How to Plan Finance For Higher Studies in Abroad: Uk, Usa, And Australia

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PLANNING FOR A MASTER’S DEGREE ABROAD IS IDEAL

When you are clearer about your goals in life and have well reasoned ideas for considering a foreign university. Popular destinations continue to be Australia, UK and USA. However, cost of higher education and living costs abroad are usually much higher than in India. So when you are a working woman planning to take a break, financing is one of the most critical aspects of your plan for study abroad. To be granted a student visa in any foreign country you need to have adequate means of financial support.

ASSESSMENT

Start with an assessment of your personal funds including annual income (from all sources), assets (bank accounts, investments, other assets), your own earnings until departure, savings from earnings, gifts, investments, or property as well as other sources (individual, government agency, or private organization) in India who can fund part of your educational expenses. If you cannot pay the costs of your study through the personal funds you have available, you will need to apply for financial assistance through scholarships and educational loans.

‘Where you choose to study depends upon your priorities and budget. The total cost of studying is a sum total of tuition fees (international student fees), health cover fees, additional costs such as study materials, institutional fees and the cost of living. The length of the course is a critical component in the total cost. At the outset you have also to factor in cost of application, fees of standardized tests such as GRE, TOEFL, GMAT, IELTS, etc.

SCHOLARSHIPS

  • UK: www.britishcouncil. Org/learning-funding-your-studies.htm www.educationuk.org/scholarships – the Education UK website provides a search facility for scholarships, bursaries and awards www.prospects.ac.uk

  • US : Log on to http :/ /www.fulbrightindia-india.org/eas/links.htm

  • USTRALIA: www.dest.gov.uk/highered/scholarships.htm (Australian Government Department of Education, Science  and Training) and www.idp.com

  • INDIA:  Announcements of scholarships available from India for study abroad appear in the prominent dailies

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