Student loans lighten the financial burden of international students during the COVID-19 pandemic and help ease their anxiety around their overseas study plans, covering tuition fees as well as other school-related expenses.
This was the gist of the discussion at the “Student Loans in Focus” webinar, organized by international education platform M Square Media (MSM) and educational loan specialist HDFC Credila last December 8, 2020. The webinar was attended by education agents and counselors who plan to use the student loan service offered by HDFC Credila to help struggling students in India pursue their dreams of studying overseas.
“The truth is that we are all feeling the impact of the pandemic, not only on our health but also on our finances. But the effects of this health crisis are heavier on international students, many of whom have limited finances,” said MSM Vice President Suneetha Qureshi, who moderated the session.
She noted the financial challenges that many families are having due to the lack of jobs caused by business shutdowns all over the world, warning that students are anxious about how they can continue with their overseas study plans.
HDFC Credila Vice President Mahesh Gujrathi shared the many ways that student loans can be used, including for travel expenses, buying a laptop, or even as payment for the Guaranteed Investment Certificate (GIC) for those who plan to study in Canada. “It truly provides much-needed relief,” he said, adding that some student loans can be used for either degree programs or diploma courses.
Developing a credit scoring model tailored to the needs of student loans, HDFC Credila has funded tens of thousands of students from India to over 2,100 unique educational institutions across more than 35 countries. It offers up to 100% finance with long-term loan arrangements and flexibility in collateral security requirements.
MSM UK Vice President Jo Nesbitt echoed the financial challenges that international students face: “By ensuring that we’re up-to-date on financial information—the funding, about the loans—we’re able to support and assist our students, making their journey to their chosen careers easier to manage and achieve.”
As an international student who was able to finish his studies because of financial support, MSM UK Vice President Andrew Disbury vouched for the power of helping international students in various ways and forging a sense of community. “I know how much studying abroad changed my life and I think it’s amazing to think that despite everything we’ve lived through in 2020, there’s still a world of opportunities and possibilities for students to change and transform their lives,” he said.
The webinar is the latest of a series of interactive knowledge sessions that MSM, through its MSM Live! platform, has been holding in support of the development of international education and its stakeholders. As of December 1, MSM Live! has conducted 205 webinars, attended by over 28,000 agents and participants from 94 countries. The sessions were held in English, Spanish, and French.
MSM builds global and in-country offices, manages agent networks, and provides business development and marketing solutions to higher education institutions. It currently has around 40 partner institutions in Canada, the US, the UK, Europe, and other key markets worldwide. This year, MSM became a finalist in the PIEoneer of the Year category of the prestigious PIEoneer Awards 2020. The annual award is organized by The PIE, an independent media, recruitment, and events website in international education that connects its global community of professionals.
About M Square Media
M Square Media (MSM) is a leading service provider in international education and other sectors. We offer a wide range of global business solutions to clients including, international business development, market research and deep opportunity analysis, sourcing sales channel partnerships, market entry strategy, market expansion, lead generation, brand development, finance and accounting management, payroll and expense management, tax compliance and corporate administrative services, staff recruitment, local representation, HR support, and ready-to-go office space. Read more about MSM at https://livemsquare.wpengine.com/.
About HDFC Credila
HDFC Credila Financial Services Limited is India’s first dedicated education loan company. It pioneered the concept of specialist education loan lending and has a brand purpose of contributing toward transforming lives and building the nation. With specialized focus and in-depth understanding of the requirements of students who wish to pursue higher education, HDFC Credila offers customized education loans delivered at home. Over the past years, HDFC Credila has invested time and resources to set up appropriate systems, processes, and know-how related to the education industry, and has numerous databases on the education sector and their credit scoring model for the approvals of loans, designed specifically for student loans.