HIGHER education is getting expensive by each academic year. Earlier this year, the Maharashtra government approved a proposal of two-fold hike in the medical education fee in all government-run and aided medical colleges, raising the amount from Rs. 18,000 to Rs 45,000 a year. IIM-C’s course fee was hiked to 9 lakh from Rs 7 lakh in 2009 and up to Rs 13.5 lakh in 2010. Law studies aren’t cheap either. LLB at Jindal Law School can set you back by 25 lakhs (view box below).
Scholarships remain the best way to meet these costs, but they are few and far between. Loans appear to be the most popular route. But there are access and availability issues. Investments focused on education are just appearing on the horizon. Careers360 takes a look at each of these means of funding that elusive degree that you have always dreamed of. A combination of all the three would be the way to go in the coming years as the State progressively withdraws from funding higher studies.
| COST OF EDUCATION
||GDP Per capita
||Cost as % of GDP per capita
|Source: Per capita info from IMF (2010) & fees from college websites. All figures in USD