Wondering how much it costs to study abroad? You’re not alone. The cost of studying abroad can be confusing and overwhelming, especially when you’re trying to figure out how to pay for it. If you’re worried about how you can pay for those big one-off expenses such as tuition fees, airfares, and insurance, as well as day-to-day living expenses, then this Blog has the answer to all your Queries. We’ve put together this comprehensive guide to help you understand the expenses involved in studying overseas.
Average Cost to Study Abroad
When it comes to studying abroad, one of the first things you’re likely to wonder is how much it costs. And the answer to that question depends on a lot of different factors. For instance, the country you choose to study in will significantly affect your overall expenses. Some countries are more expensive than others, and you’ll also need to take into account things like tuition, room and board, and travel costs. Course durations can range from six months for an English language course or study exchange to five years for a Ph.D., and course fees vary accordingly. Annual costs are currently estimated to be:
|Country||Tuition fees||Cost of living|
|USA||US$6,000 – 40,000||US$10,000 – $15,000|
|UK||£4,000 – £21,000||£9,000 – $12,000|
|Australia||AU$9,000 – $18,000||AU$18,000 – $20,000|
|New Zealand||NZ$14,000 – $21,000||NZ$12,000 – $15,000|
|Canada||C$2,000 – $16,000||C$15,000 – $20,000|
It’s important to note that average costs may be higher or lower than the middle of these ranges, and you’ll need to apply the current exchange rate to figure out what this translates to in your currency. Here is a list of major factors to consider when calculating the cost of studying abroad:
1. Tuition Fees
The primary cost for the vast majority of study abroad programs is tuition fees. Tuition fees will vary depending on the program, whether offered by your university or a program provider, and the type of funding your host institution receives. Some countries have excellent public education systems and will charge you very little as an international student, including many in the European Union. Others, such as the United States, the United Kingdom, and Australia, may end up costing you a lot.
Tuition fees, rent, and daily living expenses such as food and entertainment can add up to a significant financial burden. Many study abroad programs include this cost in the upfront program fees, including if you live in a homestay or dormitories with meals. Otherwise, you should start looking for an affordable place to live in your host city as soon as possible and figure out how much you’ll need to budget for other necessary expenses.
The last major expense to consider will be travel expenses. Some programs will cover the cost of flights to your host country, while others will not. You should ensure you understand what your program fees cover ahead of time.
Aside from the major flights to and from your study abroad destination, you should also consider that you will most likely be using public transportation daily and doing some side trips while you are abroad. These costs (as with rent and other daily expenses) are much lower in some parts of the world than in others, depending on your host country’s economic standing.
Pro Tips for Saving Money While Studying Abroad
Here are some ways to cut the cost of studying abroad:
- If your college offers a discount, pay your tuition fees in advance.
- Consider a smaller college or campus with lower tuition fees.
- Choose a community college in the United States to save money on your first two years of undergraduate study.
- Keep the majority of your money in a high-interest or term deposit account and only withdraw when you need to pay for large items (such as fees and lodging).
- Shop around for airfare and health insurance online.
- Choose an off-shore campus in a lower-cost-of-living country to save money on living expenses.
- Share housing with other students and split the cost of utilities such as electricity, water, and internet.
- Make sure you live in a safe neighborhood with good public transportation so you don’t have to spend money on taxis.
- Cook at home rather than eating out.
- Look for sales and discount coupons at cheaper supermarkets. If you can get your fresh fruits and vegetables from markets, consider splitting bulk purchases with your flatmates and friends.
- Keep your mobile phone costs under control by using Skype or discount phone cards to call, especially when calling home.