I am currently working as Sr. Research Manager in a research centre. My annual package is around 18L. I want to pursue a masters in Public Policy. I got an admit in LSE for that but couldn’t find a scholarship and even education loan. My family has some savings. Does it make sense to use that to fund my masters? Or in reality, should I even go for a masters course considering what I earn here?
The education loan industry works on market principles. In courses such as Public Policy, Humanities, employability aspect is quite low. Financial Institutions generally avoid sanctioning loans in such courses. As per your main question, you are currently earning 18L per annum and your target course is Masters in Public policy. To give you a precise answer, I would need to know your work experience. Since, how many days you have been working. In my opinion, you should continue working here instead of using your savings. In the UK, Brexit has raised so many uncertainties. There still is a chance that the UK government makes the post-study visa rules more stringent. In such cases, if you have to work in India, it will bring an unnecessary financial burden on you.
In the end, it is your prerogative to decide. If you can afford then you should. If not, then you should definitely consider continuing working.
If you are earning 18L already in India, in my opinion you should continue working here. There was a friend of mine who tried a lot to get a loan for his maters in some social science subject. He wasn’t able to avail one.
Banks prefer giving loans in those courses in which employability is high.
In the end, it is up to you.