How can you reduce the cost of your Master’s Abroad by Rs 20 Lakh?

Reducing cost of studying abroad for Indian students by 20 lakhs

Pursuing higher education abroad is pretty exciting, and materializing that is even more impressive. You get to travel to another part of the world, meet new people, socialize with new cultures, and much more while getting a top-notch education. However, studying abroad doesn’t come easy – a lot of planning and organizing needs to be done for everything to go right. From taking English proficiency exams to booking flights, looking for accommodation in the new country to finding food services – it Is a pretty long list. You must spend a ton of money!

Read More: Prepare for IELTS and Study Abroad simultaneously | Countries with best education system

1. Answering the three essential questions – why, where, when?

These should undoubtedly be the first questions you ask yourself while planning to pursue your Master’s from abroad. Whether you are a working professional looking to resume studies or a fresher seeking good quality education – knowing the answer to the 3 Ws will give you a lot of clarity. Plus, you will get ample time to prepare documentation and brush up on your English proficiency skills. 

While searching for the cheap and the best option to pursue master’s abroad can be tricky, below is a list of the cheapest countries for Indian students:

Canada

One of the most popular study abroad countries for international students is Canada. International students are attracted to it because of its diversity, high standard of living, and reasonable cost of tuition. Another attraction for students is that Canada is the least expensive country to pursue a master’s degree.

  • Tuition fee in Canada: CAD 30,435 – CAD 31,856/year
  • Cost of living: CAD 1,000 per month

With upGrad Abroad, students can save up to ₹10Lakhs if they wish to pursue a master’s degree in Canada. In addition, they will be eligible for PGWP/Post Study Work/OPT visa application after graduation for up to 15 months.

Germany

International students from all over the world choose Germany because of its affordable cost of living and education. It easily wins the title of the most affordable nation for master’s program.

  • Tuition fee in Germany: €19,000 to €45,000/year
  • Cost of living: €850/month

With upGrad Abroad, students can save up to ₹20Lakhs if they wish to pursue a master’s degree in Germany. In addition, they will be eligible for PGWP/Post Study Work/OPT visa application after graduation for up to 18 months.

Read More: Germany – A hotspot for international students | Cost of Living in Germany

Norway

The quality of education and the tuition-free public universities make Norway a popular destination for international students. It is home to cheap and best master’s colleges abroad. It’s also attractive because of its availability of English-taught programs you can study for free. According to the QS World University Rankings 2022, four Norwegian universities have impressed the world.

Cost of living: NOK 12,352/month

France

The fact that enrollment in a public institution qualifies you for a two-thirds fee waiver by the state makes France one of the top study destinations in the world for international students. Your study would be much more affordable as a result. For international students, France provides among of the least expensive master’s programs overseas. The curriculum of French business schools has a lot to offer in terms of theoretical and practical expertise.

  • Tuition fee in France: €14,930 – €89,000/year 
  • Cost of living: €600 to €800/month

Ireland

Ireland is a fantastic destination to pursue a postgraduate degree. Many universities in Ireland are highly ranked globally, and with its European setting and English language, it is a popular destination for international students.

  • Tuition fee in France: €8,000 – €30,000 /year
  • Cost of living: €590 – €1,000

With upGrad Abroad, students can save up to ₹15Lakhs if they wish to pursue a master’s degree in Ireland. In addition, they will be eligible for PGWP/Post Study Work/OPT visa application after graduation for up to 24 months. 

2. Finding out about exams and applications

Once you have answered the three core questions, the next step is to find out about the various examinations and relevant applications that you need to fill out. For instance, the colleges in the USA will require you to appear for GRE and IELTS/TOEFL. Australian and European countries, on the other hand, don’t require a GRE score, and instead, weigh in your undergraduate performance for admissions. If you are targeting German universities, you might need to learn the German language or pass the English proficiency test.

Before you start applying to colleges, make sure that you have all the paperwork in control. Start preparing your SOPs, collecting your LORs, and all the essential transcripts and documents from your college. Further, if you are looking for loan options, start looking out for them early on too. 

Read More: Start Studying Abroad and start gaining credits amidst COVID | Study Abroad from India in affordable manner

3. Taking care of the various expenses

Higher education from abroad costs a lot more than studying in India. Various components go into determining the final expenses – besides the generally high tuition fee, you will need to take care of living costs that are usually relatively high. Other costs like books, food, travel and all need to be considered as well. While scholarships are available, there are a very limited number of students that get the scholarships. In such a scenario, many students go for education finance or loans. These loans tend to cover everything, including tuition fees, flight costs, living expenses, etc. 

Now that we have identified how to start planning for your master’s study abroad, let’s look at how you can reduce your expenses or at least get them in control. These tried and tested tips will help you get financial aid or make some extra money by doing a part-time job. 

Aids for expenses of studying abroad 

If you have found the answers to the what, why, and where – the next obvious concern is the expenses. Here’s a list of ways you can help yourself with the costs of studying abroad:

1. Apply for scholarships

Most universities or colleges have a pretty straightforward scholarship process. There’s a fixed amount of scholars and a deadline to submit your applications, and any restrictions may apply as per the university. The types of scholarships offered include general scholarships for assistance, targeted scholarships for diversity, and help to financially needy students. 

Apart from just university scholarships, there are also many government grants and funds that you can benefit from. So, ensure that you look beyond just your college scholarships and talk to different people and advisors about other ways of funding the studies. 

2. Pick a short course 

Rather than going for a 4/6-semester course, you can target different short-term courses as well. If you are looking to find a good job and don’t care too much about the college experience, you can look for 1 year courses that are targeted in their curriculum. These courses are not only less expensive, but you will also spend less on living expenses. However, keep in mind that many of these courses do not have scholarships available. 

