How Much Does It Cost To Study Abroad?
May 2017
The cost of studying abroad largely depends on your study destination and programme. Once you have decided on your programme of interest, ensure that you know what costs are covered in this programme. When deciding on where you wish to study, take into account that living costs, tuition fees, transportation and food along with your everyday costs will vary across different countries and Universities. Do a little background search on the countries that you wish to apply to, this will enable you to choose a University that best suits your budget.
A study abroad education in UK is internationally recognised and will make you desirable to potential employers. Moreover, it will help you gain valuable work experience. An Undergraduate education in UK ranges anywhere between 10,000- 35,000 pounds while a postgraduate programme is estimated to be around 9,700- 32,000 pounds. UK also offers one-year Masters' degrees which includes MBA's. Students have the option of working part time while they study; this helps them gradually pay off their expenses, while enjoying life in UK. Many restaurants also offer student discounts and provide them with great deals on travel passes. Quite a few Universities now offer internships with an extended period to stay back, which ranges from 6 months to 1 year. The estimated cost of living in UK is between 9200 to 11400 per year depending on whether your chosen University is in or outside of London. Studying here will provide you with a degree that is highly renowned by employers.
The cost of studying in USA will vary depending on different cities and type of education. Tuition fees however will range from $10,000 to $20,000 per year for public universities, while a private institute would be between $15,000 to $30,000 per year. Community colleges cost much less at about $8,000 to $13,000. Your estimated cost of living will range from approximately $10,000 to $12,000 per annum.
Australia's high standard of living and prominent universities makes it a popular study destination for international students. An undergraduate Bachelors' degree can cost you anything between AU$ 15,000-$33,000 per year, while a Post graduate Masters' degree will cost you $ 20,000- $37,000 per year. Private Universities generally cost more, while a public institution will cost less, Doctoral degree courses cost anywhere between $14,000-$37,000. The cost of living for international students in Australia is $19,830 per year, however, your living expenses largely depend on which part of Australia you'll be living in.
New Zealand is another popular study abroad destination for international students. A Bachelors' degree here can cost between NZ $18,000- $25,000 per year, while a postgraduate degree will be around $10,000- 30,000 per year. Tuition fees will vary for each programme and will depend on your institution and your level of study. There are several scholarships available to international students, it is therefore essential that you do research on the type of scholarships that you qualify for. New Zealand's cost of living is NZ$ 15000 per year depending on your lifestyle and living options.
Canada's multicultural cities and gorgeous landscapes is what make it so distinguished for a study abroad programme. An undergraduate degree starts from CA$ 15,000 per year, while a postgraduate is higher and will vary programme wise. An MBA programme is slightly higher and is approximately $ 42,000. Tuition fees in Canada are comparatively less than in any other country, however, not all programmes have the same tuition costs, and it will differ for other courses. While studying in Canada is affordable, living costs can range from $ 10,000- $15,000 per year depending on the city and institute you will be studying in.
Singapore has one of the best educational systems in the world, which makes it one of the most desired destinations for international students. It not only offers quality education but is also home to top ranked Universities. Education is cheaper here as compared to other Asian countries. Living expenses in Singapore depend on your standard of living. You may find yourself spending as little as S$2,000 per month on living expenses to $12,000 monthly. There are various housing options available to you when studying in Singapore, additionally Universities here also provide hostel facilities to international students. A Bachelors' degree in Singapore will cost you between $24,000 to $40,000, while a Masters' programme can cost you S$18,000 to $30,000. Singapore is the world's leading financial leaders and pursuing an overseas education here can provide you with a window of opportunities.
Frequently Asked Questions
What are the main components of the cost of studying abroad?
The cost of studying abroad for Indian students includes some main components that must be kept in mind when studying abroad. The components are as follows:
Also, there might be some additional costs, such as visa fees and documentation, health insurance, application fees, resident permit renewal fees, incidental charges, and student association fees. Students can choose to study at affordable universities abroad to cut down on tuition fees.
Are there significant cost differences between different countries or regions?
The cost of studying abroad for Indian students varies as per the country and region. The cost of studying abroad may vary as per the currency exchange rate, tuition fees, lifestyle preferences, etc. Here are the factors based on which the cost of studying abroad varies:
- Tuition fees
- Cost of living
- Scholarships, bursaries, and grants
- Healthcare and insurance
- Work opportunities.
- Currency exchange rates
What are some strategies to save money while studying abroad?
Study abroad fees for Indian students may charge them a considerable amount. Among all the finances, it is important to manage the finances accordingly. Here are some of the strategies:
- Find affordable universities abroad that have low tuition fees or offer scholarships and financial aid.
- Create a budget plan for incoming and outgoing expenses.
- The cost of studying abroad will also involve accommodation. Make sure to look for shared apartments, homestays, dormitories, or hostels to cut down on the cost by half.
- Look for part-time work opportunities to supplement the cost of studying abroad.
- Cook at home instead of dining out on a frequent basis.
- Use public transportation as much as possible.
Are there financial aid options available for studying abroad?
Study abroad fees for Indian students can be reduced to some extent through various means like scholarships, grants, loans, work-study programmes, internships and fellowships, financial aid from their home country, and employer sponsorships.
