Every passing year, with the rising need for premium education and the increasing demand for graduates to be at par with international standards, more and more students from India are opting to complete their higher studies abroad. However, despite having a plethora of benefits — including unprecedented exposure and opportunities to widen one’s horizons and understand new cultures, to learn new languages, to experience top-notch educational practices and witness a sharp boost in employment prospects — it is surprising to note that several students opt against studying abroad because of financial concerns. However, here is a list of solutions to overcome some common financial challenges encountered while looking to go outside of India for studies…
While almost every university appears to offer plenty of scholarships to domestic students, international students have drastically fewer grants available to them. This, however, does not mean that one should shy away from applying at all. The best way to find an appropriate scholarship is hardcore research. Considering the vast amount of varieties in the aids offered by institutions (such as merit-based, need-based, and so on), the importance of thorough research can’t be emphasized enough. Furthermore, one must explore the multiple quarters from which financial support is offered, not just from colleges, but also from philanthropic organizations, governments, and as research grants.
It is important to remember that securing a scholarship alone is hardly ever sufficient to cover the totality of the expenditure in studying abroad. While scholarships often take care of tuition fees (and accommodation, occasionally), expenses for food, supplies and other overheads are large enough in most countries to warrant application for student loans. Indian students can apply for educational loans from public or private banks. These loans will have a moratorium period extending to the end of the applicant’s course or to the beginning of their employment, making it convenient for students to repay the amount once they begin to earn.
Working while studying is an excellent opportunity to get acquainted with the local culture and to earn money to cover several expenses. Not all countries and visas permit students to work legally during study, though. Careful research in the immigration policies of the country of education is essential. A good alternate would be to undertake online jobs available on internship and part-time employment portals, especially in the field of one’s study.
Employment inside Universities
Also dictated by visa regulations, on-campus jobs are prudent substitutes to off-campus employment. Most colleges list the job opportunities open to international students on their websites and within university departments, making these much easier to find than regular part-time work. Since several institutions offer campus employment in exchange of free or discounted fees, this is a popular route that students can take — particularly because of being able to work in a known environment.
A very common — albeit steadily declining — practice is to dig into existing funds to pay for higher studies. Whether it be using parents’ money or tapping into a nest egg built specifically for college, spending one’s personal funds can be unnerving. Nonetheless, spending savings is sometimes necessary. An ideal method would be to consider it as investment for future returns, since higher studies are bound to assure satisfactory employment eventually. There are several means available to students to help relieve a significant portion of the burden. At the end of the day, funding for overseas studies calls for extensive research, planning, risk-appetite, and above all, a determination to do well throughout the courses — something that the students of today’s generation seem to have in plenty!
Source: Times of India