How To Study Abroad Without An Education Loan | GyanDhan
Published date: 30 Apr 2019
Updated on: 06 Apr 2020
There was a time when studying abroad was beyond the realm of imagination for many. The costs associated with it was too high and the opportunities very few. But today, this is quite achievable even when the budget is limited. Through this write-up, we explain how even a cash-strapped student can find ways to earn a degree from a foreign university, and that too without an education loan.
3 Ways To Study Abroad With A Small Investment and without an Education Loan
Where can you Study Affordably?
First things first, if you haven’t got a financial cushion, then pick a cost-effective country. There are some countries (with few universities) that either do not charge tuition fees or ask for a minimal amount. A perfect example is Germany; a record number of its colleges have a negligible cost.
For instance, the Technical University of Munich charges €520 for two years. The only major expense is the cost of living which comes around to €9,400 for both years. By the current exchange rate, that equates to less than 8,00,000 INR. You can work part-time to offset this cost as well.
Few more countries are given below that have minor or very affordable tuition and provide excellent chances of employment. Be mindful that the fees listed are specifically for economical colleges.
Specifically for Economical Colleges.
A►
Country - France
Approximate Tuition (per year) - €170
Tuition In INR - 13,200
National Employability Rate - 65.3
B►
Country - Germany
Approximate Tuition (per year) - €260
Tuition In INR - 20,300
National Employability Rate - 76.0
C►
Country - Iceland
Approximate Tuition (per year) - ISK 75,000
Tuition In INR - 43,100
National Employability Rate - 85.3
D►
Country - Austria
Approximate Tuition (per year) - €1453
Tuition In INR - 1,13,000
National Employability Rate - 73.1
E►
Country - Denmark
Approximate Tuition (per year) - DKK 45,000
Tuition In INR - 4,70,250
National Employability Rate - 75.3
Which Colleges are within your means?
If your heart’s set on a popular place like Australia or the US, then search for universities that come within your price points. Given underneath are two tables that list some of the most reasonably valued colleges in the two countries which have a sterling national employment rate of 73.9 % and 71%, respectively. Please note that the tuition fees are indicative and reflect the common or cheapest courses.
► College in US (with average annual tution)
Brigham Young University-Hawaii - $5,200
Winston-Salem State University - $9,600
University of the District of Columbia - $11,200
University of Wyoming - $13,200
CUNY Hunter College - $13,900
California Polytechnic State University- $20,200
University of South Florida- $17,300
California Polytechnic State University - $20,200
Stony Brook University - $26,200
► College in Australia (with average annual tution)
University of the Sunshine Coast - $23,200
University of Southern Queensland - $24,400
Southern Cross University - $25,200
Charles Darwin University - $25,500
University of New England - $26,250
Australian Catholic University - $22,900
How to Finance an Expensive Overseas Degree with Limited Personal Savings?
Search for Scholarships for Indian Students to Study Abroad
One of the best possible ways to bankroll a foreign education is to find an international scholarship. An escape hatch to an education loan, the right scholarship or grant can help cover a significant part of the entire costs involved. Bear in mind that it’s just not schools that offer scholarships, companies, governments and other organizations do too.
It takes a bit of effort, but you can use tools like this one to reduce your effort.
Look for Part-time Jobs.
There are other ways to fund your education than using your savings and one of them is working part-time. A number of cities allow international students to work while earning a degree (at least for a set number of hours). Utilise them to offset the cost partially.
Find a Robust Investment Plan
This technique is best used when there is time on hand. Most financial planners advise that preparations for saving and investing for future education should start as early as possible. If we assume that the total cost of studying in another country is Rs. 50 to 70 lakhs, then a Systematic Investment Plan started early can help amass the corpus. A SIP makes for a reliable and affordable investment plan because it requires a modest input periodically which doesn’t overwhelm overall finances.
Other investment instruments like fixed deposit and PPF also make for dependable plans. A tip to save a lot of future headaches is to shift any accumulated corpus into a less risky avenue when the time for higher education nears.
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An Education Abroad Pays For Itself, Eventually
In India, the speed with which we are creating jobs is not at par with the growing workforce, and quality jobs are tough to find. In comparison, the job opportunities in the developed countries are better, the education is first class, and thus the returns are exponential - provided you select the right course and university. Thus, it stands to reason that even with a small starting figure, scholars should opt for a foreign degree. The good news is that finding funding for overseas education is not unfathomable. All it takes is diligence, persistent and a bit of help from experts.
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/study-abroad-without-an-education-loan