HOW TO FUND A FOREIGN MASTER’S DEGREE

If you are at this stage, I would assume that you have already read and benefitted from the blog titled “Job or Masters Abroad after the Bachelor’s Degree”.

At some stage, every student feels intrigued by the question: what comes after the bachelor’s degree?

Now that you have read the comparison between job and MS after Bachelor’s degree and have decided to pursue a master’s degree abroad, you’d most likely look for fully-funded scholarships

Let’s face the bitter truth.

Fully Funded Scholarships Need Significant Home Work

Some of the most reputed fully-funded scholarships are:

• Fulbright Scholarship: For universities in the United States
• Erasmus Mundus Scholarship: For universities in Europe
• DAAD Scholarships: For universities in Germany
• Chinese Government Scholarships

What homework is required?

It may vary among various scholarships; for instance, Fulbright scholarships require that you take a GRE exam, DAAD requires a work- experience of 2 years etc.

So, a good approach is to gain experience as a research assistant and add a couple research projects relevant to your area of interest and then apply for a DAAD scholarship. If you are fine with taking a GRE too, then Fulbright might be a better choice.

But, remember, fully-funded scholarships mostly require the awardees to return to their home country and stay for a certain period; Fulbright requires you to return back and live in Pakistan for 5 years.

OTHER OPTIONS FOR FUNDING A MASTER’s DEGREE

Don’t you feel it’s too soon to talk about funding options, provided that you do not know how much a master’s degree costs?

Even that is not the right question to ask. The question we have at hand is: what investment do we require for a master’s degree?

Now, you may think it’s stupid to ask the same question again. But, there’s a difference in how much a degree costs and how much investment you need to make.

Most master’s degree programs are spanned over two years, and the cost of a semester varies drastically.

At this moment, the GREAT GOOD NEWS is:

The initial investment is all you need to arrange, and that can be anywhere between 16 lacs and 22 lacs in PKR — NOTHING MORE

Is that it? How is that even possible? More on this in the blog “Master’s Degree Scenario in Different Countries”

Believe me, this is the bigger picture that most people are overlooking

CASES: How to Arrange Funds

Right now, let’s stay on track and discuss the options to arrange finances for your studies

CASE 1: Your Parents are willing to Fund Your Studies

The most convenient of all cases is when your parents have the resources to fund your degree at a foreign university. In an idea scenario, your parents are supporting yourself through entire degree, which is not just the initial investment but also the subsequent semesters.

In case where your parents can only support you through initial investment, they will support you through the first semester and the costs of entering the country; you will then support yourself for remaining semesters through jobs during studies in some countries like Australia and Sweden.

CASE 2: You Don’t Have Funds but You Do Have Assets to make Initial Investment

If your parents do not have some savings in their account, your master’s degree can be funded by either loan or by selling a property. Further, I’ve explained in “Why is a Foreign Master’s Degree Worth It” why selling a property or taking a loan for a master’s degree abroad is worth it. The gist of it is that you can recover the entire amount in one or two years after your degree.

CASE 3:

For studying in the US, there are a lot of Research Assistant/Teaching Assistant/Graduate Assistant opportunities for PhD candidates but sometimes also available for Master’s degree students. In addition, summer internships in the US have much better pay rates and could help significantly in combination with RA/TA/GA opportunities. You will find more blogs from NUSTIAN Coaching Forum on RA/TA/GA opportunities.

LOANS

Fortunately, or unfortunately, you won’t find student loans in Pakistan. But, if your parents are serving an organization that gives interest-free loans or loans at good rates, it is better sometimes to take a loan instead of selling your property (in cases when your only property is the house you are living in).

It is totally understandable if you’re thinking at this moment

THIS IS A RISK. IS IT EVEN WORTH TAKING?

Make yourself realize that it’s not a risk, it is an investment, and you know what, the return is worth it. People usually are able to pay back their loans in a year’s time after graduating.