What Is the Cost of Studying Abroad?
Studying abroad offers countless beneficial experiences to students. Exposure to a new country, access to quality education, and improved career opportunities are only the tip of the iceberg. Despite all these, overseas education can be quite expensive. Hence, it is essential to plan finances wisely to ensure a smooth and hassle-free study abroad journey.
Major Expenses While Studying Abroad
1. Tuition Fee: This is the fee paid to cover the cost of education in any foreign institution. It would vary across courses, schools, and the country. Most students seek admission at public and private institutions. When compared public institutions are cheaper than private ones because they are government funded in most countries.
2. Accommodation: This is the second major cost driver for most students. There are mainly three types of accommodation for international students in many countries – homestays, private housing, and student dormitories.
- Student dormitories are the most affordable accommodation for international students. These dormitories or student halls of residence are located on college campuses and shared between students. Many foreign universities allow students to live in dormitories for a year.
- Private or shared accommodation is slightly expensive, and students must pay their utility bills.
- Homestays are popular accommodation options in many countries. Many foreign universities help students find suitable families. These homestays are less expensive than private or shared accommodations; still, sometimes students have to pay their utility bills separately.
3. Food and Grocery Bills: The students staying in university halls of residence and homestays need not worry about food and grocery bills. However, those living in rented apartments must take care of their food and grocery bills. The monthly grocery bills will vary according to one’s lifestyle.
4. Transportation: The transportation costs may be less if students live in dormitories, but they would increase if students live far from campuses. In many countries, students can travel for less money or entirely free in public transportation by showing their college ID cards.
5. Academic Supplies: These may include notebooks, textbooks, art supplies, laptops, rucksacks, inks, USB flash drives, and so on. The average cost of academic supplies for a year may range from USD $300 to $1000 across countries.
6. Health and Travel Insurance Fee: Most foreign universities require students to take health insurance before beginning their studies. These insurance policies would help students to cover their medical bills. Some insurance policies also cover baggage-related risks, stay disruption, travel-related risks, etc.
7. Visa: Students must pay a non-refundable visa application fee at the time of application. This is usually a one-time fee.
Cost of Studying in Different Countries
Cost of Education in the USA
The United States of America (USA) is one of the magnet study abroad destinations for students worldwide. As of 2022, the country hosts more than 1 million students and is home to approximately 5300 universities and colleges. More than 200 universities feature in QS World University Rankings 2022/2023. Massachusetts Institute of Technology, Stanford University, Harvard University, California Institute of Technology, and the University of Chicago are a few institutions in the top 10 QS University Ranking 2022/23. Highest number of world class universities, ethnic diversity, large number of study programs, and booming economy are some reasons why students go to this country for their higher studies. If you are planning to pursue your higher education in this country, here’s an average annual cost of education in the US:
- Tuition Fees: The cost of studying in the US is $25,000-$40,000 for undergraduate programs at public universities; $35,000-$55,000 at private universities; $20,000-$35,000 for graduate programs at public universities and $30,000-$55,000 at private colleges; and $50,000-$80,000 for MBA courses.
- Living Expenses: Living expenses would vary across locations, and would cost $15000-$21000 yearly depending on the accommodation, food, and other expenses.
- Health Insurance: This would cost $1000-$1500 depending on the type of insurance chosen.
Cost of Education in Canada
Canada offers a wide range of undergraduate, graduate, and post-graduate programs, which attracts several international students to this county. It is home to some of the world-class universities in the world. Eight Canadian universities feature in the top 200 QS World University Rankings. As of 2022/23, McGill University, the University of Toronto, and the University of British Columbia are top three Canadian universities featuring in the top 100 QS World University Rankings. Affordable study programs, better quality of life, exciting graduate and post-graduate job opportunities, and cultural diversity make it one of the best countries for Indian and international students. How much does it cost to study in Canada? Here’s average annual cost of education in Canada:
- Tuition Fees: The cost of studying in Canada is $17,000 – $25,000 for graduate degrees; $12,000-$30,000 for undergraduate courses; $24,150 – $66,210 for professional programs
- Accommodation: Students have to spend $8,000 – $10,000 for on-campus accommodation; and $400 -$700 for off-campus accommodation per month.
- Transportation: Public transportation systems may cost $80 – $110 per month.
- Health Insurance: This would cost $300 – $800, depending on the type of insurance.
- Food: It would cost $300 – $400 depending on your food preferences and habits.
- Entertainment: It would cost $750 monthly, depending on your personal choices.
Cost of Education in the UK
The UK has been a popular study abroad destination for several centuries. The country hosts some of the iconic universities like the University of Cambridge, the University of Oxford, Imperial College London, and the London School of Economics and Political Science (LSE), which boasts of prestigious alumni lineage. As of 2022/2023, 17 UK universities feature in the top 100 QS World University rankings. World-class degrees, high standards of education, post-study work opportunities, and ethnic diversity are some factors that attract students to the UK. What is the cost of education in the UK? Here’s the average cost of education in the UK for Indian students.
