In a state of confusion whether you should go abroad for higher studies or stay back in your home country?

Don’t worry you’re not alone. This is a question that many students and their parents come across on a regular basis. On one hand, you have the luxury and comfort of living and studying in your own country with your friends and family and on the other hand, you have the lure of excellent research opportunities, a foreign Degree, global exposure, and other associated career benefits. Study Abroad is considered as an expensive higher Education option.

Be it an UG degree or a PG degree, you have to invest a huge amount in order to reap the fruits in future. It is a dilemma whether to invest in this after taking a loan and put yourself in debt or not.

All About Living a Dream

The dream of studying international and pursuing a course of your own choice is no longer a distant dream, which only a few chosen people can afford. Today almost every bank is offering a number of education loans and lot of scholarship schemes are also available making international higher education more accessible.

If you have done proper documentation, have a good CGPA score or academic track-record and meet the eligibility criteria set by the bank and colleges both; an education loan is guaranteed for your support.

Scholarships

Student Scholarships open a whole wide world of possibilities for you and relieve you from financial stress. From private scholarships offered by companies and NGO’s to grants offered by various educational institutions and governments to boost education sector; a student can choose and apply for a relevant scholarship after meeting the required eligibility criteria.

Some of the famous scholarships and fellowships programs are: Fulbright-Nehru Research Fellowships, The Rhodes Scholarship Program, and Huawei Maitree Scholarship for studying in China.

Research Opportunities

It is no hush-hush that the research opportunities available in countries like the Germany, USA and the UK rank much ahead of the facilities and grants offered here in India. This is the one of the reason for the migration of Indian students outside borders. This investment pays off easily as students who stay there as research professors earn a lot so the word debt doesn’t matter to them much.

A Global Outlook

When you study abroad; your experience with a new culture, language and lifestyle will surely dazzle you. As a student in a foreign country the initial few days will surely make you feel lonely, sad and home-sick, but for sure after this teething phase you will be transformed into an adult, an independent and responsible individual taking decisions on your own.

This can also happen here as well when you chose to study in your own country but the level of experience and struggle is different. Study abroad gives you an opportunity to meet students from other countries and understand their lifestyle and culture. This is when memories are born and bonds of friendship are formed, which last a life-time.

Career Benefits

A management degree from a prestigious institution like the Kellogg School of Management or Oxford University or Harvard Business School is definitely a great advantage when compared to a business degree like MBA from a smaller Indian college. This does not put down the MBA course offered by Indian institutions. Employers anywhere prefer to recruit candidates who have pursued a degree abroad over a student who has finished the same degree and has work experience in India.

Countries like New Zealand and Canada offer a one-year extension on the student visa to enable graduates to find a relevant job and cover their debt so that they can have a smooth life ahead wherever they go. An international degree also fetches a better salary-package!

Burden of the Bank Loan

Ask yourself do you have the support to afford the course-fees?
Bank loans are available but theses have to be repaid and for a larger loan-value a guarantor is required; you or your family knows your financial condition the best. Weigh all the pros and cons and then only apply as there are living costs also. Also remember to compare the interest rates of multiple banks to get the best deal on your education loan. Even 0.25% of a difference in ROI matters a lot.

Quality of Education

Leading Indian institutions like the IITs and IIMs are offering high quality courses that also have a scope for doctoral research. A number of these institutions offer scholarships based on merit as well. Try and attempt as many entrance exams as possible and keep in consideration higher education opportunities in India as well to avoid the fear of debt.

Conclusion

There is certainly a difference in the quality of education offered between Indian institutions and international premier educational institutions. With the various financial aids and scholarship schemes available, study abroad is definitely a better alternative. To be in a better financial position and to avoid debt you may also prefer to complete your basic undergraduate degree in India, find a decent job, work for a couple of years, save money and fund your higher study abroad yourself. This way you will be in a lot better position and will not be under pressure of repaying huge loans.

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