Friday, 19 February 2016

Financing your Global Masters - It's all about money management

Just yesterday, we were at the UVCE College conducting a seminar.

In an attempt to get started, I asked the students, "What is first thing that comes to your mind when you think of study abroad?". Pat came the reply, "Money".

I was happy to get this unison answer thinking that they were thinking of the immense earning potential after pursuing MS, but soon realized the look of concern on their faces was about the affordability of the program.

Most students who aspire to get an admit into top global universities have the potential do so, yet dread the costs that accompany this.

How to work on a plan that is easy on your parents' pockets and yet helps you bag a dream admit?

The first word of advice would be to look at pursuing a GLOBAL MS as a long term investment in terms of money, time and benefit. 

Here are some sources and ways that could help you fund your cost of education:
  • Scholarships – Scholarships from universities for international students is always merit-based not need-based.
  • Scholarships from India like BPCL, Tata endowment etc.
  • Part-time work options on campus: Up to 20 hours per week.
  • Student Loans – Banks provide loan up to Rs. 20 lakhs.
  • Personal funds like sponsor’s PF, savings, FD’s etc.
Let’s look at the payback scenario after MS program:
  • Typical cost of MS: Rs. 20-30 lakhs
  • With internship: Save ~Rs. 5 lakhs
  • Assistantships reduce tuition to  1/3rd
  • Starting salary in US:
    • Graduate from (say in top 50): US $75k to 110k per year
    • Average starting package in US: Around US$ 65k per year
Considering the living expenses, you will be able to repay your loan in a year.

Thus what matters here is the considering this as a well spent effort in terms of time, money and effort and thus becoming a well groomed global resource.

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