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If you decide to take a student loan, take a look at some of the best student loans for graduates offered by Prodigy Finance.

Is there job security in your field?

If there is a high and rising demand for the skills you’ll have after graduation, you can really spend some time thinking through the international student loan versus savings question.

If you’re almost certain that you’ll find a fantastic job and do so quickly, you may want to hold onto as much of your cushion as you can until you do so.

Will you get a high-paying job?

If you think you would be able to make higher payments or repay your international student loan sooner because of your earning potential, a savings balance may allow you to be picky about the position you accept after graduation. In that case, you might want to start looking at some of the best student loans for graduate students.

Where are your savings?

If you have a bank account in a strong, relatively stable currency, you may want to hold on to that. If your account is in a country that’s recently dealt with depreciation against stronger currencies, you may want to use as much of this money as possible to avoid double losses later on. A fluctuating exchange rate can be a huge influence in your decision of using your savings or taking student loans for a masters degree.

Do you have a safety net?

If you can avoid trading in the last of your safety net for those first few months when you’re still looking for a job or settling into one, you probably want to do so.

There are moving costs and emergency expenses to consider. It’s worth remembering that in any of these cases, you can take an international student loan and repay it early using your savings, as long as your loan provider allows for early repayment. (Prodigy Finance does.) In such a case, taking out loans for grad school might not be a bad idea. Continue reading “Useful questions for savings vs loan decisions”