From Debt to Success: A Student's Journey After Pursuing an MBA in Australia
'Rs 70 lakh to study MBA in Australia!': 2 years later, after loan pressure, recession, two promotions, her life looks different
The Economic Times
Image: The Economic Times
A student's decision to pursue a Master’s degree in Data Science in Australia for ₹70 lakh ($84,000 USD) faced initial skepticism and financial strain. However, after two years, she achieved significant career success with a salary increase from ₹14 lakh ($17,000 USD) to nearly ₹48 lakh ($58,000 USD), transforming her family's outlook on the investment.
- 01The total cost of the MBA program was ₹70 lakh, with ₹30 lakh from family savings and ₹40 lakh from an education loan.
- 02Initially, the student faced challenges during a recession, starting her first job with a salary of ₹14 lakh annually.
- 03After two years, she received two promotions, boosting her salary to nearly ₹48 lakh annually.
- 04Her journey inspired her younger brother, who now considers pursuing similar educational opportunities abroad.
- 05The experience taught her family the value of long-term thinking, as decisions that seemed unwise initially proved beneficial over time.
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Pursuing an overseas degree can be a daunting gamble for middle-class families, as illustrated by a recent story of a student who moved to Australia for a Master’s degree in Data Science. The total cost of her education reached ₹70 lakh (approximately $84,000 USD), funded through ₹30 lakh from her parents' savings and ₹40 lakh from an education loan. Despite skepticism from others regarding the high expense, she persevered through initial challenges, including a recession that impacted job opportunities. Starting with a salary of ₹14 lakh (around $17,000 USD), the financial burden felt overwhelming. However, her commitment paid off; after two years, she achieved two promotions, increasing her salary to nearly ₹48 lakh (about $58,000 USD). This journey not only changed her life but also shifted her family's perspective, fostering pride in her independence and success. Her experience has inspired her younger brother to consider similar opportunities abroad, emphasizing the importance of patience and long-term vision in decision-making.
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The story illustrates the potential long-term benefits of investing in overseas education, highlighting how it can lead to significant career advancements and financial independence.
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