Financial planning is important for studying a course of MBBS as it is one of the costliest courses in the world. Being a doctor has been a dream of many students, for which parents put their entire lives at stake. Thus, proper financial planning is necessary for the MBBS aspirants and their parents for better future planning and management. The students who opt for MBBS in private colleges are entitled to pay a lump sum amount as a part of their tuition fees, hostel, and food.
Financial resources
Plan the financial resources that you are going to use. Firstly, you may use your parental savings. Secondly, you can take an educational loan. Thirdly, you can continue your studies on the basis of a scholarship.
Return of investment
Return of investment is a term generally meant for business, but in the case of MBBS studies, it refers to the return an MBBS aspirant is able to collect from his or her job or business after completion of their degree. In this situation, you need to calculate the amount you are going to earn after the completion of your degree and compare that to the amount you have invested in your studies. In the case of MBBS in private colleges in India, students generally have to invest 80 lakhs to 1 crore. After the completion of their MBBS, they are able to earn approximately 50,000 rupees a month. Thus, they are unable to repay the loan they have taken or earn the amount that they have invested.
Solution: In this situation, you need to make smart decisions. You need to choose colleges that provide you with a lower amount of course fees so that you can repay or re-earn the amount that has been invested by you. In these circumstances, you need to think about doing MBBS abroad. You can get MBBS courses within 30 lakhs which will help you gain a return on investment.
Colleges for MBBS abroad
Tactful financial planning is essential for students to maintain a safe and secure livelihood in the future. For this, students need to choose budget-friendly colleges for MBBS abroad. As Indian colleges for MBBS are quite costly, you can definitely think of MBBS abroad. Colleges of Kyrgyzstan are popular among MBBS graduates from India due to their FMGE passing rate and coaching for the NExT exam.
Colleges like the International Higher School of Medicine (IHSM) and Kyrgyz State Medical Academy (KSMA) are some of the most popular colleges in Kyrgyzstan which provide high-class clinical training with advanced equipment. These colleges have collaborated with European medical universities. These colleges provide students internships in college-owned hospitals where these students get maximum patient exposure.
Georgian colleges like Georgian American University (GAU), East European University (EEU), and ALTE University provide modern technology-driven training. These colleges have high FMGE pass-out rates and they are also NMC and WHO-approved. The students who are looking for colleges in European countries can readily opt for these colleges.
Financial expenses for post-graduate courses
Before doing the entire financial planning for the MBBS course, the students need to plan the expenses of the post-graduate courses. The post-graduate medical courses in government colleges of India generally cost around 20,000 rupees. In private colleges, the amount may range between 25 to 30 lakhs. Thus, you need to plan the entire budget from the prior. You need to sum up the cost of MBBS as well as the cost of PG courses from prior. Then you need to understand whether you will be able to earn back the amount that you have invested in your studies. In most cases, the students studying MBBS in private colleges are unable to earn the amount back that has been invested. Under these conditions, it is important to choose colleges for MBBS smartly which costs you half of what Indian colleges are charging. By choosing MBBS abroad through Edusolve Edutech Pvt Ltd. you are able to save your financial resources.
Financial planning for personal life
The personal life of each of the students may vary but more or less everyone wants to have a family at some point in time and for this, you also need to have financial stability. If you are unable to complete your course within a certain age, you will not be able to establish yourself within a certain age for which it is essential to make the right decision. Instead of losing years for a single course and spending a lumpsum amount of money on private colleges in India, you need to make a smart choice. You can choose to study abroad for which you may need to spend an amount of 30 lakhs only. This will save you money for the MBBS course and you will be able to invest your resources in postgraduate courses smartly.
Application for educational loan
If you are unable to pay a hefty amount of money for your MBBS courses look for an educational loan available in India. A student can get up to an amount of 20 lakhs educational loan for this stage of their studies. Of course, the loan is given on the basis of the financial situation of the parents of the student. If you want to study MBBS abroad, you get your educational loan arranged by the best consultants for MBBS abroad Edusolve Edutech Pvt Ltd. (www.edusolveedutech.com). Students under the minority category are eligible for a minority loan.
Plan your years
Financial planning of an MBBS course and drop are interrelated as dropping for several years may impact your financial resources. If you drop in the expectation of getting admission to government colleges you will keep losing your years until you get the chance. After all these attempts, if you are unable to gain a chance in government colleges, you will require admission to private colleges. MBBS in private colleges mostly requires 5+ years, including an internship. Then if you return to your country, you will require another year of internship, and then comes 3 years of PG course. Approximately nine years of your life will be invested here plus the number of years you have taken a drop. Thus, you need to plan your budget and time efficiently from prior.