Friday, 25 March 2016

“Dos and Don’ts for Indians to Pursue Overseas Education” ―Professor M.S.Rao

“It’s your place in the world; it’s your life. Go on and do all you can with it, and make it the life you want to live.” — Mae Jemison

Overseas education is very expensive for Indians. Many Indians dream of acquiring it but find several financial constraints to accomplish their dreams. The cost of overseas education includes university fees and living expenses. If they understand the right method of choosing their universities and bankers half of the battle is won.

Indian students are very keen to go to America to pursue higher education such as MS or MBA. The craze is high because America is a land of opportunities and especially for Indians. Indians are highly respected in America and other advanced countries like UK, Canada, Australia and Germany for their hard work and adaptability. Indian CEOs such as Sathya Nadella of Microsoft, Sundar Pichai of Google and Indra Nooyi of PepsiCo have become inspiration for many Indians in India. The quality of education in America is good and is creative, fun and employment-oriented.  However, there are many students who don’t have financial capacity to pursue higher education in America. This article addresses how to get loans for your overseas education and the dos and don’ts involved in it.  

A Blueprint to Your Overseas Education

There are several consultants that arrange loans for your overseas education. Do research to find out genuine overseas consultants. If you don’t have any idea, network with your friends from your educational institution and get inputs from your seniors who have already gone abroad for education. Find out the genuine universities and apply. Assess your financial capacity. Check the income tax returns of your parents. Get the banking transaction statement from your banker. Apply for loan based the on fees the college is asking. Find out the mode of payment and the installments to pay your fees.

Approach both private and public sector banks for loan. They will guide you how much they can fund and the margin money you must have. While going to private bankers, find out the rate of interest and hidden costs involved in it. Usually the marketing people from private bankers don’t reveal everything to you. Hence, you must clarify your requirements to avoid hassles later. Here are some dos and don’ts.  
  • Assume that you don’t get any part-time job during your study.  
  • Read the brochure carefully before applying for educational loan to avoid springing last-minute surprises by your banker.  
  • Compare the rate of interest from different banks. Find out the hidden costs involved. Some bankers present rosy picture by promising moon and finally you end up finally paying more interest. Hence, be careful with bankers. Have your queries clarified by the bank representative. If required, talk to his/her immediate manager to find out the facts. It helps you avoid burning fingers.
  • Ensure that you hit on the right bank with the right educational loan scheme to suit your needs.
  • Be careful with fluctuations in currency.
  • During the visa interview, express your sincere intentions to pursue quality education rather than to settle down there. You must convince them that you have the financial capacity to pay the fees and meet the living expenses during your stay for the course.


Govt of India encourages loans for education and housing provided you meet the requirements. Hence, do research; find out the details; shortlist the university as per your financial capacity; and ensure the funding from your banker at reasonable rate of interest to acquire overseas education.

Don’t assume that you get part-time job immediately. The rules in USA are changing and you must find out how many hours you can work part-time. The students who illegally work are sent back to the home country.  Hence, don’t involve in illegal activities that ruin your prospects to complete your course. Therefore, keep all risks in view and make your decisions wisely. If your parents cannot afford, don’t pressurize them. Empathize with them. Look for alternative means to accomplish your dreams to acquire overseas education.

"Dreams are extremely important. You can't do it unless you imagine it." — George Lucas

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Life is great!

Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
Recipient of 10th International Prestigious Sardar Patel Award―2015
21 Success Sutras for Leaders: Top 10 Leadership Books of the Year (San Diego University) Amazon URL:

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