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Offshore degrees to suit all pockets
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The money factor is no longer a big hitch for a youngster who dreams to pursue higher studies abroad. Banks, institutes and consultancy services are encouraging students to venture abroad with several attractive offers. TANYA ABRAHAM surveys the latest brain-drain scene
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WITH THE onset of liberalisation, the Malayali mind seems to be undergoing a drastic change, regarding higher education. Once considered a privilege available to the affluent and the wealthy, the education system appears to have taken a different course with its door now thrown open to a more international blend of things, made available to the average citizen. In search of a more affordable life style, the number of `pay-and-study' students has increased to a large extent while others leave the country in the hope of being part of a global set up.
While for some the entire concept revolves around the issue of prestige, most students feel that with the entry of multi-nationals into the country, the attention given to professionals with an international degree and exposure surpasses from what is attainable in India.
Twenty-two year old Sindhu Nair believes that the best jobs require degrees from top institutions like the IIMs, which are finally made available to a small percentage of the students in the country. The next best option would be an international degree that is bound to take one places.
What has made the radical change appears to be the relaxation in the monetary angle that has brought about a revolution in the field of international education. More so, opportunities have by far increased with recognised consultant firms offering advice as well as assistance in attaining admissions in universities of ones choice.
Anita Anil, proprietor of Study Abroad Consultant says, "Most of our students are those who belong to the middle income bracket and who are on the look out for a more comfortable future. Besides, not all of them are toppers but are students who have obtained an average of 70 to 80 per cent marks and who hope to remain overseas."
"At the moment we have different categories of study which can be referred to as graduate, post-graduate and internship. Of these, we find that almost 50 per cent of the applicants opt for internship courses, as they are not too expensive. Besides they attain a paid job as a part of the curriculum. We also have examples of students in the U.K. who are earning 1000 pounds per
month from part-time jobs. On an average, the entire fees for the year works out to 7500 pounds per year depending on the course, while food and accommodation would cost around 400 pounds a month. This means the students actually get to save around 600 pounds a month", adds Anita.
Partner and consultant of New Directions, Pushpa Santhosh says, "Most students opt for foreign studies for the exposure it provides. They are aware of the need for such an exposure; besides job opportunities in the Middle East are large for those who have attained a degree or a diploma from
foreign countries. Few students intend on coming back to India, like those who complete a TEXMAN degree (Exploitation of New Technologies), who return with the hope of exploiting the technological know-how they attain. "Today students as well as parents come for guidance as the scenario has changed with easier access to finance from banks", she adds.
Much of the change appears to have emerged as a result of a directive from the R.B. I, which allows a remittance of 12.5 lakh rupees, per year towards education abroad. Besides, no security is required for loans up to rupees 5 lakhs and the only formality demanded would involve a co-obligation from either the parents or guardian of the student with sufficient proof of income (salary or agricultural income) as well as an L.I.C policy for 100 per cent of the loan covered.
Banks like the Punjab National Bank offer loans at a simple rate of interest of 12 per cent, where the repayment period starts after the completion of the course or on attaining a job.
In many instances the banks offer to take care of the L.I.C policy (whole-life convertible policy) itself, in the event where the student is unable to do so, which is later converted after the completion of the course, thus enabling the system to be a hackle free one. However, a number of banks are of the opinion that the R.B.I has made it seem easier than it actually is, while the banks contend that it is necessary to look into various aspects, such as the university applied to and the background of the student.
Cases of non-repayment or the inability to track down students continue to haunt the banks, while still many are of the opinion that most of the public need to be made aware of schemes that can be availed.
Yet still, according to a survey, 80 per cent of the students are preparing for TOEFL, GRE, GMAT, SAT OR IELTS thanks to globalisation, affordability and western influence. What many students cite is the academic freedom available that offers a variety of courses not proffered here.
Rajesh Abraham, a student preparing for his GRE feels that it is important to attain an international feel of things, even if it means coming back to ones country, for soon globalisation would remove this so called demarcation between `the national' and `the international'.
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