- Tuition Fees: An Indian student has to pay £10,000-£26,000 for undergraduate degrees; £13,000 – £20,000 for graduate degrees; and £15,000 – £24,000 for doctoral degrees.
- Accommodation: Students have to spend a monthly rent of £400-£1724 for student halls; £400-£800 for rooms; £1000 for flats; £400 -£8200 for studio apartments; and £376-£1500 for houses.
- Transportation Costs: Students have to spend £140 per month if using public transport systems.
- Health Insurance: The health insurance costs may range from £235 – £470 per year for shorter study to graduate courses.
- Food: A student has to spend £150- £250 on food and groceries every month.
- Extra Costs: This would depend on a student’s lifestyle choices. For instance, a student may be required to spend £50-£100 for entertainment; £348 for a student visa fee (one-time fee).
Cost of Education in Ireland
The Irish education system is hailed for its innovation, flexibility, and creativity. Being an English-speaking country, Ireland is popular with students worldwide. The Irish government supervises education through the National Framework of Qualifications (NFF), which has helped maintain high education standards. It is one of the safest countries in the world to live, study, and thrive. Every international student is treated equally to an Irish citizen and receives the same acceptance. The breakup below would help you understand the average cost of education in Ireland:
- Tuition Fees: The tuition fees would range from €9,850-€55,000 for undergraduate programs; €9,950- €35,500 for postgraduate and Ph.D. courses across universities.
- Accommodation: EUR €200-€300/month for a university hostel; EUR €400-€900/month for renting an apartment individually; EUR €450-€550/month for sharing an apartment; EUR €600-€1000/month for on-campus accommodation
- Living Expenses: It would cost €550-€1000/month depending on your lifestyle and the city. The living costs include food and grocery, clothing, household utilities, transport, communication, miscellaneous goods, and services
- Medical Health Insurance: The average cost of medical health insurance for Indian students is €150 – €180.
Cost of Education in Australia
Australia is one of the most popular study abroad destinations after the US and the UK. High-quality education, low tuition costs, and affordable living expenses are a few reasons why students choose this country for their high education. All educational institutions in the country are highly monitored and managed by the Australian government to maintain its standards. This is why graduates from Australian universities find acceptance and high-paying jobs worldwide. As of 2022/23, seven universities feature in the top 100 of QS World University Rankings. If you have been planning to study in this country, then the average annual cost of education in Australia are:
- Tuition Fees: It may cost $20,000-$42,000 for undergraduate programs; $22,000-$50,000 for postgraduate and PhD programs; $4000-$22000 for vocational courses; and $300 per week for English courses. Some universities may charge up to $85,000 for MBA courses.
- Accommodation: Students have to pay $90-$150 per week for hostels and guesthouses, $95 to $215 per week for shared rentals, $110 -$280 per week for on-campus apartment, $235 -$325 per week for homestays and rentals, $11,000 -$22,000 a year for boarding schools
- Groceries: Students have to pay $140 to $280 per week for groceries.
- Transportation: If a student chooses to stay in a shared apartment off campus, the public transportation may cost $30 to $60 per week.
Cost of Education in New Zealand
Known for its natural beauty, friendly people, and high standards of living, New Zealand has been a popular study abroad destination for several years now. The country has eight universities that feature regularly in university rankings. They are ranked in 3% of top universities in the world. These universities are monitored by the New Zealand Qualifications Authority (NZQA) to ensure high standards of education. The country ranks 7 on the list of countries with the highest performing graduates in the world, with the US, Canada, and the UK the other countries on the list. It is the first country in the world to develop a well-being strategy for international students. Having known these, it is quite obvious to think what is the cost of education in Zealand for Indian students? Here’s a breakdown of the annual average cost of education in New Zealand for your understanding.
- Tuition Fees: The average tuition fees across the universities in New Zealand are $20,000-$40,000 for undergraduate programs; $20,000 – $45,000 for master’s programs; $6,500 – $7,500 for PhD programs; and $ 50,000 for MBA programs.
- Accommodation: Indian students studying in New Zealand have to pay $140 to $293 per week for a shared flat; $235 to $370 per week for a studio room; $346 (uncatered) to $484 (catered) per week for halls of residence; and $285 onwards per week for homestays.
- Living Expenses: The students have to pay $18,000 to $20,000, depending on their lifestyle and city where you live. The living costs include food and beverage, clothing, household utilities, transport, communication, miscellaneous goods, and services.
- Medical Insurance: The average annual cost of medical health insurance for Indian students is $400 – $700.
