“Should I go abroad for higher studies or stick to an institution within India?” - This is a very tricky question and a lot of factors determine the answer to this question. Cost-wise - settling for a degree from a reputed institution in India would seem a sensible choice; but there are lots of associated benefits of an international degree and an international degree has its own importance.
A Bit of India Everywhere:
A study by the Institute of International Education - IIE shows surprising statistics. 42% of the 886,000 international students at U.S. universities in 2013 to 2014 hailed from China and India.The incoming class of Indian students for U.S. graduate programs in 2014 was 27% more than 2013. This proves that despite the high costs the USA remains a popular study abroad destination among Indian students. The trend is matched in Singapore, New Zealand and Malaysia as well. Australia and UK in the recent past have slightly lost their sheen because of tighter visa norms and stricter policies on asking students to return to India on completion of their degrees.
HSBC Bank and market research firm ‘Ipsos MORI’ published a report that analysed the cost of studying abroad across popular international study destinations and the results have thrown a shock. Australia is the most expensive country for an international student.
It might seem a bit shocking that studying in Singapore is costlier than the USA. A fact that has to be noted is that the course fee in public universities like National University of Singapore is lesser. If you secure admission in a public university in Singapore then your academic costs will be significantly lesser. Additionally, this report does not list New Zealand, which is quite popular among Indian students for two reasons. Many institutions offer postgraduate degrees that can be completed within 1 year or 18 months. Additionally, the student visa can be extended by one-year to seek a job.
Cost-wise after considering both public (government-funded) and private universities the cost of studying abroad for a postgraduate degree starting from the least expensive to the costliest for Indian students is as follows:
- New Zealand
*Public-university fees only
Indian students may also want to consider Hong Kong and China as viable options as a select group of universities are now offering programmes in English and the tuition fee is very attractive.
Fees and what Else?
You need to remember that in addition to the course fees, you also need to factor the costs of accommodation, food and living, entertainment and medical expenses. If you are able to secure a part-time job that does not interfere too much with your degree programme; then you can balance some of your expenses. Students applying for postgraduate programmes should also check if they are eligible for scholarships and apply for them. On an average, scholarship amounts vary from $2,000 to $8,000 and this can come in very handy.
Thousands of Indian students access our website every day and run a course search for study abroad programmes. Some of the most popular courses among Indian students are MBA, MS in Computer Science, M.Tech in Automobile Engineering, MSc in Microbiology and Bio-technology. Prospective students can also read reviews of various institutions posted by past and current students on our website to learn more about studying abroad.
The Big Question?
Now after so many numbers and a detailed cost-analysis comes the big question - “Is studying abroad really worth it?” Well the overwhelming answer is a resounding “Yes”. If you can afford it or if you can secure a loan that you can repay; then investing in an international degree is worth the cost, effort and time spent away from family. Students interested in doctoral research have a better chance of getting funds and an ideal atmosphere to conduct their research abroad. The salary-scale for an employee with an international degree is progressively more than that of a student with a similar degree from an Indian university. So in conclusion, if you have the financial resources, go ahead and opt to study abroad.