Studying in a foreign land can be a life-changing experience, but it also comes with substantial costs. This makes international student loans a lifesaver. However, there are some basic guidelines to consider when applying. The amount you can take out as a loan depends on things like the tuition fee, living expenses, travel, health insurance, other miscellaneous expenses that may arise, and any personal funds you have available to support your education.

You should borrow responsibly and apply for only the amount necessary to cover your educational expenses, ensuring that you can comfortably manage the loan repayment after graduation. Carefully prepare your application to ensure you secure the loan amount necessary to fully support your studies abroad. Here’s how you can go about it:

Preparing Your Application for International Student Loans

To apply for study abroad funding, you should prepare a strong case by gathering the necessary information. To make your case strong, you should be well-prepared with all the documents that might be required and a convincing financial aid appeal letter.

First, you should gather essential documents that back your case. Having these documents completed will make it easier for you to provide a clear picture of your financial situation to your lender. These may include:

• An admission letter from the applied institution displaying your name, course, schools, and acceptance from the institution.

• Your valid ID proof, like passport and address proof

• Lenders may require your credit report to determine your creditworthiness.

• Family contributions or additional savings proof, assets, sponsorships, and scholarships.

• A comprehensive budget that mentions all the expenses you will be incurring while pursuing your studies, like tuition fees, living expenses, and other miscellaneous costs, such as deposits that you will have to bear.

Fulfil these and any other criteria set by the lender to get the required student loan amount sanctioned.

Appeal for a Higher Loan Amount

Sometimes, the loan amount that you are approved for may not be enough to cover the overall expenses. If you are also going through this situation, you can appeal for a higher loan amount to take care of your financial needs while studying abroad.

Here's how you can make a compelling case to increase your loan:

Assess Your Financial Need

Before appealing, carefully reassess your budget to ensure that the additional amount you're requesting is justified. Consider all potential costs, including tuition, living expenses, travel, health insurance, and any unexpected expenses that might arise. Ensure that your revised budget is realistic and well-documented.

Gather Supporting Documents

To strengthen your appeal, you’ll need to provide documentation that supports your request. This can include:

• Updated cost of attendance: Obtain a detailed breakdown of your total expenses from your educational institution.

• Proof of additional expenses: Receipts or estimates for costs not initially considered, such as higher living expenses, travel costs, or specific academic requirements like additional course materials or lab fees.

• Revised financial statements: If there has been a change in your financial situation (e.g., a change in family income or unexpected medical expenses), provide updated bank statements or financial documents that reflect this change.

A thoroughly documented and well-crafted appeal can increase your chances of success.

Craft a Compelling Reason

Let your lender know why you need a higher amount and how it will help you achieve your academic goals. Highlight your commitment to your studies and explain how the additional money will make a difference. If your financial situation has changed, make sure you put it here. The more solid your reasoning, the better your chances of getting the additional loan amount.

While writing the additional information in your appeal demanding a higher loan amount, be sure to be clear and to the point. State categorically why you want your loan amount increased. In this way, the lender can easily and quickly get what you want.

Follow Up

After submitting your appeal, be proactive in following up with the loan officer. A polite follow-up can remind them of your request and demonstrate your seriousness about securing the additional funds.

Common Mistakes to Avoid

While making an appeal for a higher loan amount as an international student, you need to be careful about a few things that could otherwise undermine your chances of approval. By sidestepping these common pitfalls, you can successfully appeal for the loan amount to be increased.

Incomplete documentation

The most common mistake is not submitting sufficient documentation to support your request. Lenders require certain documents showing the change in your financial status to process your appeal for an increase in loan money. Ensure you have all the required papers, as failure to provide any of these documents could delay the appeal process. In fact, it increases the chances of your loan increase request being denied.

Unclear reasons

If you don’t clearly explain why you need a higher loan amount, the lender may be hesitant to approve your request. You need to be specific about how the additional funds will be used. The stronger and more clearly stated your reasons are, the more likely you will win your financial aid appeal. Also the lender will be in a better position to understand your needs.

Ignoring deadlines

Most of the lenders have timelines for accepting requests for loan adjustments. When submitting your appeal, make sure to submit the application on time. It shows how much you respect the timelines. Also, late submission can be a reason that you missed an opportunity to secure the required funding for your international education.

Alternative Sources of Funding

Other than focussing on increasing loan funds, you can also explore some alternative sources to get additional funds for your international education. Here are some options to consider.

Scholarships and Grants

Check with your university, government institutions, or private lenders to see if they offer scholarships and grants. By doing so, you can reduce the amount that you need to borrow. Apply for as many scholarships as possible to help you secure financial aid.

Part-time Jobs

studying in a foreign land, you can help yourself by working part-time as per your visa eligibility. This will help you to cover your living expenses and reduce your dependence on student loans. Just stay thoughtful about the workload of your academics, and make sure to maintain a healthy balance between your work and education.

Family Support

Discuss your financial situation with your family if possible, as it will help you to get the additional support you need. With financial support from family, friends, or relatives, you can easily tackle difficult situations during your international studies.

Appealing for Higher Loan Amounts with Prodigy Finance

If you've received a conditional offer from Prodigy Finance, you can still request an adjustment in the loan amount. It is a flexible loan, which you can either increase or decrease depending on your requirements. In case you are in need of more money, you can always negotiate with the lender to provide you with a larger loan amount. They allow you to request increased funding in case your financial situation has changed, provided you have not already maxed out on the limit.

A representative from Prodigy Finance may get in touch with you to understand your requirements. If your appeal is approved, Prodigy Finance will inform you of the new loan amount, along with any adjustments to the terms and conditions. It’s crucial to review these terms carefully before accepting the increased loan. Once you agree to the new terms, the additional funds will be disbursed according to your agreement in the loan offer, typically directly to your educational institution.

In case you need to make a further request, you can contact them through email.