Studying abroad is no more a distant dream for the Indian youth. The number of students pursuing higher education in foreign countries has grown rapidly since the last few years.
According to RedSeer report, it is estimated that 1.8 million Indians will be spending US $85 billion on education overseas by 2024. The number of education consultancies spiking up is definitely an evidence for this rising trend of overseas education.
The top study destinations for Indian students include developed countries like Unites States, United kingdom, Australia, Canada, New Zealand .etc. and will continue to remain the same unless they reduce any student benefits from their visa policies.
Why does Indians prefer to study in foreign countries?
India ranks 2nd when it comes to students pursuing education abroad, after China. Apart from wide choice of specialization courses available with high quality of education, excellent faculty and exciting research opportunities, most countries provide a stay-back option for a certain period of time so that students can find work after graduation. It is important to note that majority of students abroad wants to settle there earning a permanent residency.
To sum up, the major reasons for students moving broad can be listed as follows:
- Attractive salary packages
- High quality of education
- Pursue niche courses
- Gain international exposure
How much does it cost for Indian students to study abroad?
When it comes to foreign education, securing an offer letter from a world-class University is much more easier compared to arranging funds. Apart from tuition fees, students need to show a particular amount in their bank account to cover their living expense over their period of stay, which can be anywhere around 5-15 lakhs depending on the country.
As for the tuition fees, it depends on the country and duration of the course. The masters in UK is just one year whereas in countries like US, Canada and Australia it can be anywhere around 2 years. There are many students who opt for short term courses like diploma instead of bachelors and masters due to high tuition fees.
How to fund your education abroad?
Most students take education loans from bank to cover their tuition and living expense which they repays doing part-time jobs during study period or during their stay back and continues for years even after getting a full-time job. The interest rate and repayment policies differs depending on the banks, which is quite relaxed in government banks compared to private banks.
There are also a number of scholarships available, which the students can apply upon successfully bagging an offer letter from the foreign university. There are scholarships which gives partial funding and even full funding covering both tuition fees and expenses. But these are highly competitive scholarships, which would require you to apply as early as possible once it starts accepting applications.
Inference
Moving to a foreign country, far away from our home and loved ones has its own hardship, but considering the advancements one could get from living and studying from a multi-cultural environment makes it worth a try.
Even though there are many students attracted by global professional opportunities and high quality education in world-class universities, still, there is a majority who desire to explore their life to the fullest and experience self-dependence and freedom away from a judgmental society like ours.