Payal Mukherjee had just completed her graduation from one of the engineering institutes in India. Despite being a merit student, she was not able to secure a job as the institute where she studied was not a reputed one and did not have a very good placement track record. She began to wonder how to proceed ahead and have a successful career path. She spoke to her friends who were studying abroad who gave her the idea to move abroad. At present she is in Australia, completing her masters in engineering and has already secured a job of her choice.
Like Payal, there are plenty of students who hope to go abroad in order to achieve their dreams. Most of these students are bright but fail to get in to the best colleges and universities in India due to the high competition and irrational cutoffs. These students therefore look at foreign universities as an alternative to help them achieve their dreams.
Variety of Places and Courses
When a student decides to go abroad, the first thing that he/she must do is to focus on a course and the country where they would like to pursue it. In recent times, most students who want to do Business and Management courses head to the US, whereas students who wish to pursue Arts and Social Sciences prefer the UK. The favorite haven for the Engineering and Banking students is Australia.
Singapore has also become a major emerging study destination among the Indian students due to various reasons such as lesser cost and quality of education at par with the European countries, the US and the UK. In addition, the country has location advantages for many students as it is very close to home country. Besides, Canada, Russia, New Zealand, The Netherlands, Germany, Italy and Norway are other alternative study destinations for students to pursue their studies in Engineering, Animation, Biotechnology, Hospitality, Medicine, Aviation, Agriculture, Architecture and Sustainable Energy.
Loan: Taking the Crucial Step
Students looking to pursue courses abroad are advised to keep in mind the tuition and living expenses when they are laying out the plan. It is important because some courses in various foreign countries may be really expensive and not affordable. Since majority of students are from middleclass, most of them look at the loan options offered by the banks. It is important that students consult financial institutions that specialize in education loans to help them make the right decision. Financial Institutions such asHDFC, SBI, Apnapaisa, Credilla and various other banks provide education loans to students. When Payal spoke to her family about her dream to pursue Masters in Technology in Australia, her family was hesitant. But when they approached the financial institutions they were given a loan option where they had to provide their house as collateral.
The biggest concern for students like Payal who plan to study abroad is to pay back the loan. In the recent times, due to the recession across the globe many students who pursue their studies abroad have not been able to get jobs and payback the loan which puts immense pressure on their families as these loan amounts vary from 10 lakhs to 30 lakhs. However, most students are able to cover their living expenses by doing part time jobs. This, in turn, will help them to pay back the loan faster once they complete their education and get a job. Despite the recent immigration crisis across various countries, most countries offer stay back options to students which may vary as per the course. During this time frame students can try and find a job with which they can pay the majority or the entire amount of loan they have taken.
Once students have all the necessary facts and documents, they must send their documents to the universities where they would like to pursue their studies. The universities after verification would send an offer letter after which students can go ahead and apply for a visa. It is also important that students clear the necessary English language tests such as IELTS and TOEFL in advance to speed up the selection process. For those students who are going to apply for engineering courses must take the GRE test and those applying for MBA must take the GMAT test in advance.
With higher visa success rates, flexible immigration and visa policies and more chances to obtain a permanent residency, these countries have become a utopia for Indian students hoping to study and settle abroad. But most importantly they must ensure to do in depth research and proper planning before they take the big leap.