There was a time when the dream to study abroad was reserved for only the wealthy and those in upper echelons. Overseas education was expensive.In the past decade, however, things have changed seemingly. Not that studying abroad has become cheaper. But it sure is well within the reach of upper-middle-class families now. This reflects well in the numbers.
A report released by the Indian Ministry of External Affairs revealed 5.53 lakh Indian students were studying abroad in 86 different countries in 2019. In 2000, this number was just around 66.7 thousand. Unsurprisingly, the USA, Canada, and Australia are the most preferred destinations. In recent times though, the European nations, as well as UAE, have attracted many students as well.
So, if you want to study abroad, while affording the college should be a point of your consideration, it shouldn’t steal away all your attention either. The exact figure on how much overseas education will cost you is unclear and varies between the country, state, college, and program you choose.
Now before we jump on to the next part, let’s address one key question…
Why Indian Students Prefer to Study Abroad?
A big reason, among several, why so many Indian students are heading abroad to study is education in India itself. Not only has the cost of education in the country increased, but the ROI in context to job opportunities and career growth is also relatively poor for these graduates.
For instance, MBA in the USA is INR 40 lakh; at the Indian School of Business, MBA is anywhere around INR 30-35 lakh. Although the latter looks lower, as mentioned, the ROI Indian universities offer is much less. Moreover, the quality of education and quality of life students enjoy at the American colleges are higher.
Ways to Reduce the Cost of Education
There are now a host of avenues to fund your college.
- Applying for an education loan (and getting approval) is relatively simpler.
- There are numerous scholarships available like Foreign Fulbrit Student Program, Humphrey Fellowship Program, Commonwealth Scholarship Program, Erasmus Mundus Scholarship Program, British Council IELTS, DAAD Scholarships, INLAKS Scholarship Program, etc. Every country comes with scholarship options. Many colleges offer their own grants. To see if you can avail any scholarship, get in touch with an overseas education consultant and check your profile.
- Countries now also allow international students to havea part-time job. You can work for 20 hours a week, earning a minimum pay of USD 13 per hour.So, alongside studying, you can also earn money, which can pay for your accommodation.
In addition to these, there are numerous other ways on how you can lower your higher education cost and manage to work around a low budget. For instance, instead of living in an apartment, you can choose to live on campus; you can cook your own food; you can avail special student discounts at different places. So, there are many smart opportunities to lower your college cost.
In the end, you can always head to a community college, which is way cheaper vs. high-end private institutes. And in the past few years, the community colleges have certainly up their ante, offering high-quality education.
Looking at The Numbers
The general cost of studying in a college in the USA is INR 34 lakh a year.
In Australia, it is INR 25 lakh and in the UK, it’s INR 25 lakh.
In Germany and Canada, it’s INR 5.4 lakh and INR 19.8 lakh respectively.
The mentioned cost includes tuition fees, as well as the cost of living.
Note that these numbers are a rough estimation, outlined to give you a general idea.
Get in Touch With Overseas Education Consultant
If you’re serious about pursuing higher education aboard, and in the best college, you should consider getting in touch with overseas education consultants. If you believe studying abroad is expensive – and have concerns around how you’re going to afford college – these experts can help you through, providing you with more detailed answers and estimations. To that, they can help you throughout the process, right FROM finding you a good (and affordable) college and scholarship opportunities TO assisting you through the admission process and visa application. When planning to study abroad, many aspirants feel overwhelmed, with not just the money aspect but even with other details like picking the right specialization, writing admission essays, and preparing for entrance tests like GRE and IELTS. Having experienced consultants by their side plays a big role in addressing their how’s, what’s and why’s, including the process of applying to abroad university and financing the college. Since you’re at the same place, you should connect with an overseas education consultant as well. Studying abroad is no more expensive – and an expert can help you discover ways and opportunities to finish your higher education within your desired cost margin.