How to afford an education overseas
Dear Madam,
I am a final-year BBM student and I have an aggregate of 90 per cent in all 4 semesters. I would like to do a full-time MBA course abroad. What are the exams that I have to write for? Which university offers the best MBA programme and how can I get a scholarship?
Pramod
Dear Pramod,
Based on the country where you want to do your post graduate studies, the prerequisites will differ. While USA and Canada require 16 years study (12 years of schooling + 4 years at college), other countries may allow 15 years of study (12+3).
Most universities abroad see not just your academic excellence but look at you holistically as an individual and check for your other achievements during your student life, along with good GMAT and TOEFL/IELTS scores. Cost of living depends on country you choose which need to be carefully assessed while computing total expenses. The cost depends on the type of programme that is chosen, the length of stay, the sponsoring school, etc. In order to evaluate the overall cost of the programme, it will be necessary to contact the programme department of the sponsoring institution to find out exactly what is included. The tuition fee can range from $35,000-$55,000 for two years in the UK. In the US, approximate cost ranges from Rs 3 lakh to Rs 8 lakh per year at community colleges and up to Rs 10 lakh per year at private universities. Living costs can range from 2 to 3 lakh rupees per semester. Europe is slightly cheaper. Each university abroad has its own rules for scholarships and aids. The following websites could help you gain more insight into the scholarships.
- www.studyabroad.com/scholarships,
- www.international_scholarships_for_indian_student.
- www.ciee.org/study-abroad/scholarships/.
Most nationalised banks provide educational loans to students to pursue higher studies abroad. Some trusts/ organisations offer financial assistance to Indian students who are planning to study abroad. Such as:
- KC Mahindra Scholarship
- Nehru Trust for Cambridge University and Trinity College
- Singapore International Airlines — Youth Scholarships
- J N Tata Endowment
- ITC Scholarships
- Fulbright Commission
- United Nations
- AMIDEAST
- World Health Organization
Once the post graduation course is completed, the student has multiple options to choose from. Most countries allow the student to get a work permit with respect to their skills to continue to work in the country. This also helps in addressing the loans that may have been availed. Best wishes.
