The six-part financial plan
Part 1: The summary (one page)
| Item | Amount |
|---|
| Total cost | |
| Tuition (whole course) | ₹ |
| Living costs (whole course) | ₹ |
| Health insurance | ₹ |
| Visa, flights and setup | ₹ |
| Tests and applications | ₹ |
| Emergency buffer (10%) | ₹ |
| Funding | |
| Family savings | ₹ |
| Education loan | ₹ |
| Scholarships (awarded or applied, mark which) | ₹ |
| Total funding | ₹ |
| After the course | |
| Salary source and range for your field | ₹ |
| Loan EMI and years to repay | ₹ |
Parents understand a balance sheet. "I really want to go" is not a plan. This is.
Part 2: The cost, with official numbers
Start from the official living-cost minimums each country uses for the visa, then add tuition:
| Country | Official living-cost minimum (visa) | Tuition |
|---|
| Germany | €11,904 a year in a blocked account | No tuition at most public universities (TUM and Baden-Württemberg charge non-EU students) |
| UK | £1,529 a month in London, £1,171 elsewhere, up to 9 months | Set by each university |
| Canada | CAD 23,448 a year plus first-year tuition | Set by each university |
| Australia | AUD 29,710 a year | Set by each university |
| USA | Cost of attendance on your I-20 | Set by each university |
Germany example for a 2-year Master's: €23,808 living costs (2 × €11,904) plus about €3,500 health insurance at the 2026 student rate, plus semester contributions and setup. Convert at the current exchange rate and add the 10% buffer. Our free Financial Calculator and Decision Comparison Tool do this for you.
Many parents assume "abroad" always means ₹1 crore. Real numbers often surprise them.
Part 3: Scholarships you have actually found
Not "I will apply for scholarships." Instead: "Here are the scholarships I am eligible for, their amounts, their deadlines and my status." Mark which are awarded and which are only applied for. Do not count money you have not won. Start with our list of scholarships for Indian students.
Part 4: The work rules
Show what the law allows, and do not promise more:
| Country | Work allowed while studying |
|---|
| Germany | 140 full days or 280 half days a year. Minimum wage €13.90 an hour in 2026, €14.60 from 2027 |
| Canada | Up to 24 hours a week off campus during classes |
| USA | Up to 20 hours a week on campus during the semester |
| UK | Usually up to 20 hours a week during term for degree students |
| Australia | 48 hours a fortnight during the course |
Warning
Present part-time work as a help, not as the way you will pay for your studies. Jobs take time to find, and visa officers expect your funding to be in place before you go.
Part 5: Salary, with sources
Show salary data you can source, for your field and city, not a headline number from a social media post. Good sources:
- Germany: the Federal Employment Agency's salary atlas (Entgeltatlas), and the EU Blue Card minimum salary (€50,700 a year in 2026, €45,934.20 for shortage occupations), which tells you the level employers must pay for a Blue Card
- USA: the Department of Labor's wage data by occupation and area
- UK, Canada, Australia: official national salary surveys and job-bank data
Add one honest row: what you would earn if you stayed in India and did an M.Tech or worked. Parents trust a comparison more than a promise.
Part 6: The risk plan
| What if... | The plan |
|---|
| The visa is refused | I will read the reason, fix it and reapply. Visa fees are not refunded, so I have budgeted for them |
| I do not get admission | I have a list of safe, target and ambitious universities. If none work out this year, I apply next intake |
| I do not find a job after the degree | Germany gives up to 18 months to look for work. I am building German and job skills during my studies. If needed, I return with an international degree |
| The rupee falls | The budget has a buffer, and the loan is in rupees |
| I fall ill | Health insurance is mandatory and included in the budget |