Cost of Education in France
In recent years, France has emerged as one of the top non-English speaking study abroad destinations for international students. There are 1500 English-taught programs offered by French universities. If you have been considering this country for seeking your higher education then here is the annual cost of education in France for Indian students:
- Tuition Fees: This is the major cost driver across French universities. The students have to pay €2,770 at the licence (bachelor) level, €3,770 at the master level, and €380 at the doctorate level annually if they wish to seek admission to public colleges. They have to pay €450 to €1100 annually in publicly funded Grandes Ecoles. In privately-funded Grandes Ecoles, such as engineering schools, the tuition fees can be about €25,000 annually. Next, private universities fees range from €3,000 to €10,000 per year.
- Accommodation: The accommodation costs range from €200/month for students’ halls of residence, €400-700 for rent or share an apartment, €200-800 for living with a host family.
Cost of Education in Germany
Germany is known to offer tuition-free education to all. There are over one thousand popular English-taught programs to choose from. These courses are evaluated and updated regularly to meet the changing industrial demands. The students coming to this country get access to high-quality education and endless opportunities to work in the country after their studies. Germany shares borders with Denmark, Netherlands, Belgium, France, Luxembourg, Austria, Switzerland, Poland, and the Czech Republic. So, students enrolled in German universities can explore these European countries during their free time. Having known about tuition-free education, it is obvious to think, “is education in Germany free for international students”? No, you have to pay small tuition fees and administrative fees at universities, and address other living costs as usual. Here is the cost of education in Germany for Indian students.
- Tuition Fees: The students have to pay €1500 for bachelor’s, master’s, and PhD programs in public universities, however, it may be higher in private universities. Most private universities charge €26,000- €40,000 for bachelor’s, master’s, and PhD programs. However, the programs in business and management and engineering are the most expensive.
- Living Expenses: The average monthly rent for a one-bedroom apartment in Germany is €700/ month, which along with other expenses like food, clothes, bills, and entertainment would make €934/ month.
Cost of Education in the Netherlands
The Dutch universities and colleges are among the most reputed in the world, with some even dating back centuries. These universities offer more than 2000 English-taught programs and assure a wonderful studying experience. English is a second language in the Netherlands and almost 95% of people speak this language. The tuition fees and living costs are much lower than in many countries in continental Europe. The Netherlands is one of the safest and happiest countries in the world, with high standards of living. All these factors attract thousands of students to this country every year. What is the annual cost of education in the Netherlands? The breakup of the costs below will help you understand it better.
- Tuition Fees: The annual tuition fees may range from €6000 to €15000 for bachelor’s programs and €8000-€20,000 for master’s programs at public universities. The cost may be slightly expensive in private universities, where bachelor’s and master’s programs may cost €30,000 per year.
- Living Expenses: Students must pay €9600 – €14,400 for accommodation, food, and transportation annually. These costs may differ slightly depending on their lifestyle choices.
How to Save on the Cost of Education of Studying Abroad
If you are looking to save on the cost of education of studying abroad, then the following tips will be helpful.
- Choose Your Study Institution Wisely: As said before, public universities are cheaper than private universities. You can choose a public university or community college to pursue your education.
- Check on Scholarships: Check on study abroad scholarships offered for particular countries. There are several government and non-government scholarships as well as university scholarships, that may cover your tuition fees and living costs fully or partially. You can apply for these scholarships as soon as you receive your placement offer. Be sure to apply before the deadline.
- Take Part-time Jobs: You can take on-campus or off-campus employment within a few months of arriving in a new country. Most foreign universities allow students to work for 20 hours a week.
- Take Advantage of Student Discounts: Traveling, fun activities, food and entertainment can add to the cost of studying abroad for most Indian students. They can save on these costs through student discounts. The international student identity card or ISIC card is recognized in 130 countries. The students can use this card to save money on their food, travel, entertainment, and daily essentials. They can access global discounts at tourist sites, hostels, budget hotels, airlines, buses, trains, ferries, and coaches, restaurants, bars, and so on.
- Shop During Sales: Students can buy woolen clothes, appliances, furniture, and other utility items during sales events like Black Friday sales, Holiday sales, and garage sales. In many countries, local stores promote sales events targeting international students. These events allow students to buy essentials without burning holes in their pockets.
- Save on Living and Food Expenses. Cooking at home will help students to save on food costs. They can use supermarket loyalty cards for grocery purchases. They can buy from stores like Best Buy, Costco, Walmart, and so on to cut down on the costs of essentials.
Want to know more about saving on the cost of education of studying abroad? Get in touch with our experts today. We will guide you through university selection, documentation, visa, scholarships, and help you plan your finances to best suit your requirements. Book a free 1-1 counselling session with our expert counsellors to get you started.