Financial Support Options for Overseas Education

Those who have completed or completing their undergraduate degrees, I would encourage them to pursue masters or PhD degrees from a reputable university overseas. Unlike most universities (though it is changing now), there is lot of emphasis on research in overseas universities. This provides two key benefits to prospecting students. Firstly they will have chance to empirically learn most of skills and secondly access to linkages to industry. It will be game changer for long term career growth. One must go for it no matter what.

Hot study destinations are US, UK, Australia, Canada and New Zealand. However, other developed countries too have reputable universities offering education in English covering variety of courses e.g. Singapore, Hong Kong, China, Japan, Taiwan, Malaysia, Sweden, Switzerland, Holland, Germany, Russia etc.

Key showstopper for prospecting Indian students to go overseas is concern for financing. The financing has two parts: Tuition Fee and Cost of Living Expenses.

Typical yearly tuition fee could easily start from >=20,000 USD in countries such as USA, UK or Australia and it could go up substantially for courses in management, law or medicine. Typical cost of living expenses includes food, transport, accommodation and study materials and could be in range of USD 1,000 – 2,000 depending upon country and city.

Question is how to finance such a large investment?

I will discuss briefly about financing options available:

  • Family
    • Those who are from financially well background should take help of family. I would recommend this to be last option.
  • Tuition Fee Loan
    • Most of good universities have tie up with financial institutions who can provide tuition fee loan on generous terms. Repayment typically starts after completion of course. My recommendation is not to approach any bank (especially Indian banks have very high interest rates as compared with foreign banks. There is also a risk of currency exchange rate) on your own as their terms are very onerous and strict.
  • Tuition Fee Grant
    • Most of good universities do provide generous grants to offset tuition fee. One should thoroughly check when applying and opt for it. This is one of the best option. However, such grants often come with certain conditions e.g. achievement of minimum grade, attendance, conduct etc.
  • Scholarships
    • Most of good universities do provide range of scholarships. In addition, there are also a number of scholarships offered by foreign government for Indian students, multi-national corporation and philanthropy organization. I would recommend you to ask universities about it before applying. This is also one of the best option. However, such scholarships often come with certain conditions e.g. bond to work in foreign country etc.

I hope this would have been of some help. I wish all prospecting students the very best.

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