Financing your future

Having a first-rate education cannot be undervalued, so it would be a shame to miss out because of financial constraints. To ensure potentially promising students gain the education they deserve, leading educational institutions are now working with students.

NYU Abu Dhabi says it aims to attract best possible students regardless of their financial circumstances. "If you are admitted, our priority is to work with you and your family to make it possible for you to attend. NYU Abu Dhabi will tailor our generous financial support programmes to your individual needs," says the university's website.

"Financial support will ensure that the cost of attendance does not require you, or your family, to take on debt to support the cost of your education. Your family's finances should not affect your decision to select NYU Abu Dhabi even if you are considering low- or no-cost public education alternatives, or are the recipient of generous financial support from another institution."

At the Heriot-Watt University, Dubai Campus, Dr Kishore Sirani, Head of International Business Development, says, "We appreciate the investment students make towards their education and to help ease this financial burden offers a range of scholarships."

However, for those who don't obtain a scholarship, Heriot-Watt can make tuition fees more manageable. Sirani says, "We offer attractive instalment plans to students to pay their tuition fees, whereby full-time undergraduate and postgraduate students can pay their annual tuition fees in ten easy instalments and part-time postgraduate students can pay their course fees in 20 easy instalments."

This means that if you are a full-time student or are working and wish to further your education part-time, tuition fees needn't necessarily break the bank.

Tie-ups

While the majority of universities are offering ways to assist students with their finances through straightforward instalment plans, in addition some have tied up with local banks. Murdoch University recently collaborated with Mashreq Bank in a bid to help its students.

Pro-Vice-Chancellor, Professor John Grainger, Murdoch University — Dubai International Study Centre explains, "Murdoch University's basic premise is to always ensure all students are given equal opportunities. We recognised that in the economic conditions people have been facing recently, it is not uncommon to have cash flow issues and we wanted to address such problems. The collaboration with Mashreq Bank will enable students to pursue their qualifications regardless of any short-term concerns with funding and hopefully helps spread the financial burden for families over a reasonable timeline."

Additional benefits to this Mashreq education loan include a loan top-up facility in the event of future financial requirements, a credit card and a revolving overdraft.

Grainger suggests that banks are recognising the demand in the market for student loans and, as a consequence, have actively started to develop tailored product offerings for this segment. "Apart from Mashreq Bank, Murdoch University Dubai has recently also tied up with Abu Dhabi Commercial Bank, as well as Barclays Bank to ensure more students will be able to take advantage of the facility."

While Murdoch University has tied up with Barclays Bank, the bank also provides loans for the London Executive MBA programme at the London Business School, Dubai and the Cass Business School for the Dubai Executive MBA Programme. The Barclays Bank loan has an interest rate of 9.99 per cent to 14.99 per cent per annum and the student pays the interest only portion of the loan until six months after graduation.

Saving plans

It's not only loans that students need, saving plans are equally as beneficial and, while HSBC offers savings accounts with the benefit of interest paid at half yearly intervals, Emirates NBD offers investors a Smart Saver Account with interest rates starting from 1 per cent per annum and rising to 3.50 per cent for more affluent savers.

No matter what your financial position, Grainger has some advice. "Education is one of those long-term investments in one's life that will not only benefit you in terms of your personal growth but most importantly, ensure excellent career opportunities, and most people would probably consider it a necessary cost to get where they want to get in life."