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Indian Masters Degree Online?

Doing some research, I note that doing a masters is perhaps five times cheaper in India than UK, and some are wholly by the 'distance mode'. I've contacted every university licensed by the DEC (gov. body) to ask if it's possible. Two have got back to me and suggested I could do this. The plan would likely be to go there on a tourist visa to enroll. Pay and get the material. Study in Nepal or wherever (the courses are online) and I just need to go back twice over two years for exams.

It's too good to be true right? The cost is about £550 a year (as far as I can understand). What is the catch? Some background, I'm British, I finished a bsc in psychology this year with the Open University. I'm currently living on an inheritance and in Malaysia (traveling). I'm interested in the MAJM (i.e. a journalism masters (I did a creative writing/lit. dip also previously). I'm old(er).

OK... bring me back down to earth sweet internet!