How To Study Abroad Without An Education Loan

    Updated on: 01 Jul 2022


    There was a time when studying abroad was beyond the realm of imagination for many. The costs associated with it were too high and the opportunities very few. But today, this is quite achievable even without spending a lot of money. Surprised? Through this write-up, we explain how even a cash-strapped student can find ways to earn a degree from a foreign university, and that too without an education loan.

    Which are the top countries to study for cheap?

    First things first, if you haven’t got a financial cushion, then pick a cost-effective country. There are some countries  (with few universities) that either do not charge tuition fees or ask for a minimal amount. A perfect example is Germany; a record number of its colleges have a negligible cost. 
    For instance, the Technical University of Munich charges €520 for two years. The only major expense is the cost of living which comes around to €9,400 for both years. By the current exchange rate, that equates to roughly 8,10,000 INR. You can work part-time to offset this cost as well.
    Few more countries are given below that have minor or very affordable tuition and provide excellent chances of employment. Be mindful that the fees listed are specifically for economical colleges.

    France

    • Approximate Tuition (per year) - €170
    • Tuition In INR - 13,200
    • National Employability Rate - 65.3

    Germany

    • Approximate Tuition (per year) - €260
    • Tuition In INR - 20,300
    • National Employability Rate - 76.0

    Iceland

    • Approximate Tuition (per year) - ISK 75,000
    • Tuition In INR - 43,100
    • National Employability Rate - 85.3

    Austria

    • Approximate Tuition (per year) - €1453
    • Tuition In INR - 1,13,000
    • National Employability Rate - 73.1

    Denmark

    • Approximate Tuition (per year) - DKK 45,000
    • Tuition In INR - 4,70,250
    • National Employability Rate - 75.3

    Which are the top Colleges with low tuition fees?

    If your heart’s set on a popular place like Australia or the US, then search for universities that come within your price points.  Given underneath are two tables that list some of the most reasonably valued colleges in the two countries which have a sterling national employment rate of 73.9 % and 71%, respectively. Please note that the tuition fees are indicative and reflect the common or cheapest courses.

    College in US (with average annual tuition)

    • Brigham Young University-Hawaii - $5,200
    • Winston-Salem State University - $9,600
    • University of the District of Columbia - $11,200
    • University of Wyoming - $13,200
    • CUNY Hunter College - $13,900
    • California Polytechnic State University- $20,200
    • University of South Florida- $17,300
    • California Polytechnic State University - $20,200
    • Stony Brook University - $26,200

    College in Australia (with average annual tuition)

    • University of the Sunshine Coast - $23,200
    • University of Southern Queensland - $24,400
    • Southern Cross University - $25,200
    • Charles Darwin University - $25,500
    • The University of New England - $26,250
    • Australian Catholic University - $22,900

    How to Finance an Expensive Overseas Degree with Limited Budget?

    • Search for Scholarships for Indian Students to Study Abroad
      • One of the best possible ways to bankroll a foreign education is to find an international scholarship. An escape hatch to an education loan, the right scholarship or grant can help cover a significant part of the entire costs involved. Bear in mind that it’s just not schools that offer scholarships, companies, governments and other organizations do too. It takes a bit of effort, but you can use tools like this one to reduce your effort.
    • Look for Part-time Jobs.
      • There are other ways to fund your education than using your savings and one of them is working part-time. A number of cities allow international students to work while earning a degree (at least for a set number of hours). Utilize them to offset the cost partially.
    • Find a Robust Investment Plan
      • This technique is best used when there is time on hand. Most financial planners advise that preparations for saving and investing for future education should start as early as possible. If we assume that the total cost of studying in another country is Rs. 50 to 70 lakhs, then a Systematic Investment Plan started early can help amass the corpus. A SIP makes for a reliable and affordable investment plan because it requires a modest input periodically which doesn’t overwhelm overall finances.
      • Other investment instruments like fixed deposit and PPF also make for dependable plans. A tip to save a lot of future headaches is to shift any accumulated corpus into a less risky avenue when the time for higher education nears.

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    An Education Abroad Pays For Itself, Eventually

    In India, the speed with which we are creating jobs is not at par with the growing workforce, and quality jobs are tough to find. In comparison, the job opportunities in the developed countries are better, the education is first class, and thus the returns are exponential - provided you select the right course and university. Thus, it stands to reason that even with a small starting figure, scholars should opt for a foreign degree. The good news is that finding funding for overseas education is not unfathomable. All it takes is diligence, persistent and a bit of help from experts.

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