According to a 2015 poll conducted by Anderson Market Analytics, over 70% Malaysian students choose to study overseas. In the survey which involved over 1,100 local undergraduates, it was revealed that the students hope to obtain a permanent residence (PR) status once they have completed their studies. The reason being that the students view other developed countries – including Singapore, Australia, the United Kingdom, and United States – as having better work opportunities compared to Malaysia.
However, prohibitive fees, living costs and other considerations like cultural barrier have affected their plans in studying abroad. The majority of the students surveyed in the poll said that if it weren’t for financial reasons, they’d have likely immigrated to the country of their choice as soon as they completed their studies. This is not surprising, considering the fact that international students normally bear the burden of higher tuition fees, aside from other things such as higher exchange rates, accommodation, visa, or air travel. A high living cost is another cause for concern, especially if the students opt to study in expensive cities.
WHAT YOU CAN DO FINANCIALLY
If you’ve always dreamed of studying abroad, be it to seek a PR status or to simply experience living in another culture, don’t let the prohibitive fees and other costs prevent you from achieving your dream. There are ways that you can do to get funding for your studies abroad, such as:
- Obtaining an education loan – This is often the number 1 option for most people who want to study abroad. You can either get a loan from a private bank or the government in your home country or the country which you wish to study at. Certain government bodies would even convert your loan into a scholarship if you meet specific requirements set by them, like maintaining a good GPA throughout your studies or scoring a 4.0 CGPA upon graduation. Getting a loan from the government is more favourable as they tend to have lower interest rates. The loan amount varies depending on banks or institutions. Get help with education loans in Malaysia today.
- Obtaining a scholarship or special grants – For bright and excellent students, the best option is obviously obtaining a scholarship or special grants. The scholarships and special grants can either be obtained from the government, private companies, educational institutions, or even private banks. The scholarship amount and mandatory criteria vary.
- Obtaining employer sponsorship – If you plan to work with a particular company whether abroad or local, find out if the company offers sponsorships for employees to further their studies. While you don’t have to repay them upon completion of your studies, you’re required to work for them for a set amount of time. Failing to adhere to the criteria/agreement may result in a lawsuit, or you’re required to pay them back.
- Obtaining loans from family members – Though rare, this option is not uncommon. For those with wealthy relatives, you can ask for a loan from them and write down a legit agreement to repay them back once you’ve completed your studies. In some cases, there are also people who made a legal agreement by roping in a lawyer who would ensure the deal is taken seriously.
Once you’ve set your heart and mind to study overseas, you need to be responsible in repaying your loans. Don’t crush other people’s dreams just because you fail to repay your loans.