the advantages of studying overseas:

Exposure: Going out into the world and getting to experience other people’s way of doing things brings great exposure to your child. They will gain a different outlook on life as they plunge into different activities and cultures that may not be available in Singapore. In addition, they get to travel and enjoy the natural wonders, landmarks, historical centers and museums in their host nation and in some cases, even neighboring nations.

Top-notch education: The USA, UK and Australia are known for their excellent institutions of education. This means that your child will be impacted by the very best professors in their field of study, while studying at some of the best facilities around the globe.

Lifelong networks: Not only will your child be making friends for a life time, they will be creating professional networks for the future. These same people that they are studying with might be the professionals that they deal with on a global scale. There’s no telling how these networks will come in handy in the future where their is concerned.

More Career Opportunities: A degree from any of these three countries is globally recognized. Employers pay close attention to people educated in such countries because they bring a new perspective to the work place. In addition, your child is at an advantage should they choose to work in the host country, or in other countries around the world.

Enjoy a new culture: The best way to learn about a new culture is to be immersed in it. That is why living and studying in a different country offers an entirely new cultural experience. Here, your child will learn the customs of the people, their traditions, how the society lives and is organized, the foods they love to eat, their holidays and their significance, and so much more. They will witness a totally different way of being and doing things.

Develop new interests: When you live with different people, you discover interests that you may not have been exposed to before. It may be a love for watersports such as water skiing, swimming, and surfing, or it may be other things as hiking, golfing, biking, and different sports. One also discovers different forms of entertainment such as going to the movies, concerts, or going to watch plays and musicals among others.

Independence and personal development: By sending your child overseas, they will learn to solve their own issues, study on their own, and explore the host country. They will also learn how to adapt to challenges as they come.

As parents, we undoubtedly want the best for our child. If you would like to expose your child to the aforementioned advantages, then you should consider and overseas education loan to finance their overseas education.

An overseas education loan with Lending Bee ensures that your child receives the quality education that they deserve.

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