Budgeting for abroad education is not just about tuition.All the accommodation and general daily costs, and even the more insignificant ones, may add a considerable amount to your overall costs. Having the help and guidance of reputed abroad education consultants in India can help students be aware of all the financial realities of the study destination before they are sent off.
Tuition Fees: Biggest Piece of the Pie
The biggest and most fluctuating cost is tuition, which will also depend on course, destination and ranking of the university. Here is the average annual tuition cost for some of the popular destinations:
- In the United States, the average cost is between $20,000 – $40,000 a year, depending on the course and university.
- On average, in the United Kingdom, undergraduate education costs 15,000 pounds to 30,000 USD per annum, postgraduate 35,000 pounds and above.
- In Canada, tuition varies between $15,000 – $30,000 for the majority of the courses, and in Australia, it is between $20,000 – $45,000 annually.
Among the rising costs, countries in Europe have more affordable options as the tuition cost is comparatively cheaper. In fact, some public universities, like in Germany, charge zero tuition fees.
Beyond the Lecture Theatre Living Costs
Day-to-day life is the next largest expense once tuition is taken into consideration:
- In countries like the USA, UK, Australia and Canada, the cost of accommodation can range between ₹5,000 to ₹2 lakh, depending on whether it is on-campus or off-campus.
- Major Western countries have food and groceries that usually cost $150-300 per month, but self-cooking and meal sharing can help save.
- The personal expenses, utilities, travel, and health insurance can increase the total cost of living. For instance, in the USA, health insurance may cost between $1,000 and $2,000, which you need to account for.
Hidden and Extra Costs
These are extra costs that students do not pay much attention to:
- Depending on the country and university, visa and application fees range from $150 to over $3,500.
- Flights cost may range from ₹60,000 to ₹1.2 lakh or more, depending on the time and country.
- Health insurance, which is mandatory in most of the countries, can start from $1,000 or more, depending on the country.
- Personal expenses of social outings, mobile recharge, gym membership, clothing, and unexpected medical expenses can also increase annual costs.
In addition to the above, allocating for house deposits, first-month starter packages, and any course-specific costs or resources is also prudent.
Professional Budgeting at its Best
Abroad education consultants in India, such as Fateh Education, can help plan for these expenses. They can help students get scholarships, education loans, and special savings options, and assist in comparing affordable study locations and living plans.
Moreover, established abroad education consultants in India have skilled professionals who have experience of collaborating with universities abroad and access to the latest data, which is crucial for a successful application.
The average international education can be on the higher end or the lower end, depending on the country and university you choose, among other factors. Most families consider international education as an investment in their future. But by considering all the costs associated with it, students and parents can make sound financial decisions to ensure that the experience of studying abroad is a fulfilling and rewarding one.
