Gone are the days when going abroad to study was out of reach for Indian students. What used to be a distant dream earlier, is a reality today. With people realizing the value of an International Bachelor’s degree, more and more students are going abroad for their studies.
As per a report by the Ministry of External Affairs, as many as 7,52,725 Indian students are studying abroad in 90 countries. These numbers are almost a year old now, which means that the number of Indians studying abroad must have increased further.
The latest Budget presented by Finance Minister Nirmala Sitharaman made it clear that the government has realized the need to improve its education system, not just to attract students from abroad, but also hold on to bright Indian students who leave for foreign universities after completing their schooling from India.
Schemes like ‘Study In India’ and the announcement of an allocation of Rs. 400 crore to develop ‘world-class higher educational institutes’ are some clear indications of the government’s intentions.
Having said that, it doesn’t seem enough to stop the Indian students from going abroad, at least not in the short run. Maybe once the infrastructure is ready and the ‘world-class’ institutes have established themselves, we can expect Indian students to stay here.
What are the important factors that Indian students consider when planning to study abroad? Let’s find out:
Realizing the importance of an International Bachelor’s degree and the various advantages of sending their children abroad, the Indian parents are preparing them from an early age.
Preparing the child to sustain his or her life abroad is an important task, as it often becomes a challenge for anyone leaving their home country at such an early age.
Learning a foreign language is a trend in modern-day schools, especially in urban areas. This is a great way to prepare your child if you are planning to send them abroad. Learning a foreign language and getting to know about the foreign culture at an early age is extremely helpful.
Students are getting smarter with every passing generation. Call it an influence of technology or whatever, it is true that the unachievable seems achievable for students today.
While students are scoring as much as 100% in board examinations, they do not lag behind in extracurricular activities either. Good academic performance along with a strong extracurricular background helps in making the application more likely to get accepted.
Moreover, academically brilliant students have a chance of getting merit-based scholarships for themselves. Studying abroad becomes a lot easier with scholarships, as they bring down the expenses by a huge margin.
These scholarships are awarded by universities as well as governments, and in some cases, by private organizations too.
One of the major hindrances in going abroad for Indian students is the cost that is associated with it. Studying abroad is an expensive affair, and it isn’t possible for everyone to be able to afford it.
For years, this has been stopping students from going abroad. However, with need-based scholarships and modern-day education loans, don’t let the high cost of studying abroad stop you from applying to your dream university.
State Bank of India, India’s largest public sector bank, is making it easier for students to go abroad with its Global Ed-Vantage scheme. An overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges/universities, it is one of the most attractive student loans available in the market today.
High-interest rates and long procedural delays often discourage people from considering this option. However, SBI offers an attractive interest rate and early loan approval.
The loan amount in SBI’s Global Ed-Vantage ranges from Rs. 20 lakhs to Rs. 1.5 crores, which should be enough to fund your expenses. The repayment procedure is also made easy through EMI up to 15 years, after course completion and a further period of 6 months.
Thus, until there are some major infrastructural changes in the Indian education system, don’t expect students to stay in India for higher studies just yet. The first step has been taken by the government, but it’s a long wait before ‘Study in India’ becomes a reality.