A few years ago one or two exceptions out of a social circle would send their students to study abroad. This was seen as a sign of status symbol and trendsetter in those times. Now we see that this trend has been more rampant and generic. Every other student is going abroad to pursue their higher education. The reason can be bandwagon trends, quality lifestyle, better education, exposure, social networking, travel or anything. But this has surely taken over the education world like another pandemic which is doing good to people. The cost of studying abroad can go as high as 25 -30 lakhs per annum minus the eating, travelling and other miscellaneous expenses. While most students opt for bank loans, banks have started treating education loans like any other commodity loans. Interest rates on education loans are pretty high and become hard for students to pay back.
