Hello, I presume you clicked this thread due to the thread title which might have caught your attention, and no it's not a prank, it's something which I MIGHT be going through, and I will really appreciate and positive and constructive comments from anyone of you.

To give you a brief insight of what is this all about, I have currently two options to go for:-

1) United Kingdom - University College London
2) Singapore - National University of Singapore

Fyi, I'm going to pursue economics in both university, where I have already secured unconditional offers from. I have applied to almost every available scholarship out there which provides overseas education funding/sponsorship, but so far the chances of securing one seems to be diminishing, and it has come to my realization that I'm in need of a back up plan, because I do not want to jeopardize the dream which I have planned and worked hard for so long already.

So, in order to finance my study in UK, I have calculated a rough estimation of 400k (at the current currency exchange rate) for my 3 years study there which ought to be pretty sufficient for my life in London, where the first 200k would come from a loan through Bank Rakyat - offering a max of 200k loan with a 7.45% interest rate p.a and a repayment of 15 years, and on my second year onwards I'll apply for JPA overseas loan which covers the 2 years remaining tuition fee which is interest free at the repayment of 20 years. The remainder of the figure might come from family/relative borrowings, which sums up to 400k.

Generally speaking, I'm more inclined towards the education in UK, and I'll base this on the following reasons;

1) UK's wage rate are much higher. If I were to study there, chances are rather high that I will work there, or rather I should say, I must work there. The weekly wage rate would be around 600GBP and above (so i've heard) which I believe is more than enough to cover the installment of the debts I owe, in terms of ringgit. I understand that if I were to come back and work here instead, I'll probably be buried alive by the debts I have incurred, so it would be a dumb idea if I chose to return.

2) Of course you may want to mention that competition are tough, especially when one is an international student who will be competing with the locals (UK citizens). But the uni I'll be attending - UCL in this case actually have a report which tabulated a 95% of their candidates were able to secured a job successfully after graduation (some even before graduation) I believe there is a certain amount of credentials from that report, judging that it's one of the highly ranked universities.

3) The experience - yes, something that I've been wanting for a change! I'm so accustomed to Malaysian's lifestyle and I really want a change be it in environment or the people around me, to learn things and explore things and the world on my own, where I believe it'll leave a great impact on me, and in everything! Plus the fact that I'm enrolled in the uni which is ranked the 4th of in the world (according to Times Higher Education) is what intrigued me to study there even more!

However, my concerns are as follows;

1) How difficult is it to secure an employment opportunity in the UK? My friend told me that the new prime minister is a conservative, and conservative do not favor migrants. Is it really that difficult for a foreigner to secure a job there, even if I graduated from their local college/uni? Especially when I'm in the field of economics?

2) Is it worth to spend 15-20 years to repay ur debts for only 3 years of education? But then again, since interest rates are fixed and if the UK currency appreciates or there's mild inflation by the time I'm working there, I repay less in real term (in terms of pounds to ringgit), so may I argue that it could be a positive investment in the long run?

3) The risk involved. Yes, economy changes very fast, and like I mentioned earlier the JPA oversea loan would only be available on my 2nd year onwards, and because they have a rather closed policy in working at things, I am afraid that such schemes might not be available by the time I reached my second year, though they are actually recommending people to opt for that schemes when a student are unable to secure an overseas scholarship.

So, what should I do? I'm still applying to any scholarships available out there, in fact I might be writing letter/emails soon to big corporation asking for sponsorship, though that could be quite unlikely, but I just want you guys to know that, I really worked hard to achieve my grades, and obtained admissions from some fairly reputable universities. In fact I'm even willing to take the risk even if it might seem to be a road with no return, call it stubborn or adamant, but it has become more than just a goal I wish to achieve, it's something that I want to achieve.

Note: I'm a self financed student, I don't think my parents financial circumstances would be able to support my tertiary education, be it locally or abroad, but all these would not deter me from laying down my goals.

Oh btw, for an education in singapore, if you guys are aware, it has lesser risk involved, and an easier plus better financial aid schemes which is not offered unlike UCL, since it's a need-blind university, but as you can see, I'm still more inclined towards the education in the UK. So... opinion and advices please

I would suggest you to go for NUS
once NUS offered you,SG government will surely provide you with the scholarships,with the condition to work with them after you've graduated.
earning sing dollars is not bad too
i don't know what you have studied for your pre-u,but if you took STPM or a-levels,im sure you can apply scholarships from those local banks as long as your results is outstanding(4As)..

As a casual observer posting comments, I would say go to NUS. It is a very reputable university and if you are as good as you say you are, Singapore government would nurture you further after your 1st degree.

Seriously If I were u... I don't want to spend 400k for my study.... 400k... That's too much....

Hutang Menimbun-nimbun

-del-

This post has been edited by edge_seraph: Jan 27 2011, 02:32 PM

the path to ucl is full of uncertainties...
it's hard for an international student to work there...the company will need to do a lot in order to hire you..there's a chance if u are really good in your field..

however go to nus is way safer...the tuition grant, financial aids...of course it does not offer as much as uk does, but still it is a highly-developed country..you can move to uk if u wan after graduate in sg..

i think jpa does offer some sort of Ivy League scholarship, isn't it? don't know the details though.

bro,u go study there first.struggle kat sana.once u got ur 1st exam transcript,post it to jpa.imo,they will consider to give u scholarship if your average marks are great.if not,then say bye2 to scholarship la.

u dun have to work there permanently.cari la big company yg ade branches here at msia.work there until u can pay for your debts+duit lebih sket then come back to msia and work here la.if everybody dun want to help tanah tumpah darah,how msia wanna improve?i'm a sponsored student so i'm using duit RAKYAT.hence,i need to tabur jasa balik to msians who helped me a lot :-)

I personally think TS is already set his mind to go to UK anyway

I personally would rather not be 400k in debt for a piece of UCL degree if I can get one for free from NUS.

