Is a master's in applied economics from NUS worth taking an education loan for as an Indian student?
It is worth the risk only if you secure a Singapore job after graduating. Total cost runs close to SGD 73,350, meaning an EMI near Rs 66,700 monthly, which eats less than a fifth of a Singapore salary but nearly all your take home pay if you return to India.
Before you sign an education loan for an NUS applied economics masters, you need to be honest with yourself about one thing, your entire financial outcome hinges on whether you land a corporate job in Singapore right after graduation. If you do, the math works beautifully in your favor. If you do not, it turns into a heavy burden.
The Numbers You Are Actually Borrowing Against
| Cost Component | Amount |
|---|---|
| Tuition fees | Around SGD 58,350 |
| Living expenses, one year | Around SGD 15,000 |
| Total capital needed | Around SGD 73,350, roughly Rs 48.4 lakhs at Rs 66 per SGD |
| Monthly EMI on the full loan | Around Rs 66,700 at 11 percent interest over 10 years |
Two Very Different Outcomes
- If you return to India: fresh non MBA economics masters roles typically top out around Rs 12 to 15 lakhs per year, leaving under Rs 14,000 a month after your EMI for rent, food, and everything else.
- If you stay in Singapore: an Employment Pass salary of SGD 5,600 monthly means your EMI, converted to around SGD 1,010, consumes only about 18 percent of your income, letting you save comfortably and clear the loan in three to four years.
- Your break even in India needs an in hand salary near Rs 2.2 lakhs monthly, which is a rare outcome for a fresh non MBA economics graduate.
My Advice
Do not take this loan unless you have a realistic, researched plan for securing a Singapore role before you graduate, ideally through an internship that can convert to a full time offer, because the loan only makes sense when your post graduation income is in Singapore dollars, not Indian rupees.
Looking for a specific course in Singapore?
We will find the universities that offer it, and whether you will get in.
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