7 Financial Planning Tips for Students Planning for MBBS Abroad
From the time when Acarnania Physician Philip treated Alexander the Great, to the recent pandemic, humanity has been deeply indebted to the doctors.
Considered one of the noblest professions in the world, the position of doctors in society has now become irreplaceable.
N.R. Narayan Murthy (Co-founder of Infosys) has rightly said – “Doctors have the big responsibility to bring smiles to the faces of suffering humanity”. This depicts the dire need for doctors to not merely heal the disease, but also perpetuate human civilization.
Being such a distinguished profession, it is pursued by many passionate students. However, they have to pass medical courses and licensure exams to be eligible to work. Different licensure exams are conducted for different medical streams. One such prestigious exam is COMLEX, a 3-level exam for licensure for the practice of osteopathic medicine in the US. After completion of 2nd year of the medical course, the students stand eligible for appearing in level 1 of the exam, clearing which will allow them to appear for level 2. COMLEX Level 2 preparation is necessary to clear it and move to Level 3. Clearing all levels makes the student eligible for the license.
But above all, the first hurdle faced while going abroad for MBBS is financial planning.
Let’s tackle it.
7 Financial Planning Tips for Students Planning to Pursue MBBS Abroad
The aspiring MBBS students finding their way abroad for better education or as affordable options, often find issues with financial planning.
Here are 7 vital financial planning tips for students aiming to pursue MBBS abroad.
- Come up with a Budget – Peter Drucker (Austrian American management consultant) has rightly said – “What gets measured gets managed”. Making a budget is proximal to the entire financial planning before heading abroad for MBBS. The tuition fees, and anticipated expenditure on accommodation, meals, stationary, transportation, etc., need to be estimated and jotted down. Basically, it is estimating the cost of living and calibrating the expenses with it. Try deriving prospective major and minor expenses to get a comprehensive budget. This budget will act as your template expense sheet for the future.
- Get a Part-time Job – To supplement your finances, get a part-time job. Make sure the job pays well, should not be hectic, and gives you sufficient time for your studies. The immigration guidelines must be followed thoroughly before opting for a part-time job. The contemporary scenario provides some online part-time jobs that can save time on traveling, and provide freedom of choosing the time of work and other privileges. But try to keep a balance between the job and academics while working in a part-time job.
- Apply for a Scholarship – This particular step will reduce your financial burden to a large extent. It covers a combination of tuition fees, accommodation expenses, travel charges, etc., depending on your institute and the type of scholarship you opt for. The scholarship conditions differ based on its purpose, such as scholarships for research scholars, for students with outstanding academic performance, or scholarships for women. Hence, those planning to move abroad for the MBBS course must try claiming a scholarship to bring down the expenses.
- Opt for an Education Loan – If you can’t avail of a scholarship and the tuition fees of your institution are burdensome, it is advisable to go with an education loan. There are ample lenders in this domain. Have an extensive comparison of loans through a student loan calculator and go through the repayment provisions or contact an education loan advisor to get a holistic understanding of it. It is advisable to borrow only for specific purposes to avoid credit score issues.
- Find Affordable Accommodation – This is the most challenging part of financial planning for an immigrant MBBS student. The students may go with university hostels, if possible, to get accommodation in proximity to the college. Students can also go with shared accommodation with other students to further cut down the cost of accommodation without compromising the amenities.
- Maintain Emergency Funds – Split your savings into ordinary and emergency funds. Make sure you mandatorily add some money to it every month. This emergency fund can be made separately in a bank account or a small locker in your room. This emergency fund should be for medical emergencies or other exigencies. Taking a general example, the inflation rate influences the exchange rate of two currencies, due to which sometimes your pocket money will be more than what is credited, and sometimes it will be less. Make sure you have sufficient funds to fill such voids during emergencies.
- Spend as Little as You Can – The basics of financial planning say the expenses at the first round are always higher than the subsequent rounds. Thus, gradually you will find multiple avenues for cutting down the expenses. Some basic minor tips to cut down on daily expenses are to commute via public transport, shop during sales, avoid eating out, and try making your food by yourself. It is also highly advisable for students not to use credit cards unnecessarily. Students can also keep an eye on student discounts in restaurants, transportation, and libraries by producing student IDs. These small but significant tips will have a noticeable impact on the overall expense figures at the end of the month.
Concluion
The best financial planning is to count the actual and the anticipated expenses.
A thorough understanding of the institution and its provision, the prevalent accommodation rate, trends of inflation and deflation of currency, etc are some peripheral points to keep in mind in this process. The financial planning can be further fine-tuned by consulting other foreign students studying in the institution.
As impromptu admission to a foreign MBBS institution may bring financial barriers, the above tips will help students plan MBBS abroad and manage finances proficiently.
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