Rising Cost of Student Education and Prospects for Jobs on Graduation
For many aspiring managers as well as management graduates, the fact that the cost of student education is going up means that they would have to think twice before embarking on a management education. Moreover, for those who are planning to study abroad, the recent depreciation of many Asian currencies against the dollar have put their plans in jeopardy, as they would have to pay more in terms of domestic currencies when they study abroad.
There are some means of supporting oneself while studying abroad or in their native countries. These include taking up part time jobs and working while studying. Further, there are many avenues for student loans from banks and financial institutions, which provide assistance to students who are planning a management education or are going abroad for their studies. Given the fact that many of these banks and financial institutions have liberalized their loan procedures and not insisting on too many conditionalities means that students who are planning higher education need to worry too much about financing their degrees. Apart from this, the fact that many management schools offer assistance of some sort or the other to the needy students is another avenue for funding that students can avail of.
However, the situation in the jobs market is not so bright and hence, taking or availing oneself of a loan is just the beginning. Indeed, even if banks and financial institutions lend you money, it has to be repaid eventually and when you do not get a high paying job or a job of your choice, the loan burden would sit heavy on your head. This is the reason why many students are wary of pursuing management education in the present context. The way out for this dilemma would be to structure the repayment of the loan in such a manner that would allow you breathing space for at least the first couple of years of your career. The point here is that you negotiate the terms of the student loan in such a manner that you can repay the loan after you settle in your first job or your career so that you have some elbow room to spend on essentials like living expenses and boarding expenses in the first few years of your career. Further, you can also ensure that you do not have to struggle for expenses when your loan burden kicks in after a lag of some time.
In the United States, it has become the practice among management graduates to defer their repayment of the loans that they have taken to fund their education. It has also become common for management graduates to enroll in further education so that they have an excuse to defer the repayment of the loans. This is happening because there are simply no jobs available in most countries in the West or the jobs that are available are not well paying or according to the education that the students have received. This is like a double whammy for the students who not only have to pay high fees for the education but also find themselves without a job after graduation and stuck with a loan that is hanging like a sword of Damocles over their heads. Though our intention here is not to sound alarming or gloomy, the point needs to be made that students aspiring for management degrees have to be realistic about their prospects and hence, must plan accordingly.
An effective strategy that is being employed by many fresh graduates is to continue living with their parents and defer marriage and other life decisions so that they can save on those expenses when the going is tough. Further, many students are also working two or more jobs to support themselves during their education and afterwards as well. In conclusion, the idea behind this article is to make you aware of the realities and help you decide whether you would want to enroll in higher education by being cognizant of the facts on the ground.
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