3. Save money on the ground

This point is entirely subjective and up to you. When you are living away from home, the two significant (and biggest) expenses are food and living and then there is traveling. You can try to reduce your expense for each of these components. For living, you can check out cheap stay options, such as homestays and PGs. For food, the best and most affordable way is to learn to cook and prepare your food. Likewise, you can find feasible options to cut expenses on travel. All in all, you should strive to spend your money wisely – a lesson that’ll stay with you throughout your life. 

4. Work or intern abroad

Internships and part-time work opportunities are available in abundance abroad. You can take guidance from the career department in your college or ask for referrals from some people to help you with your first steps. More often than not, the colleges themselves actively search for internships for their students to give them real-world experience. If you’re unable to find internships in a field relevant to your education, you can look for other part-time jobs that’ll help you sustain your study abroad experience.

5. Choose an affordable study destination 

Making a wise choice regarding the country you wish to study in is the first step for candidates looking to study abroad for less than 20 lakhs. In order to avoid going over their budget, aspirants should choose a country based on their financial needs in addition to their course of study or area of specialisation.

6. Find the right accommodation 

Making the right accommodation choice while going abroad can have a big financial impact. Every country offers a wide variety of options for housing for students. Look for accommodations that are not only dependable but also reasonably priced to reduce your study abroad costs. You might live in shared PGs and flats with a group of other students rather than paying for expensive private or university dorms. Eventually, this will lead to the separation of living costs like rent, energy bills, and so on. Before entering the country, one should look over these options.

Scholarships to Study Abroad

The Riley Family Scholarship, Imperial College Business Schools, UK 

The Riley Family Scholarship has been established to attract brilliant minds regardless of their background or financial circumstances. One award is given every year to a meritorious student joining in the September intake. This scholarship costs £52,000 and it is awarded to candidates who demonstrate exceptional academic merit and come from a disadvantaged background. 

The Advisory Board Scholarship, Imperial College Business Schools, UK 

The scholarship has been made available through donations from Advisory Board that aim to provide the opportunity and means for exceptional candidates. This scholarship is awarded to candidates who demonstrate exceptional academic merit and come from disadvantaged backgrounds.

Kofifi Annan Fellowship, ESMT Berlin, Germany 

The Kofifi Annan Fellowship at ESMT is a fellowship grant awarded to an emerging leader from a developing country, so they can attend ESMT’s one-year full-time MBA program in Berlin, Germany. Up to 3 Kofifi Annan Fellowships are awarded each year. The value of the fellowship is £58,000 which includes a full scholarship as well as compensation for travel costs and program-related fees. ESMT will also provide fellows with support for visas, housing, insurance, job placement and networking.

Forte MBA Fellowships 

If you would like to be considered for a fellowship, you must first submit an MBA application to a participating school which includes the likes of Columbia, Cambridge, Dartmouth, Cornell, and Oxford among others. All schools grant awards for full-time students. This scholarship is awarded to those students who exhibit exemplary leadership in one or more of the following: academic leadership, team leadership, community leadership, and creative leadership.

MBA Fellowship, Isenberg School of Management, University of Massachusetts Amherst, US 

The MBA Fellowship for accepted on-campus students fully funds their MBA journey. It provides full tuition support, a stipend, and health care benefits. A student who has a bachelor’s degree with a 3.2 or higher cumulative GPA and 5+ years of professional work experience is eligible for this scholarship.

Harvard University-Boustany Foundation MBA Scholarship, US 

The Boustany MBA Harvard Scholarship is granted once every two years for a two-year course at Harvard Business School. $102,200 is provided for tuition fees and students with high GMAT scores and excellent academic backgrounds are eligible.

Hinrich Foundation INSEAD MBA Scholarship 

This scholarship is open to applicants admitted to the INSEAD MBA program at the Singapore or Fontainebleau, France, campus. It provides Two scholarships of €30,000 each and students with at least 5 years of relevant work experience are eligible for this.

Popular Masters Programs in Abroad

We saved the best for last – the upGrad study abroad experience!

Join hands with upGrad & take the upGrad advantage!

The points mentioned above are good enough to help you save (or earn) some money. However, there’s not much scope for savings you can do with the above-mentioned approaches. How about we help you save flat 20 lakhs (if not more) while you pursue your master’s from abroad? 

upGrad Study Abroad program brings you the ability to pursue a Master in Data Science from abroad. The course is offered jointly by IIIT-Bangalore, and IU-Germany and the completion of this course will provide you with a dual alumnus status and double the network and connections. Further, you’ll get rid of the rigorous documentation you’d otherwise have to do and get relaxed English proficiency requirements (while getting specialized training and curriculum to work on your English skills) – upGrad takes care of it! 

The 2-year Master’s course will be broken down for you as 1-year online and 1-year offline, giving you the chance to study abroad in Germany while saving money. You’ll get to choose six specializations of IIIT Bangalore and ten electives from IU Germany during this course, based on your past education and future expectations. All in all, you’ll save INR 20 lakh (which is the cost of living and studying in Germany for one year), if not more, on taking the UpGrad route. 

Apart from saving your time and money, studying with upGrad also eases your academic transition by offering you complete support and personalized guidance. Small batches of students, 24×7 live lectures, lectures from industry experts, and a lot more – reach out to upGrad today, and accelerate your career to the next level. 

Is this something you wish to try? Talk to us today!

Read More: Settle in Germany from India | Best countries to study abroad for Indian students

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