Studying Abroad Is An Investment For The Future

Here's a quick guide to planning the financing of your overseas education - timelines, loans, what to account for.

- Vaibhav Singh

Over the last decade, the Indian overseas education industry has grown multifold. With a steady rise in Indian students moving abroad for studies, it is estimated that by 2025 there will be over two million Indian students studying overseas whose combined spending on international education will exceed $100 billion.

The recent Leap-Ipsos Strategy3 Study Abroad Outlook Report shared the promising prospects of studying abroad owing to the superior quality of life, advancements in career opportunities and higher salaries. From the same survey, it was identified that the average perceived cost of education abroad is $38,500. Students need to consider a variety of factors for planning an education abroad including tuition fees, housing costs, living expenses, most suited type of loan etc. Earlier, there were limited options for students to finance their overseas education. However, today students and parents are able to choose from a variety of financing alternatives available.

While preparing for studying abroad requires significant effort academically, it is critical to plan finances in advance to avoid any last-minute hassles.

Plan ahead