Due to the various complexities involved, it is necessary that your finances are planned properly. This will save you from not missing out on acquiring a quality higher education from a coveted institute. This article provides you with some options to help you guide through the maze.
After graduation, students wish to study abroad to have access to global skills and quality education. This kind of international exposure helps you in finding better employment opportunities. Thus, you are increased in level in the career market.
However, the biggest challenge is financing the course due to the increasing cost of education. This is an alarming situation as it is happening not only in India but across the globe. A top university in the United Kingdom currently costs around Rs 50 lakh for a year. However, an average university, for a year, would cost around 15-24 lakh.
Moreover, the important element involved in studying abroad is the foreign exchange (forex) rates. Thus, to complete an MBA, a depreciating rupee can compel students to spend more money. Forex rates can complicate international money transfers.
It also takes some time to orient oneself, apart from exchange rate fluctuations depending on how much the money of the candidate is worth in the destination country. Today, a single £50 note is equivalent to Rs 4,400.
Due to the various complexities involved, it is necessary that your finances are planned properly. This will save you from not missing out on acquiring a quality higher education from a coveted institute. This article provides you with some options to help you guide through the maze.
Scholarships
Scholarships are the easiest way to fund your education. This reduces the financial burden on the student. Scholarships cover a range of expenses with no obligation of returning the money. This makes pursuing a course affordable to students, even for students who hail from different strata of society.
Indian and international universities offer different types of scholarships. They include need-based scholarships, merit-based scholarships and achievement-based scholarships in extracurricular activities.
Loan scholarships
Some organizations offer loan scholarships. Such kinds of scholarships act as a loan and the student has to pay them back. However, the rate of interest is the lowest when compared to education loans. However, such a scholarship offers limited financial support and the amount of the loan scholarship is not expensive.
Education loans
In most cases, student loans cover the entire cost of education. For education abroad, lenders such as public banks, Non-Banking Finance Companies, private banks and international lenders offer varied loan products.
The loan amount differs depending on the institute. It also varies depending on the security pledged by the borrower. Also, a few overseas universities, like Harvard University, offer student loans to their incoming students. This is only in cases where the student is unable to meet the cost of education.
Personal funds
Students who wish to study abroad are generally discouraged from using contingency funds, personal funds or retirement funds of their parents. These funds must be used in a better fashion by investing in schemes with higher returns. However, to finance a part of their education costs, many students often rely on personal funds so that they can reduce their dependence on education loans.
Summer internships
Full-time students get very little time to opt for part-time jobs off and on campus. However, students can earn handsomely according to their skill set and the target company, during their summer and winter internships. This kind of supplementary income helps cover some of their costs of the degree.
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