What are the typical costs associated with visas and health insurance?
The cost of studying abroad typically involves paying for visas as well as health insurance. The costs associated with visas and health insurance include the following:
- Visa fees: Depending on the country and the types of visas, the charge may vary and may involve costs for biometrics, data collection, visa processing, or expedited services.
- Health insurance premiums: Specific countries charge for health insurance during their stay. This includes pre-medical coverage and other related expenses.
- Insurance coverage: Students will be responsible for their co-payments, out-of-pocket expenses, and deductibles.
- Travel coverage: Students can consider purchasing travel coverage in case of baggage loss, emergency medical services, or trip cancellation.
What financial support services are available for international students studying abroad?
Study abroad fees for Indian students include financial support services for international students. This helps the students cover their educational expenses. Here are some support services available:
- Scholarships and grants
- Student loans
- Financial aid programs
- Financial counselling and advising
- Employer sponsorship
- Internships and fellowships
- Part-time work opportunities
- Student support services.
What unexpected expenses should I be prepared for?
The cost of studying abroad for Indian students involves some unexpected expenses that may occur due to unforeseen circumstances. A low-cost study abroad can be done when planning the expenses carefully. Here are some unexpected expenses when considering studying abroad:
- Healthcare emergencies
- Delays in travel or sudden cancellations
- Visa and immigration fees
- Unexpected extra housing costs
- Legal or administrative fees
- Personal emergencies or incidents
- Academic materials or supplies
How important is the cost factor in choosing a study abroad programme?
Studying abroad has certain factors that a candidate needs to keep in mind. Here are some important factors that can be kept in mind:
- Financial constraints: Here, students can consider the financial resources and budget.
- Return on Investment (ROI): Students can compare the benefits and financial investment required. ROI includes access to resources, a career, education, and other factors influencing the student.
- The cost of studying abroad for Indian students involves financial aid and scholarships that make specific programmes more accessible to students by cutting down on the cost.
- Students can consider the cost of living and currency exchange rates that may vary as per the country.
What are some common financial mistakes to avoid while studying abroad?
The cost of studying abroad for Indian students and planning the finances are the crucial aspects of studying abroad. Everyone wants a low-cost study abroad journey, but managing the finances by avoiding some common mistakes is the key. Here are some common mistakes that should be avoided:
- Not Creating a Budget
- Underestimating Costs
- Ignoring currency exchange rates
- Not researching scholarships and financial aid
- Relying Too Heavily on Credit Cards
- Not Having an Emergency Fund
- Ignoring student discounts and savings opportunities
- Not Seeking Financial Advice or Assistance
How can I manage my finances responsibly while enjoying my study abroad experience?
The cost of studying abroad for Indian students varies as per the country and the student’s preferences. This involves finding affordable universities abroad first. Scholarships make study abroad more affordable. Here's how you can manage your finances and make studying abroad more affordable:
- Create a budget.
- Track your spending.
- Prioritise essential expenses.
- Limit discretionary spending.
- Take advantage of student discounts.
- Plan your travel wisely.
- Set aside an emergency fund.
- Stay informed about financial matters.
- Seek financial advice if needed.
What Edwise Students Studying Abroad Says.?
"Edwise International has been of tremendous help to me in my pursuit to study in UK. You have been very supportive because of which the process of VISA application was smooth. "
Name- Yash Hemani
Country- UK
University- University of Nottingham
"It has been a wonderful experience. The people of Edwise encourage and motivate the students to fulfil their dreams of studying abroad."
Name- Sushmitha K
Country- Australia
University- RMIT University
"Edwise is the consulting service which I will suggest to the students who wish to study abroad. I was guided by the best counselors and thanks to them."
Name- Asi Sunil Virendrakumar
Country- New Zealand
University- Massey University
"Edwise is really good and provides you with the best services for abroad studies. I thank them for the support."
Name- Rushit Trivedi
Country- Canada
University- Lambton College
"My journey with Edwise is one that I will always treasure because they guided me to the most important destination of my life."
Name- Nishant Chaudhary
Country- USA
University- Embry Riddle Aeronautical University
"It's the best organisation and the right place to be at for all the study abroad queries."
Name- Bharath JS
Country- Singapore
University- MDIS
Edwise Overseas Education Consultant
We at Edwise streamline and personalize the process for each student irrespective of the destination, institution, course, or any level of study. Our team of experienced professionals will provide you individual attention and exceptional guidance throughout your process of application. We provide assistance related to course selections, admission, visa, bank-loan and scholarships. We also host University delegates for direct student interaction and all these services are provided free of cost. We have established since 1991 and have been maintaining strong networks with over 725 universities in 16 countries, hence giving us a unique insight into the finest educational establishments worldwide.
Start your education overseas with valuable information on everything you need to know about studying abroad from study permits, temporary resident visas and how much it costs, to finding the best suited program for you.
Do visit your nearest Edwise branch & choose your university carefully under our expert guidance and ensure that you have all your paperwork in order. Once you apply, and the wait is over, you can really begin to look forward to not only studying in a beautiful and vibrant country, but also to a life experience quite like no other.
For complete information of Study Abroad Programs Contact Edwise International- Overseas Education Consultants, on 1-800-200-3678 (Toll Free) / 08600911333.