Steps for Students to obtain loans for overseas education

One of the primary reasons why Indian students are seeking education abroad is the quality of education. While there are some excellent universities in India, not all of them offer the same level of resources, research facilities, and advanced coursework that international universities can provide. Students are looking for universities that have modern infrastructure and equipment, access to the latest technologies, and international exposure. Many of these universities offer courses that are not available in India or have faculty members who are experts in their fields.

Another important reason why Indian students are going abroad to pursue their Masters degree is employment opportunities. The global job market is highly competitive, and a degree from a top-ranked international university can give Indian students a significant advantage over their peers. Many students are opting for courses that are in high demand in the international market, such as computer science, engineering, business, or healthcare.

Financial assistance is also a major factor that is driving Indian students to pursue their Masters degree abroad. Many universities offer scholarships, grants, and other forms of financial assistance to international students. This can help reduce the financial burden of pursuing a Masters degree, making it more affordable for students who might not have been able to study abroad otherwise. Private lenders, like Prodigy Finance, allow students to take a collateral-free loan, helping them move abroad for their studies.

Cultural exposure is another compelling reason why Indian students are choosing to study abroad. Living in a foreign country can be a life-changing experience, as students are exposed to new cultures, languages, and ways of life. They learn to adapt to different environments, build communication skills, and develop global perspectives. This experience can be invaluable for personal growth and career development.

Process of applying for a student loan with Prodigy Finance | File

Finally, prestige is a factor that should not be overlooked. Many international universities are well-known for their high academic standards and reputation. Obtaining a Masters degree from such institutions can enhance a student's credibility and reputation, making them more competitive in the global job market.

All this being said, here are some statistics about international master's degrees and why getting a degree abroad is a good choice for students:

1.     According to a survey by the Institute of International Education, there were 1.1 million international students studying at U.S. colleges and universities in the 2019-2020 academic year.

2.     The same survey found that the top fields of study for international students in the U.S. were engineering, business and management, and mathematics and computer science.

3.     A study by the British Council found that students who study abroad develop a range of skills, including cross-cultural communication, problem-solving, and adaptability.

4.     According to a report by QS Enrolment Solutions, international students studying in the U.K. are more likely to secure a job after graduation than their domestic peers.

5.     A survey by the European Commission found that students who study abroad have a higher likelihood of finding employment within six months of graduation compared to those who did not.

6.     The same survey found that students who study abroad have a higher chance of earning a higher salary than their peers who did not study abroad.

7.     According to a German Academic Exchange Service study, international students who study in Germany report higher levels of satisfaction with their educational experience compared to their domestic peers.

8.     A report by StudyPortals found that the most popular destinations for international master's students are the U.K., the U.S., Canada, Germany, and the Netherlands.

Before taking a loan for an international master's degree, a student should consider the following steps:

1.     Research: The first step is to research different universities and their programs, including the cost of tuition, living expenses, and other related expenses. This will help the student to estimate the total cost of their education and determine whether they need a loan.

2.     Scholarships and grants: Look for scholarships and grants to reduce the financial burden. Many universities offer merit-based scholarships and other forms of financial aid. The student should explore all options to fund their education.

3.     Understand the loan terms and conditions: It is essential to understand the terms and conditions of the loan before applying. The student should check the interest rate, repayment period, and other relevant details.

4.     Consider the repayment plan: Before taking a loan, the student should evaluate their future income and determine if they will be able to repay the loan comfortably. They should also check if the lender offers any flexible repayment plans.

5.     Apply for the loan: Once the student has done their research and evaluated their options, they can apply for the loan. They should ensure that they have all the documents and information the lender requires.

6.     Stay organized: Keeping track of the loan amount, interest rate, and repayment period is crucial to ensure timely repayment.

By following these steps, students can make informed decisions about taking a loan for their international master's degree and manage their finances effectively.

In conclusion, Indian students are going abroad to pursue their Masters degree for many reasons. The quality of education, employment opportunities, financial assistance, cultural exposure, and prestige that international universities offer are all factors that are driving this trend. As the world becomes increasingly interconnected, Indian students are recognizing the value of an international education and the advantages it can provide in today's global job market.