The major factor you consider while planning to study abroad is the cost. Anyhow, it also depends on a lot of factors like the country you are choosing, the university/school you are selecting and the city you are going to live in. Students should also know when to start thinking about Finances for Studying Abroad. Also, those who are concerned too much about the finances can learn about the Most Affordable Countries to Study Abroad.
Major factors which cover the study abroad costs
Tuition fee: First and foremost expense for study abroad is tuition fees. It depends on the university and the program and also the country where one is going to study. Public universities receive their funding from governments, so in many countries (like Germany) they charge minimal from students though they offer world-class education.
Accommodation/housing cost: Major components, tuition, and accommodation are the biggest concern for anyone going to study abroad. Various study programs include accommodation fees in the overall charges. But, not every student gets university accommodation and they have to shell out more for staying in rented places.
Living cost: You can also include the accommodation expenses under this category. This cost varies on the place you are staying and your standard of living as well. The day to day expenses of a student is included in it.
Average tuition fee and living expenses of major study abroad destinations
| Country | Average Tuition Fee | Average Living Expenses |
| USA | INR 20.25 L | INR 7.52 L |
USA
- Average first-year tuition fees are based on 1835 BE/Btech courses in the USA
- Average living expense is based on 732 colleges in the USA
| Country | Average Tuition Fee | Average Living Expenses |
| Canada | INR 12.27 L | INR 4.75 L |
Canada
- Average first-year tuition fees are based on 433 BE/Btech courses in Canada
- Average living expense is based on 94 colleges in Canada
| Country | Average Tuition Fee | Average Living Expenses |
| Australia | INR 13.81 L | INR 5.37 L |
Australia
- Average first-year tuition fees are based on 327 BE/Btech courses in Australia
- Average living expense is based on 51 colleges in Australia
| Country | Average Tuition Fee | Average Living Expenses |
| UK | INR 16.01 L | INR 4.95 L |
UK
- Average first-year tuition fees are based on 1021 MS courses in the UK
- Average living expense is based on 135 colleges in the UK
| Country | Average Tuition Fee | Average Living Expenses |
| France | INR 14.11 L | INR 3.10 L |
France
- Average first-year tuition fees are based on 143 MBA courses in France
- Average living expense is based on 10 colleges in France
| Country | Average Tuition Fee | Average Living Expenses |
| Germany | INR 1.21 L | INR 3.44 L |
Germany
- Average first-year tuition fees are based on 247 MS courses in Germany
- Average living expense is based on 10 colleges in Germany
| Country | Average Tuition Fee | Average Living Expenses |
| New Zealand | INR 11.03 L | INR 4.40 L |
New Zealand
- Average first-year tuition fees are based on 159 BE/Btech courses in New Zealand
- Average living expense is based on 22 colleges in New Zealand
| Country | Average Tuition Fee | Average Living Expenses |
| Ireland | INR 12.23 L | INR 3.46 L |
Ireland
- Average first-year tuition fees are based on 65 MS courses in Ireland
- Average living expense is based on 11 colleges in Ireland
| Country | Average Tuition Fee | Average Living Expenses |
| Singapore | INR 11.99 L | INR 4.04 L |
Singapore
- Average first-year tuition fees are based on 94 BE/Btech courses in Singapore
- Average living expense is based on 14 colleges in Singapore
Budget management
Ways to manage your money and overcome financial challenges while studying abroad from India
- Figure out what are the other expenses, besides your tuition and living expenses. If you find some unnecessary expenses, stop those or try to consciously reduce it.
- Find the cheapest way you can commute from one point to another. Facilities like student pass and international student ID card go a long way in helping one manage transport expenses.
- Sort out your money exchange options. It’s good to open a bank account in the country you are moving to so that you can save lot of time and unnecessary international fees.
To manage your study abroad budget, you can look for scholarships too
- Merit-based scholarships – these scholarships are awarded to students based on their academic records, which also include students’ athletic and artistic talents and any other extra-curricular activity records that they may have.
- Need-based scholarships – need-based scholarships are open to highly meritorious students who want to study overseas, but don’t have means to sponsor their education cost.
FAQ’S
Ans Fees ranges from Rs 8 lakh to Rs 18 lakh. Prescribed cost as per visa requirement is Rs 1.1 lakh a month for London and Rs 91,000 a month outside London. No fees in public universities. Some universities charge a nominal social contribution fee of about Rs 40,000 per year.
Ans 9 Best Cheapest Countries to Study Abroad
Norway. Norway is known for its high-quality education, living standard, and stunning natural beauty. …
Germany.
Switzerland.
Denmark.
Belgium.
Italy.
Spain.
Poland.
Ans For international students, getting a degree from a US university gets more expensive by the year. Non-native students in the US are currently paying an average of US$26,290 for undergraduate tuition and required fees at public four-year institutions, data from the National Center of Education Statistics shows.
Ans There are hundreds of scholarships to study abroad, including general scholarships and more specialized funding schemes. Some are offered by government agencies, some by individual universities, and others by external funding organizations and charitable enterprises.
