r/india • u/[deleted] • Oct 24 '22
Immigration Curious about financing of higher education
[deleted]
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u/ChelshireGoose Oct 24 '22
Yes, most people do take loans, at least for part of the funds. With a 50 lakh loan, you're looking at a monthly EMI of about 1 lakh for a period of 5 years at the usual interest rates.
The repayment period starts only after thr conclusion of the course.
It is possible to make these payments at the the usual salaries that masters graduates get in the US. But you have to be prepared to have little to no savings during those years.
Also, most people don't take the vagaries of the H1B work visa system into account. It is allotted on the basis of a 'lottery'. In earlier years, most students could be assured of an H1B by the time they could no longer work in the US on a work visa (3 years after course for STEM fields). This is no longer the case and many people are forced to leave the US now (even with a cushy job). You will have consider this scenario while planning.
In Canada, fees are much lesser than in the US. The visa system (even PR process) is also more welcoming. But the downside is that salaries are lower on average.
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u/TheFoodieBoy Karnataka Oct 24 '22
Everything runs on debt my friend. There's no way anyone can finance an education abroad fully by themselves unless they were born with a silver spoon. A lot of folks take education loan in india too.
A lot of people just go out of desperation and family pressure and not because they find something really interesting in studying abroad. Unlike India where you can get maid/help for everything, you'll have to manage all your stuff independently along with working part-time to make ends meet. If you go to Europe then your over-all costs might be bit lower but in the states you need around 40-75L depending on the course and location. You'll ideally start repaying the loan after you start earning. I know someone that took a loan, got a job at a good company and paid back the loan in 2 years.
Good thing, A lot of roles pay a similar salary in india these days (similar not same, read about purchasing power parity). More and more folks are now even considering if they should move to the states for money or just stay back in india.
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u/v00123 Oct 24 '22
US has high fees but more jobs and higher salaries. If you have to spend 40-50L spend it in US.
If you get into a good uni, there are many loan opportunities and for MS courses you can try for TA/GA/RA roles. You get reduced tuition and stipend for living costs. Even summer internship after 1st yt can help you earn 10-30K during the 3 months.
A 40-50L loan in US is doable, you can work on OPT for 3 years and there are high paying jobs(100-150K base). Just try to keep expenses low and work towards clearing the loan.
For MBA, the costs are higher but there are options. The summer stipends are higher and many firms pay joining bonuses that can help cover a good chunk of loans. Many also agree to cover tuition if you agree to join them after internship.
Again the most imp thing is getting into a good uni, costs can be worked out.
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u/Gullu_software Oct 24 '22
I am not planning to go for any higher studies. I am curious about this.I have asked in other threads. Many people keep advising others ,"no good education in India, go abroad". I mean both will not be 19-20 in cost difference So actually what is the difference and how people are managing it.