Foreign Master’s Degree: Worth It?
What A Foreign Degree Holds
A master’s degree from a good university abroad is believed to be a great way to boost your job prospects - getting you a good placement and a handsome pay package.
Studying in a prestigious university abroad is certainly a matter of pride and a golden opportunity. But it also comes with significant costs, in the form of both living and tuition.
Education loans have made it easier to access foreign education and they are now available from most major banks in the country. Interest rates can be high, though.
However, with the economy on a downturn, fewer opportunities to get a job abroad, visa restrictions and more youngsters graduating each year, foreign degrees have lost some of their sheen.
A Loan Is A Form Of Debt
An education loan is one of the first big financial decisions you’ll make as an adult - and it could take 5-6 years of your professional life to clear that debt and repay it.
Foreign Degrees Don’t Make You Special - Anymore
Since loans are easier to access, many more Indians are going abroad, making a foreign degree more commonplace and not as valuable to employers.
The Right Course
What you study matters more than where you study. Is the course right for you? Is it the best in its league? Are the facilities good? What about placements & employment opportunities?
Foreign degrees cost a lot. Analyse how much you will earn versus the cost of the course. What is the ROI on your degree? Will you have a work bond in the country of study?
Interest & Repayment
The interest can make your loan an expensive deal. Compare rates of interest, repayment time & choose wisely - because you are stuck with that EMI for several years after college.
Think It Through
Don’t rush. Understand whether the course & facilities are worth it, whether your job prospects after graduation are lucrative & only then make a decision to go abroad for master’s.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.