How to Get a Master’s Degree Without Taking Loans

If you’ve been thinking about earning your degree from a foreign institution, here’s why it’s a good time to go ahead and do it.

Get a Master's Degree Without Taking Loans

Continuing education is becoming more critical in a wide variety of professional domains. Over 16 million people in the United States now hold a master’s degree, a 43 percent increase from 2002. Pursuing continuous education has numerous benefits, including job progression, increased marketability, earning potential, and networking opportunities, to mention a few.

While the United States has some of the top institutions in the world, it is also one of the most expensive, deterring most prospective students or forcing them to take out loans. The average student loan debt for graduate school in the United States is $71,000. Additionally, the US school system gives the fewest scholarships and the most severe eligibility requirements, compounding the problem.

Studying abroad may be the critical but underutilized alternative for young professionals seeking more education. According to StudyFree’s own research, just 1% of potential students worldwide are aware of the opportunities for full-time study abroad, which can result in a $200,000 savings. International education provides a plethora of opportunities and benefits for American students, including lower tuition rates, superior educational quality, and enhanced marketability.

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Economic considerations

A graduate degree’s cost varies according to the institution and program. A master’s degree in the United States typically costs between $30,000 and $80,000 a year. Living expenses, textbooks, healthcare, and other related costs add up to substantial sums and should be considered as well; 38 percent of families say they prioritize financial concerns over academic needs when picking a college.

Numerous American students are unaware that they can study in English and earn a graduate degree in another country for a fraction of the cost. Students from non-EU countries, for example, must pay a bare minimum administrative cost of 300 euros per semester in Austria. This policy is applicable to all educational programs and levels. Additionally, the average monthly cost of living in Austria is approximately 800 euros, including rent.

All international graduate students pay 3,770 euros per year in tuition at France’s state universities. A year of study at business schools might cost upwards of 8,000 euros. Foreign students may be eligible to receive a scholarship from the French government, the Eiffel Scholarship, or from universities such as Science Po and IFA Paris. The value of the scholarship varies each school. Additionally, any foreign student has the opportunity to get partial monthly rent reimbursement by filing a request to Caf.fr.

Even in the Netherlands, where graduate programs for non-EU students can cost more than 9,000 euros per year, foreign students can study in English and have their tuition covered entirely.

Education of superior quality

The United States of America is home to some of the world’s finest universities. Harvard University, Massachusetts Institute of Technology, and Stanford University, among others, provide its graduates a plethora of professional opportunities. However, in addition to these prestigious American institutions of higher learning, there are a plethora of foreign universities that provide an excellent education.

Indeed, according to QS World University Rankings, 73 of the top 100 universities are located outside the United States, including the University of Cambridge and Oxford in the United Kingdom, the Swiss Federal Institute of Technology in Switzerland, and the Technical University of Munich in Germany. For example, the latter is one of the world’s leading research universities in the subject of business, and all students receive free tuition. All that is required per semester is the payment of a Student Union Fee (92-144 euros per semester) and a basic Semesterticket for public transportation (201.60 euros per semester).

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Marketability

An international master’s degree enables students to differentiate themselves in the job market, resulting in a plethora of professional choices following graduation. According to the Institute of International Education (IIE), studying abroad can have a significant impact on the development of workforce skills and the capacity to acquire employment in the twenty-first century. Additionally, the Institute for International Education of Students (IES Abroad) has found that studying abroad increases one’s employability and starting salary. According to the University of California, studying abroad doubles students’ chances of finding work after graduation: 97 percent of students who went abroad found work within a year after graduation, compared to only 49 percent of college grads.

This occurs independently of whether students choose to return home or work abroad. The abilities acquired while studying abroad and exposure to a new market will distinguish a resume from those of other prospects. For instance, in an increasingly globalized society, the benefits of learning a new language are both professional and personal. Students will interact with individuals from a variety of countries and backgrounds, forming lifelong friendships and professional connections. Additionally, study abroad teaches individuals how to communicate more effectively across cultural and linguistic obstacles, thereby strengthening their intercultural abilities and confidence. Other abilities that will come in helpful in any employment include adaptability and the capacity to thrive in a new setting.

Our future will be shaped by our youth’s ideals and experiences. Traveling and studying abroad provide us the opportunity to experience a new way of life, extend our horizons, and collaborate with people from all backgrounds. Tolerance, curiosity, and multicultural collaboration are now critical abilities in an increasingly linked world. Acquiring a graduate degree overseas can help develop these talents and pave the way for job progression, all while fostering a global workforce capable of promoting peace. At StudyFree, we recognize the importance of higher education and seek to democratize the experience by linking students to international educational options located throughout the world.

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