Myths about the cost of higher education abroad – Do you believe in them?

Rik was born in an Indian middle-class family. He was always a good student and, like any other student, he had hopes and dreams of completing his postgraduate from his favourite country – the USA. Sadly, Rik was made to believe that studying abroad is a dream that only rich kids can have. He was also told that a higher education abroad can impose a lot of financial burden on him.

But Rik refused to give up. He fought with all the voices both outside and inside. Gradually, he succeeded to bag an offer from a reputable US institute, along with scholarships that supported him financially. The only thing he had to take care of were his living and travel expenses. 

Today, he is proud of the decision he took 5 years back of getting a degree abroad, irrespective of the financial and social pressures that he faced. It has helped him have a successful career and become independent.  

Does the above story resonate with you?

There are many students who would have thought of going abroad earlier, but they had to give up the idea owing to a lot of misconceptions they heard from people around.

Sound familiar?

To plan your higher studies abroad in an effective way, you need two things without which it would be a failure – advice from the right kind of people and, most importantly, money.

Often, you might listen to a lot of what others tell you, without cross-checking facts or questioning them. Here are some of the misconceptions about the study abroad cost that you would have already heard. We have tried busting those.

It’s too expensive

You may think that if you have a budget of 10 lakhs in hand, you can easily cover your tuition fees and living expenses abroad for the entire study period. However, when you speak to an advisor or read a university prospectus, you’ll find that what you have in your mind is a far cry from what you see in reality.

Usually, to study a course abroad, a student needs to have a minimum of 10 lakhs for a year, which means if the course is for 2 years, you’ll need 20 lakhs or more to support your tuition and living cost. But, of course, the tuition fee varies from university to university and from country to country.

Countries like the USA and UK could be quite expensive, but not unmanageable. On the other hand, countries like Germany and Canada could prove to be meeting the expectations of the majority of middle-class Indian families who have considerable budget to support their child’s education.

Having said that, if you feel a degree in one country could cost you a fortune, it’s always better to look for other countries that are affordable to you.

But, If you are inclined to choose a particular course, though it's beyond your limitation, try looking for a similar course in another country that's within your reach.

There are few funding options available

There are few study abroad scholarships, only when you look for them in few places. This means if you want to restrict your scholarship search to a university website, then you might miss something better. Websites like NAFSA, British Council and other government-authorised websites can tell you a lot about scholarships to study in a different country.

Besides scholarships, you can choose to apply for an education loan to fund your education abroad. Loans could be granted at a lower interest rate, under specific circumstances.

Institutes abroad have merit-based scholarships available, and a few institutes have ‘need-based’ funds to support your education and living cost, irrespective of your financial background.

Various institutions abroad have scholarships available based on students’ backgrounds and academic needs, too. In fact, first-generation students are also entitled to receive scholarships at some institutes.

It’s not for everyone

As we said earlier, some students might think that ‘studying in a foreign country’ is a dream that belongs only to rich kids. This is the biggest myth that we have ever heard!

From my personal experience I’ve seen some of my friends who have studied abroad, regardless of what financial fate they had and whether their family supported their decision or not. These people had modest financial and family backgrounds, but still they made it and went on to secure a degree abroad through fully funded scholarships.  

Living in a different country is pricey

Not always! Not all locations abroad where you choose to live in are pricey. If your university is located in a small town and you find an accommodation close by, it shouldn’t be a problem. But if you want to live in a metropolitan city to enjoy the commercial vibe, then it could prove expensive.

There are well-known international student destinations abroad including London, Melbourne and Perth. All these cities have a high quality of living, besides one of the best and affordable options to live by, for every Indian student.

No matter which city you choose to live in, there will always be a debate between high and low quality of life in each city. You need to keep looking for ways that work in your favour, before you settle down easily.

Do you believe any of the above misconceptions?

Let us know if you have heard of anything else. We can help break some of those misconceptions, too.