Hello Readers!
Going abroad for higher studies is a dream for many of the students. They plan and prepare accordingly to get themselves admitted to big universities abroad.
Generally, the academic year of these universities begins from the month of September. To get admission in universities abroad, the student starts their preparation at least a year before. They start researching about different universities, their courses offered, and their fee structure. Then, preparation begins for standardized tests like GMAT, GRE, or SAT.
The marks that they score, in these tests, gives a fair idea of their eligibility for admission in different universities, and application in different universities are filled accordingly.
But, currently, due to the COVID-19 pandemic outbreak, the academic and admission processes have been thrown off-gear.
At this time, students who have been preparing for study abroad should consider the following:
ANALYZE YOUR FINANCIAL SUPPORT
During this Corona crisis, a large number of people have been hit financially. Many of them have lost their jobs, while some are receiving their salary with a percentage cut. At this time, you need to check the financial position of the guarantor of your loan, that is your parent in most of the cases. Analyze, if still your parent is financially fit to cover the loan expense. If the conditions are not the same as before, study hard and work towards getting more financial aid and scholarships from universities. Remember do not try to dip into your parent’s retirement savings.
ACTUAL OUTLAY
Studying Abroad has a big cost, on average you can take it around Rs 50 lakh or more depending on the duration of the course. In case if the value of rupee got depreciated against the concerned foreign currency in the coming days, the cost can go more than that
It has been observed that in the last 6 months, the value of rupees has gone down by 6% against the dollar and euro while appreciating slightly against the UK pound.
So, basically do check the impact of currency fluctuations on your actual spending as well as your household budget.
DID YOU ANALYZED ROI?
The Corona crisis has an impact on a global scale. The economy all over the world is in its worst situation. The favored destination for study abroad has been hard hit by the Corona Virus. The employments in these countries have also been impacted, that means after you complete your course, the employment in these regions would be less than before it was.
In that case, if you plan to come back to India, and look for a local job, here the question that will stuck your mind will be, will a local job pay you enough to repay a loan taken in foreign currency?
Always remember, taking out more in a student loan that what you expect to make from your first year-job, is never advisable. This will only become a burden on you and make the situation unfavorable.
CHECK OUT THE UNIVERSITIES ADMISSION PROCEDURES
While you research different abroad universities do check what they are charging in their admission process and what kind of scholarships they are providing. There are many universities that waive of the application fees, while some B-schools offers scholarship on the basis of GMAT scores altogether in their admission process.
Do check the eligibility regarding the delay in the award of local degrees and high school certificates. Due to the Corona crisis, it’s likely that universities might delay the course by a semester or provisionally grant you admission subject to clearing the mandatory exams in the future.
In case you have already got the admission letter from the university, do check about the modifications regarding the visa restriction for foreign students. Get yourself updated with the cancellation and refund process, also check for the applicable charges by bank in case of cancellation of Education loan.
GO FOR PLAN B
Considering the infection risk in the light of this Corona Pandemic, it will be better if you consider deferring or altering your study plans. Some countries have already canceled visas without further notice. Some universities might be willing to take you next year.
You must look for universities abroad in safer countries.
In case if you postpone your study plan, do utilize this time, you can go learning relevant courses through online medium, or a job. If you are yet to pass eligibility tests, focus your energies there.
The Corona pandemic hit has changed the aspects of the economic landscape, similarly, it has changed the financial aspects of abroad study. Analyze your options wisely before you reach any conclusion.
For any kind of investment query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
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