Financial planning for studying abroad needs to be integrated into academic curriculum

For millions of young Indians, the dream of studying abroad is more than a postcard fantasy of ivy-covered campuses and cobblestone streets. It is about mobility: economic, social, and intellectual. It is about breaking through limitations that generations before them had no choice but to accept. Global education is not a luxury; it is a catalyst. It can shape careers, broaden minds, and help build global citizens.

Yet for most Indian students, especially those outside major urban centres, it remains a dream deferred. Not because they lack talent, but because they cannot afford it. Financing remains the biggest barrier between potential and opportunity.

Information Asymmetry
Money is one barrier, but another is the absence of information. Students do not know where to start. Many have never heard of the scholarships, grants, or financing options available in countries like the US, UK, or across Europe. It is mainly because students are not taught how to prepare for international education. Financial planning for college, strategies for finding scholarships, or even how to approach loan applications, none of this is part of our academic curriculum. So, they turn to consultants, and many families cannot afford it.

This is where another, often overlooked issue comes in, cultural capital, a term coined by sociologist Pierre Bourdieu. Students from financially stable homes often grow up with intangible advantages: social confidence, academic exposure, polished language, and extracurricular options that match what elite schools expect. Think of it like knowing the unspoken rules of the game, how to talk in interviews, what books to refer to, and what achievements carry weight. For low-income students, these are not accessible. You cannot talk about Dostoevsky if your school library barely has books. You cannot list horse riding as a skill if you have never had access to such activities. Even when scholarships are technically need-based, students from underprivileged backgrounds often do not meet the unwritten cultural criteria to qualify.

Cost of a Dream
Before a student even gets accepted, they are hit with application costs. Each application to an international university costs between Rs 8,000 and Rs 20,000. Multiply that across several courses and schools, and families are looking at Rs 1,00,000 just to submit interest, with no guarantee of success. For many, that price tag ends the journey before it begins.

A two-year graduate degree abroad can cost anywhere from Rs 60 lakh to Rs 1.4 crore, once you factor in tuition, housing, insurance, travel, and living expenses. For most families, that means exhausting their savings or taking on massive debt. Loans should be the answer, but traditional options are often unrealistic as banks require property as collateral. If a student does not have assets or a salaried guarantor, rejection is likely. Even approved loans come with repayment plans that do not reflect real-world job markets. In effect, the loan system is designed to serve those who already have a safety net.

We need systems that are smarter, fairer, and more inclusive. Here is what that looks like:
● Smarter Financing Models
Income-share agreements, flexible fintech-based loans, and collaborative models between banks and universities can better match the realities of students.

● Government Intervention
Policymakers must step up with targeted interest subsidies or loan guarantees, especially for students from tier-II and tier-III cities who lack collateral but not ambition.