I took A level, and I've scored straight Aces as well. Obtaining scholarships from local banks are not as easy as it sound, same applies to big corporation scholarships as well. A lot of factors have to be taken into consideration as well.


Yes I know that it's a good university and everything, NUS was more of a back up choice in the sense that, if all else fails I'll head to NUS. But still, I don't know why I'm just more inclined towards UK

Call it an investment for my future, it might be a huge amount for now, but who knows 1 day it will yield something far greater than that?

Thanks, apparently I think most people, including me, are intimidated by the fact of loaning 400k on my tertiary, it's a very big risk involved actually.


Yes, applied the Ivy Leagues as well, too bad my course is not under the course of sponsorship this year, plus they only have about places for 30 students this year. I understand that NUS is highly reputable, but like I said i'm just more inclined towards western education? Hmmm.. big dilemma here..

The jpa scholarship don't sponsor people who started their course overseas (so i've heard) yeah agree, but finding a job there itself is pretty hard, especially if you're a foreigner. I will come back to malaysia definitely, but I wish to explore the world now as I go on.

Well, think if you're able to pay back the money if you're unemployed for the first 6 months upon your graduation from the UK - unless your results are outstanding, which means you would have no problem gaining scholarship in the first place? - would you able to pay back? I ahve lots of friends in the UK struggling to find jobs after graduating, even with Masters. But some of them got lucky, of course Some just, came back.

Is it cos you wanna go to UK, due to it's higher class? Please, don't think like that. You can always pursue Masters in the UK after you're done with your degree locally, or in NUS. Esp when you said you're self financing yourself. I am one of them that took ptptn loan and survived 3 years with it (1st year foundation fee, i worked part time), without taking a single cent from my parents (pocket money from ptptn excess). Now, i am paying back 50k borrowed for the next 15 years. No regrets.

Weigh the pros and cons.

If you can afford, go for UK.

If hesitating, or worried shit happens (what if halfway no money, how ah?), what would you do? Plan B.

etc...

What did your folks say about it?

ccm123,

It is VERY SIMPLE. It is NOT worth the money to spend 400K in an undergraduate degree. Especially, economy degree. You will NEVER earn enough to pay back. Go to NUS.

A) If you are GOOD, you can get scholarship to study your master or Phd. Then, you can go to UK.

B) If you are NO GOOD, you have not spend 400K.

There are MASSIVE lay off in financial sector. And, that area probably will be in bad shape for many many years. So, getting job with economy degree is NOT EASY any where in the world. UK has massive unemployment NOW too.

Dreamer

Recent changes in UK immigrations law forbid non-EU students (bachelors and lower) to work part time during their studies.

They used to allow non-EU students working up to 20 hrs a week, but a lot of them abuse it by working more than that and skip classes.

UK is in recession now, you can tell by the current exchange rate. :-) But who knows, maybe after you graduate, things get better.

I would not exactly call a basic 1st degree investment grade, not even from Ivy league. To get to real investment grade (say....MBA from Harvard?), you need to go further and if you have problem financing your 1st degree, why consider UK?

Like I said, Singapore have money and they are willing to spend those money on talent and if you got your 1st degree with flying color, I am sure you stand a far greater chance of securing further nurturing from Sing government. Free of charge. Like i said, consider NUS as 1st choice instead.

unless i am sure that my job can provide me those returns in less than 5 years, i don't think i will go for rm400k debt for education

Source? I dont recall that change to the immigration law

i know giving up a UCL offer (and the experiences it brings) just because of your financial problem sucks. but rm400k debt after graduate, while you don't even guaranteed a job in uk? you shouldn't take such risk.

http://www.ukcisa.org.uk/student/working_during.php

What kind of work can I do during my studies?
If you have student immigration permission that allows you to take employment, you can work up to 20 hours (in some cases, up to 10 hours) a week during term-time. You can work full-time during your holidays and on work placements. More information in 'What kind of work?'

Can I work an average of 10 or 20 hours a week?
No. If you work more than 10 or 20 hours in any week in term-time (and you are not doing a work placement for your course or an internship), you are in breach of your immigration conditions, even if you work fewer than 10 or 20 hours in other weeks. More information about how many hours a week you can work in 'What kind of work?'

If you can get funding, even if its half... Go for UK. Trust me once you pass thru to masters get a big IB job and you're good. Thing is right now till then, work on your salesman skill and how to live like a wealthy man- junior analyst jobs are glorified salesman (who earn more than any fella here replying to this thread).

kaiserwulf,

You DO KNOW that even IB are being lay off now.... And, I do not believe the good time will ever return again.

Dreamer

Well for me it's just not worth it putting yourself in such a debt for an Undergraduate Degree, it's great if you can afford it but putting yourself in debt for it is not such a great move in life in my opinion.The path of going to UCL is full of uncertainties and it'll take you a very very long time to pay back those debts. NUS is already a great University even if you have to settle for less then UCL but it's still a very reputable University, you don't want to regret this move later in life when reality hits you after you graduate with huge debts and very uncertain abilities to pay them. Do not be so optimistic when looking at the future and what if your application for a JPA Loan got rejected later on in your second year? Remember there's a lot of Malaysians going overseas each year, a good number of them to critical courses and great universities as well and a good amount of them will want to get that loan as well.