How can I study abroad when I do not have the finances. If you have the heart and determination to pursue a course in an international country, and do not give up, the Universe will surely open its doors to you.
As a Masters in Management student at one of the top tier German business schools myself, I feel I am a little eligible to answer this after having gone through the same dilemma. My Masters journey has been made possible by a combination of a scholarship from my business school and a non-collateral loan, which means I am able to fund my studies without any financial dependence on my parents.
There are two primary ways in which you can fund your studies, usually it’s a combination of both:
Scholarships: There are many scholarships which the schools themselves offer.
here are also some which are country specific that your home country or the country you are intending to go provide based on your merit. I would highly recommend you to apply as soon as the admission process starts in order to have a high chance to secure a scholarship. Moreover, it is not true that scholarships are always based on your CGPA/GRE/GMAT/IELTS/TOEFL -some are also offered based on other strong parameters like sports, social service, etc. Also, you should remember that there are many scholarships which are need based depending on your financial standing. You can always mail the Admissions committee of your school to ask about the kind of scholarships they provide.
Loans: You can get a loan in order to fund your studies. Do not be afraid of securing a loan. Even if you do not have the adequate collateral to get a huge loan or incase, you do not want to drag your parents or their property into funding you, you can avail a non-collateral loan with a little higher rate of interest. Whether to go to a bank or an NBFC (Non-banking Financial Corporation) for your loan totally depends on your financial standing, choice and financial strength.
In my case, the #WeMakeScholars team was very helpful in guiding me to take a decision on which bank or NBFC to approach, and negotiating a low interest rate on my behalf
#Manoj from #WMS explained to me the pros and cons of each financial decision I took and guided me in every step. This is perhaps, also a gratitude post to him and #WMS for helping me all along.
Please note that #WMS do not charge any fee for their services. I would also always advise you to never approach a bank or NBFC directly as they quote higher Rates of Interest that way.
At the end, all the best to you! Remember that if you have the heart, there is always a way.