FAQ BLOG: 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 single 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 field 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 set period; Fulbright requires you to return, whereas, Erasmus Mundus Scholarship doesn’t.

NOTE: My research on fully funded scholarships is not as comprehensive. So, if this is the only choice left for you, better do your research thoroughly at the official websites and other guidance channels.

OTHER OPTIONS FOR FUNDING A MASTER’s DEGREE

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

Even that’s not the right question. 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:

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

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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 a big idea that people overlooking the picture are neglecting

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.

CASE 2: You Don’t Have Funds but You Do Have Assets

If your parents do not have some saving 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.

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 HUGE.

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What is FAQ Blog Series?

I wanted to give the information I received from my seniors and the lessons learned from my experiences to the juniors, hence started the FAQ Blog Series, where I shall be addressing the most commonly asked questions which I picked from the career guidance sessions carried out by the NUST Alumni Association in the past.

Source of Featured Image: College Choice