When it comes to studying abroad, money is something that students should be mindful of. For this, budgeting is essential to avoid study abroad expenses taking a toll on you. Financial planning also helps you make wise decisions regarding country, university, and study course selection. So you can get the best of the learning and experience within your budget limits and justify your true intention of studying abroad. I
f you are preparing to study in a foreign country, you must know the expenses you will likely incur while studying and living there. You can take the assistance of a consultancy for overseas education who can guide you with costs associated with studying abroad and help you assign a budget for them accordingly.
For your reference, let’s look at how much does overseas education costs by analyzing some of the major expenses that add up to the cost of studying abroad.
- Tuition Fees: It’s a fee that you pay as a cost to pursuing higher education abroad. Interestingly, tuition fees also take a maximum portion of your budget for studying abroad. Some universities charge less, whereas others can deplete your budget completely. Hence, before zeroing in on any university, you must check the fee structure first and then plan your admission.
Here’s a breakdown of tuition fees in various countries. Note that the following is the approximate tuition fee and can vary depending on the university and course you opt for.
- Tuition Fees in the USA:
- Undergraduate study programs: Approximately USD 6k-40k per year
- Post-graduate study programs: Approximately USD 20k-40k per year
- Doctorate or Ph.D. study programs: Approximately USD 25k-40k per year
- Tuition fees in the UK
- Undergraduate study programs: Approximately £4k-38k per year
- Post-graduate study programs: Approximately £16k-40k per year
- Doctorate or Ph.D. study programs: Approximately £16k-40k per year
- Tuition Fees in Australia
- Undergraduate study programs: Approximately 20k-45k AUD per year
- Post-graduate study programs: Approximately 22k-50k AUD per year
- Doctorate or Ph.D. study programs: Approximately 22k-50k AUD per year
- Tuition Fees in Canada
- Undergraduate study programs: Approximately 550-30k CAD per year
- Post-graduate study programs: Approximately 2k-65k CAD per year
- Doctorate or Ph.D. study programs: Approximately 8k-20k CAD per year
- Tuition Fees in Ireland
- Undergraduate study programs: Approximately €9.5k-25k per year
- Post-graduate study programs: Approximately €9.5k-35k per year
- Doctorate or Ph.D. study programs: Approximately €9.5k-35k per year
- Tuition Fees in New Zealand
- Undergraduate study programs: Approximately NZ$ 22k-32k per year
- Post-graduate study programs: Approximately NZ$ 26k-37k per year
- Doctorate or Ph.D. study programs: Approximately NZ$ 6k-9k per year
- Living costs: The living costs in an abroad country encompass the following expenses.
- Accommodation: As an international student, you are going to spend a considerable number of years studying in your chosen country. Hence it’s important to ensure a comfortable stay and not feel homesick the day you enter the host country. However, this isn’t by any means you have to spend a lot. When you have a budget planned and start early, you can find a comfortable place at affordable prices. In some cases, universities offer on-campus stay, and expenses for the same get covered in your tuition fees. But if that is not the case, you can choose your stay off-campus. There are plenty of options available too. The charges for your accommodation will depend on the city and the type of stay you prefer. At your convenience, you can rent the place individually or share it with your classmates to save a few bucks.
- Day-to-day transportation, traveling, and entertainment: When you are in an abroad country, you are on your own. You will be required to travel from one place to another through public transportation, especially during the initial days in the host country. Hence, it’s a must to consider such expenses in planning your finances. Another major expense is traveling. Whether it’s flight expenses to and fro from your chosen study abroad country or rentals you book to explore the nearby places during your holiday or post-Uni time, all these costs need to be catered mindfully. These expenses can vary with country and can be more or less. Make sure you perform your due diligence in this regard to these expenses. You can talk to your friends and family already residing in your chosen country or consultancy for education in abroad and plan your budget accordingly.
- Other expenses include grocery, phone recharge, TV subscriptions, WiFi, medicine bills, utility bills, etc. These expenses may seem insignificant but can disrupt your financial planning once you are in your chosen abroad country. So make sure you prepare for them by factoring them into your budget (select budget according to your chosen country) for studying abroad.
- Living costs in the USA: When you choose to study in the USA, it will cost you around USD 1-5k per month. Some cities like New York, Los Angeles, and San Francisco are quite expensive, and so if you choose one among these, you may need to plan extra in terms of expenses.
- Living costs in the UK: Compared to other countries, UK universities have shorter study programs, so naturally, the living costs get significantly reduced. As an international student, you would need to spend at least £1.1 to 1.3k as part of your living expenses.
- Living costs in Australia: When it comes to Australia, living costs are on the steeper side. Typically, an international student has to spare at least 1.4 to 2.5 AUD per month for living expenses.
- Living costs in Canada: If you are planning to study in Canada, know that the country is quite expensive when it comes to living costs. Some cities like Quebec, Ottawa, or Montreal are comparatively affordable, wherein students typically spend 800 to 1.5 CAD per month. If you choose Calgary or Vancouver, they are the most expensive ones. Herein the living costs can go more than 2k CAD per month.
- Living costs in Ireland: In Ireland, some cities like Dublin and Galway are more expensive than others. If you want to live in these cities, you have to plan your finances well. However, Ireland offers a lot of part-time job opportunities that students can utilize and manage their living expenses. Typically an international student has to spend €800 to 1.2k per month on living expenses.
- Living costs in New Zealand: The living costs in New Zealand are pretty high. Hence, you must plan your budget as per the expenses. As an international student, you will need at least NZ$ 1k to 1.3 k to bear monthly expenditures in New Zealand.
- Visa fees: Student visa fees vary from one country to another. So you must check with your chosen destination embassy about the current visa fees and what type of visa you will need to study there. Most countries’ study visa fees are between Rs 10k-30k.
Being an international student studying abroad is one of the most rewarding experiences that one can choose for themselves, but it’s definitely costlier than being a national. We hope our estimate on ‘how much does study abroad costs‘ will help you decide your budget and avoid spending a fortune on your fees, accommodation, and day-to-day expenses. Happy Budgeting!