Financing a Master's at University of Galway: my loan journey & advice for future students

Pursuing a master’s abroad is a big investment, both financially and in terms of life choices. When I decided to do my Master’s in Digital Marketing at the University of Galway (NUIG), I knew that funding my education would be a challenge.

Like many international students, I had to navigate loan approvals, high interest rates, and financial planning, all while balancing part-time work to cover daily expenses.

For those considering a Master’s in Marketing or any other program at NUIG, here’s my firsthand experience securing a loan, working part-time, and assessing ROI (especially if you plan to return to India).

A letter to my past self: Did I find what I was looking for?

At the beginning of my master’s, I wrote this letter to myself, tucking away my hopes and questions for the future—wondering what life in a new country would be like. Now, looking back, here’s what I would tell my past self.

• Have you made new meaningful friends?

Back then, I wondered if I would find my place in a new country. Today, I can say that I met people who challenged and inspired me, and some friendships will last a lifetime.

• Have you become optimistic and enjoyed your stay?

There were moments of doubt, long nights of studying, and endless job shifts, but I learned to find joy in small victories—whether it was a kind customer at work, a peaceful evening walk, or a rare sunny day in Galway.

• Have you tried to become fit and work out?

I found a roommate - Sugandha Verma who was health-conscious, and together we went to the gym, cooked healthy meals, and kept each other accountable. In many ways, staying active helped me stay mentally strong, too.

• Did you utilize all your resources to learn and become a great future leader?

I didn’t just gain a degree; I learned resilience, adaptability, and how to thrive in uncertainty. That, more than anything, was the greatest lesson I took away from this experience.

• Most importantly, are you happy now?

If happiness means growth, confidence, and the ability to look back and say, "I made it through," then yes—I am.

If I measure ROI in purely financial terms, the answer might depend on the career path I choose and where I work. But if I measure it in experience, personal growth, and the lessons I took away, then the answer is clear: this journey changed me in ways no salary figure ever could.

Why I chose the University of Galway

When selecting a university, my decision-making process was based on:

? Curriculum relevance – Does it align with what I want to do in my career?

? Faculty expertise – Are the professors well-established in their field?

? Investment in research – Is the university known for innovation and industry collaborations?

Tuition Fees, Scholarship & Managing Living Costs

At the time of my studies, my tuition fee was €14,000.

I received a €2,000 merit scholarship, bringing my total tuition to €12,000.

?? Pro Tip: Always check for scholarships—they may not cover everything, but they significantly reduce loan dependency.

Managing regular costs through Part-Time work

Living expenses in Ireland can be high, so I took up part-time work through Noel Recruitment, which assigned me to jobs on a need basis. One day I was a waitress, the next I was cleaning, and sometimes I worked as a sous chef in a kitchen.

?? Hourly wage: €10 per hour (just enough to cover daily expenses like rent, groceries, and travel).

??? Extra costs: I had to buy industrial shoes and formals for some of the roles.

??Commuting challenges: The job could be assigned anywhere in the city, and since my shifts often ended late at night, I had to be mindful of transport.

To save on cab costs, I often walked up to 10 km back home after a 10-hour shift. It was the best way to cut unnecessary expenses while managing my finances.

My Loan Struggles: Two Attempts, Two Different Outcomes

Attempt 1: no loan, thanks to demonetization

The first time I applied for a loan in 2016, I was confident I’d get it because I had a collateral asset. But demonetization changed everything. Indian banks became stricter with international education loans, and despite my best efforts, I couldn't get approval.

It was frustrating because I had everything lined up—my admission, my visa, and my plans but financing fell apart at the last step. So, I had to wait for two years before trying again.

Attempt 2: high interest & private banks

In 2018, I applied again—this time with work experience from Amazon and LinkedIn and some savings from my salary and investments.

I first tried for a government bank loan, even with collateral, but still didn’t get approval for the amount I needed.

So, I had no choice but to take a private bank loan, which had:

• Higher interest rates – Around 11% at the time, now floating at 12-13%.
• Floating rate issues – Since it’s not fixed, the repayment amount fluctuates.

?? The benefit? You can switch to a different bank with lower interest rate or prepay the whole loan without additional costs.

Key Takeaways About Education Loans for International Study:

• Government banks require collateral, and even then, approval is not guaranteed.
• Private banks are more flexible but come with higher interest rates (10-13%).
• Floating rates fluctuate, meaning your repayment amount can increase over time.

Would I do it again? my honest answer

If I had to do it all over again, would I?

It’s a tough question.

Financially, the loan was a huge burden for the first few years, and since I returned to India, the salary jump wasn’t as big as it would have been if I had stayed in Europe. However, the global exposure, confidence, and credibility I gained from studying abroad were invaluable.

My master’s didn’t just help me in my career, it helped me grow as a person. It pushed me out of my comfort zone, gave me an international network, and taught me how to navigate challenges independently.

So if you’re planning to do a master’s at NUIG, ask yourself:

?? Am I ready for this financial commitment?

?? And if the ROI takes longer than expected, am I okay with that?

If your answer is yes, then go for it.

For anyone considering a master’s at NUIG, I hope my experience helps you make an informed decision. Feel free to reach out if you have any questions—I’m happy to share more from my journey! ??