Imagine Krishna, a student pursuing an MBBS at a prestigious private college in India. Coming from a middle-class family in Maharashtra, his father’s income is not enough to cover the college fees. After securing admission, Krishna applied for an education loan, which was approved. He took admission and is able to pay for his college tuition using the loan.
However, the loan amount is substantial and with every passing day the interest on the loan keeps piling up. Just thinking about it gives Krisha anxiety and he is looking for ways to reduce the loan amount. That is when he learned about work-study programs where he can work while studying to earn money. This method is very effective in reducing student debt and is used by many students in India.
If Krishna’s story resonates with you, you may also be benefitted from work-study programs. Below, we have provided all the details you need to begin your journey of working while studying in India.
Impact of Work-Study Programs on Reducing Debt
It is important to know that education loans have a simple interest that gets accumulated over the moratorium period. Then it is added to the principal amount and the EMI of the education loan is increased to cover the simple interest also. If a student pays off his/her simple interest rate on education loans during the moratorium period, then he/she can significantly reduce the overall loan amount. However, during the moratorium period, students spend most of their time studying and do not have enough time to work or run a business to earn money. That is why work-study programs are important.
Other Benefits of Work-Study Programs
Working while studying not only helps you save money so that you can start paying off your student loans but also has other benefits. Below is the list of these benefits.
Improves Job Readiness
In today’s world, just having textbook knowledge is not enough to get a good job and you need practical knowledge as well. This is the reason why students with experience are preferred over students with just degrees. Work-study programs under which students work while they study help them acquire useful skills like communication, teamwork, problem-solving, etc. This makes them more confident when appearing in an interview and perform well when they join a company in future.
Connects Learning with Real Life
Many students have ample amounts of knowledge from their degrees but don’t know how to apply it in real situations. That is why they feel awkward and can not perform well in a job after completing their course. Opting for work-study programs during their course can help them use what they learn in class in real jobs. This hands-on learning experience is valuable for them which helps them understand their subjects better and prepares them for the workplace. Thus they do not have to waste time doing internships after graduating and directly go for full-time jobs.
Builds an Entrepreneurial Spirit
When working while studying some students develop an entrepreneurial spirit by observing the business model of their workplace. For example, if a student is studying MBA and doing a data entry job at a corporation, then he or she is getting exposed to the corporate world where they can observe how the business is operated, how to deal with customers, how to manage money, etc. This can give them ideas about starting a business of their own.
Teaches Discipline and Time Management
Working and studying at the same time is not easy, a student is required to juggle between his studies and work. Thus, it teaches students how to manage their time well, stay organized, and work hard. These habits not only help them in college but also in their future careers.
Also Read: Education Loan by Government of India
List of Work Which College Students Can Do While Studying
There are many jobs which hire college students who are still studying. However, not all the jobs are well-paying which will help you pay off your debts. That is why we have listed some common jobs which align perfectly with the hectic schedule of a student and pay well.
Freelancing
The best way to earn money while you study is doing freelancing. This is a work-from-home opportunity where you can stay in your college’s hostel and work using your phone or computer. The type of freelancing work that you can do will depend on your skills. For example, if you are a BTech in CSE student and looking for freelancing jobs then you would easily find work which requires you to code in a programming language.
Similarly, students studying mass communication can opt for news writing freelancing work for a website. Doing freelance is very rewarding as you do not have to spend money on your travel and accommodation. Also, you can work at your own convenience. So you can attend your morning classes and also work to earn money.
Internships
When you study in a course you get summer and winter breaks, and you can use this time to work in companies that offer internship opportunities. You get a stipend when you work as an intern in reputed companies. This stipend can be used to pay your education loan. The best part about an internship is that you not only get a salary but also valuable experience which will help you build your career. You can use the experience certificate from your internship to get better-paying jobs after completing your education.
Tutoring
Teaching someone is a very noble and respectable job and you can do this part-time while you study to finance your education. You can choose to teach in online or offline modes, whichever you prefer. You can also teach on YouTube and add a subscription fee to earn money. It is one of the efficient ways to reduce your education loan debt.
When it comes to tutoring students, you can teach your juniors in the same college or find some students to teach in your locality. You can even scale this tutoring business by opening a teaching centre. So for example, If you teach 2-3 students every day but you are getting more and more students then it is best that you rent a location where you can open your tuition classes. This way you will have more time to teach your students and the number of students will also increase which will result in more income.
Research Assistant
Top-rated universities have professors who are involved in research work and if you are from the same department as them then you can work as a research assistant. Universities and colleges have provisions to pay students who work as research assistants and contribute positively.
Influencer
Are you passionate about a topic and want to share your enthusiasm and knowledge with others? If you nodded yes then being an influencer is one of the best choices of work. You can use various social media platforms to share your videos and blogs with your followers. Some social media websites like Facebook, YouTube, etc provide money for the views you get on your videos. This is a flexible job which means you can do it whenever you want therefore it is perfect for those who are enrolled in a course and looking for ways to make money and reduce their education loan debt.
Data Entry
One of the most common jobs opted by students who want to reduce their education loan debt is data entry. This job can be done part-time and in online mode which makes it perfect for students. As a data entry specialist, you need to input data manually from a large database to your company’s software. You are also required to manage the data and streamline it so it is easier for others to access it.
Virtual Company Assistant
Many companies that can not afford to hire full-time employees hire virtual assistants who help them in day-to-day work. You can work as a person who responds to phone calls, makes appointments, assists managers, manages calendars, etc. You can do this work from the comfort of your home and all you need is an internet connection and a laptop.
Also Read: Navigating the Landscape of Education Loans in India
FAQs :
Q. What is work-study?
Work-study is a method used by students who have an education loan to repay after their course ends. Work-study means you find a job which is either part-time or has flexible hours which helps you earn money. Then you use that money to pay off your student loans.
Q. Is working while studying legal in India?
Yes, you can work while you study in India. However, you must take written permission from your college/university/workplace which states that they do not have a problem if you work and study at the same time.
Q. How much can I earn through work-study programs?
There is no limit to how much you can earn when you work while studying. It totally depends on your job and working hours. If you work part-time in a well-paying job then you can easily make ₹15,000 to ₹20,000 per month. However, in some cases, the income is lower than this but the work hours are long so you need to be careful when choosing which type of work you do while studying to reduce your debt.
Q. What kind of work is available for students in India?
There are various works which are available in India for students who are currently studying. The best type of work is internships which you can do full-time during your summer and winter vacations. This will not disrupt your studies and you can get a hefty stipend for your work. Other good options are freelancing, data entry work, influencer, research assistant, teaching, etc.
Q. Can I make a pre-payment of an education loan while studying?
Yes, it is possible to make pre-payment of your education loan while you are studying. This can be done if you start earning money when you are still enrolled in your course. However, you should know that banks and NBFCs charge a pre-payment charge from students who make early payments of their education loans.
Q. Do work-study programs affect academic performance?
Most work-study programs do not disrupt your study time because these are either part-time work or work with flexible working hours. Thus you get an ample amount of time to focus on your studies and score good marks. However, if you feel like working is hampering your academic performance then you should consider stopping working and focusing on your studies.
Q. How can I find work-study opportunities at my college?
You can check your college’s student affairs department, or official website for information about work-study options available to you.
Q. What skills can I develop through work-study programs?
Work-study programs can help students gain practical skills such as time management, communication, teamwork, and industry-specific skills.