A World Class Education On A Budget


wealthymatters

A quality education gives us a head start in life and improves our capacity to earn more.A look at  the infographic to the left shows us that even acing the JEE doesn’t get us Indians to the best universities.

For that purpose we need to get to the US or the UK.Now if you manage to convince a top 10 university to have you over,you need money to pursue your education.If you are talented and work hard,apply at all the right places for scholarships and then manage to bag a few or convince the university to waive tuition,you are still going to have to come up with travel costs and some living expenses. Working abroad is an option,But be prepared for low level jobs and crazy hours to be juggled with course work.

However,the tuition fee and living expenses are not your only challenge.Embassies and High Commissions want to ensure that you are not a migration risk.So they want to see that you have substantial family ties and preferably property and businesses or well paid jobs to return to back in Indian,before they issue you a visa.

If you don’t have all these things in sufficient measure or don’t care to take crippling education loans to pursue a foreign degree,there’s still a couple of mid-way solutions.A first is to pick an Asian campus or some other country campus of these leading universities.Singapore and Dubai along with places like Cyprus and Greece are places to consider.Also over 340 institutes in India are offering courses in collaboration with foreign educational institutes.So you can do a couple of years in India and a few semesters abroad where your Indian course-work is given full credit by the foreign university.

And things are just going to get better.The government has allowed the top 400 universities worldwide as per Times Higher Education,Quacquarelli Symonds or Academic Ranking of Shanghai Jiao Tong University,to set up campuses in India without an Indian partner

How To Pay For A Foreign Degree?


wealthymattersIf you are aiming for a foreign degree,you are probably facing some financial challenges. A rapidly depreciating rupee is the first challenge. The second one is from the Reserve Bank of India a few days ago. In its bid to arrest the free-falling rupee, the banking regulator has brought down the amount of dollars one can take out of the country from $2,00,000 to $75,000 in a financial year. Education loans and remittances related to overseas studies are a part of the $75,000 limit.But the silver lining is that if someone wants to remit a higher amount, they can do so with prior permission of the central bank This offers a ray of hope for those who have the wherewithal, but for others the only way out is to prune expenses and redraw the strategy to fund education.

Almost 60-70% of students who go abroad will not find it difficult to adhere to this limit. However, in case of several programmes, particularly the MBA courses, the course fee itself will exceed the $75,000 limit. That means the RBI move could have an impact on some management programmes immediately.

Indian students are usually quite thrifty while studying abroad. In the US, for a post-graduation course, the annual fee is typically in the range of $25,000-40,000, on an average. Living expenses could be around $15,000 a year, depending on the lifestyle. If your total expenses — including course fee and living expenses — in a financial year exceed $75,000, you will have to make some adjustments to your plan. That includes compromising on the university or institution you have always aspired for. You could look for cheaper educational destinations. For instance, Australia, Germany, Singapore, and Canada are some of the countries that one can consider to pursue studies. The reasons are varied like low tuition fees or low living expenses and even work permits, which make these countries appealing.  Read more of this post

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