- Date : 10/08/2023
- Read: 3 mins
Don't let the cost of foreign education scare you! This article provides smart tips to help you afford a world-class education without breaking the bank.
- Evaluate low-cost alternatives for education
- Utilise interest subsidy schemes on education loans
- Consider education loans with tax advantages
- Explore scholarships, grants, and paid internships
Embarking on a journey of higher foreign education is an exciting prospect, but the steep costs can be a cause for concern, especially for Indian students facing the challenge of a weaker currency. With a multitude of aspiring students opting for education loans to pursue their dreams, the question of reducing the financial burden, therefore, becomes paramount. So, is it possible to study abroad without emptying your pockets? Let's delve into smart tips and a methodical plan to make your study abroad dream a reality without compromising on quality education. Discover how to navigate rising costs and secure a promising future for yourself or your child.
Given below are a few strategies to economise on the costs of higher education:
Evaluate and pick the cost-effective alternative
Education costs vary significantly between institutions and countries, with government colleges being more economical than private ones. It's essential to compare institutions for low-cost options. For instance, medical studies are cheaper in Russia and China, while countries like Germany, Switzerland, and Norway have lower costs than the US and the UK. Considering scholarship opportunities, living expenses, and fees helps in selecting the most budget-friendly option, though cost shouldn't be the sole deciding factor.
Interest subsidy scheme on education loans
The Indian government provides education loan interest subsidies, like the Central Government Interest Subsidy Scheme for domestic studies up to Rs 10 lakh, and the Padho Pardesh Scheme for minority students studying abroad. Utilising these subsidies can lower students' education expenses significantly.
Considering education loans
Education loans, too, can be considered. They offer tax advantages via Section 80E of the Income Tax Act, allowing deductions for interest payments without a specific limit. This benefit applies to loans for individuals, children, or spouse's higher education.
Also Read: Why taking an education loan is better option to fund your child's higher studies?
Check for scholarships and grants
Numerous scholarships are available in India for higher education. Examples include Fulbright-Nehru Master's Fellowship for Indian students in the US, National Overseas Scholarship for minority students pursuing a master's or Ph.D. Thorough research helps find suitable scholarships.
While studying abroad, students can also access financial aid for their programs overseas. Plan ahead to secure scholarships and grants through school counselors or study abroad program advisors.
Consider paid internship
As a full-time student abroad, part-time work may be allowed. Check your host country's visa guidelines and study abroad program rules to utilise this opportunity for additional funding.
Also Read: US, UK, Australia emerge as prime education destinations preferred by Indian parents: Report
Studying abroad can be a great way to gain a world-class education, experience different cultures, and make lifelong connections. However, it can also be expensive. There are a number of ways to reduce the cost of studying abroad, such as comparing institutions and countries, taking advantage of government subsidies, and applying for scholarships. So, with careful planning, you can study abroad without breaking the bank.
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- Evaluate low-cost alternatives for education
- Utilise interest subsidy schemes on education loans
- Consider education loans with tax advantages
- Explore scholarships, grants, and paid internships
Embarking on a journey of higher foreign education is an exciting prospect, but the steep costs can be a cause for concern, especially for Indian students facing the challenge of a weaker currency. With a multitude of aspiring students opting for education loans to pursue their dreams, the question of reducing the financial burden, therefore, becomes paramount. So, is it possible to study abroad without emptying your pockets? Let's delve into smart tips and a methodical plan to make your study abroad dream a reality without compromising on quality education. Discover how to navigate rising costs and secure a promising future for yourself or your child.
Given below are a few strategies to economise on the costs of higher education:
Evaluate and pick the cost-effective alternative
Education costs vary significantly between institutions and countries, with government colleges being more economical than private ones. It's essential to compare institutions for low-cost options. For instance, medical studies are cheaper in Russia and China, while countries like Germany, Switzerland, and Norway have lower costs than the US and the UK. Considering scholarship opportunities, living expenses, and fees helps in selecting the most budget-friendly option, though cost shouldn't be the sole deciding factor.
Interest subsidy scheme on education loans
The Indian government provides education loan interest subsidies, like the Central Government Interest Subsidy Scheme for domestic studies up to Rs 10 lakh, and the Padho Pardesh Scheme for minority students studying abroad. Utilising these subsidies can lower students' education expenses significantly.
Considering education loans
Education loans, too, can be considered. They offer tax advantages via Section 80E of the Income Tax Act, allowing deductions for interest payments without a specific limit. This benefit applies to loans for individuals, children, or spouse's higher education.
Also Read: Why taking an education loan is better option to fund your child's higher studies?
Check for scholarships and grants
Numerous scholarships are available in India for higher education. Examples include Fulbright-Nehru Master's Fellowship for Indian students in the US, National Overseas Scholarship for minority students pursuing a master's or Ph.D. Thorough research helps find suitable scholarships.
While studying abroad, students can also access financial aid for their programs overseas. Plan ahead to secure scholarships and grants through school counselors or study abroad program advisors.
Consider paid internship
As a full-time student abroad, part-time work may be allowed. Check your host country's visa guidelines and study abroad program rules to utilise this opportunity for additional funding.
Also Read: US, UK, Australia emerge as prime education destinations preferred by Indian parents: Report
Studying abroad can be a great way to gain a world-class education, experience different cultures, and make lifelong connections. However, it can also be expensive. There are a number of ways to reduce the cost of studying abroad, such as comparing institutions and countries, taking advantage of government subsidies, and applying for scholarships. So, with careful planning, you can study abroad without breaking the bank.
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