For a child from a middle-class family, the road to meeting study abroad dreams is filled with challenges and hurdles. Unlike affluent families (who face their share of difficulties), everyday folks and their goals are subject to adequate funds. Considering that the total expense of an international education degree can range anywhere from Rs 35 lakh to Rs 2 crore, financial backing is a pertinent factor in fulfilling one's study abroad goals.
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However, in a dilemma to figure out a solution, people usually ignore other vital steps necessary for a smooth overseas higher education journey.
Against this backdrop, CNBC-TV18 spoke to Prashant A Bhonsle, Founder at Kuhoo Fintech. Here's a list of five broad steps that parents/guardians must take while preparing to send their children for the same:
Do meet education and financial expert early on
Given that the education and financial landscape are constantly changing, and it is often difficult to keep track of the changes (even with all the research), it is advisable to connect with experts.
"While this may seem like an unnecessary investment, having an expert on-board with your preparation process can make things incredibly convenient and uncomplicated. An education expert can help your child create a balance between the subject/course that interests them and the possibility of lucrative job opportunities. Similarly, a financial expert can give you invaluable tips on planning your finances correctly (spoiler alert: it's not just about saving money)," Bhonsle said.
Do not forget to choose the right country, university and course
Understand that simply having an international degree on your resume isn't going to cut it in today's highly competitive world.
Choosing the right course and university is paramount. At the same time, since planning finances are the central focal point of your preparation process, selecting the right country is crucial for budgeting. Therefore, don't delay this step under any circumstances since it might create unwarranted chaos at a later stage, Bhonsle told CNBC-TV18.com.
Do research about scholarships and education loans
Given that adequate funds are pertinent for your child's overseas higher education dreams, conducting thorough research about the most relevant scholarships and education loans is binding. Today, government entities and many universities offer amazing scholarships that cover tuition fees and provide allowance to selected students.
Do groundwork to explore details about immigration policies
If your child is planning for more than just an academic-oriented dream in a foreign land, having a thorough knowledge of immigration policies is essential. Over the past couple of years, Canada's pro-immigration policies have attracted significant interest from Indian students, Bhonsle said.
Earlier this year, research revealed that between 2016 and 2019, the number of Indian students opting for Master's and Engineering degrees in the United States dropped by approximately 40 percent. This drop has been attributed to former US President Donald Trump's anti-immigration policy. Clearly, immigration policies can drastically affect people's choice of a country to pursue higher education.
Do not underestimate the occurrence of currency fluctuations
While planning and preparing for your child's study abroad aspirations, keeping currency fluctuations in mind is highly recommended. The depreciation or strengthening of the Indian rupee against the US Dollar/ foreign currencies can affect your financial planning. If the INR strengthens, that will be good news for Indian students staying abroad and paying tuition and living expenses (two critical components of a student's expenditures), but the depreciation can lead to financial difficulties.
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