Studying in a foreign country is an awesome experience, but as much as you are eager to begin your new adventure, you may be surprised that managing your money can be a nightmare if you are not well equipped. If you are considering studying in the USA, UK, Australia, or any other country, it is very important to budget to ensure that you have a great time when studying in the foreign country. Below you will find detailed information on how to plan your study costs, including approximated prices in INR.
Studying abroad: why do we need it?
Global Exposure: Living in another country gives you a different approach towards life, so as a person you gain more perspective.
Quality Education: Most countries have quality education with appropriate equipment/facilities and well-recognized universities/intuitions.
Career Opportunities: Graduation from an international university puts you a cut above the rest of the competitors in the international job market.
Networking: You establish contacts with people in other countries, and you never know when you might need them in a career aspect.
Language Skills: When you put yourself in a new environment, you experience a new language, and that is a valuable commodity in the current economy.
Personal Growth: Staying here in a foreign country makes one develop independence, flexibility, and strength.
Cultural Understanding: This increases multicultural literacy by exposing you to various cultures and attractions; therefore, you will become more tolerant and sympathetic.
Better Career Prospects: Thus, companies look at a candidate with international experience as an adaptable candidate who is receptive to change.
Research Opportunities: There are a number of countries where the latest research activities could be pursued in the diverse fields.
Travel and Exploration: Studying abroad means to be able to adventure in new places, travel, and get valuable life experiences.
Financial Planning for Your Study Abroad: A Complete Guide for Indian Students
1. Calculate Tuition Fees
Tuition fees are usually the biggest cost on the list of expenses for international learners. In most cases, fees differ according to the country of the university and range from one country to another as well as the university. Here’s a rough idea of what you can expect:
USA: For most of the undergraduate and postgraduate programs, INR 15,00,000 to INR 35,00,000 per year.
UK: For instance, INR 12,00,000 to INR 25,00,000 per year.
Australia: From INR 12,00,000 to INR 30,00,000 per year.
Canada: From INR 10,00,000 to INR 25,00,000 per year.
Germany: Intake of tuition fees in public universities is normally low or free for international students, but you will incur other charges that could range from INR 30,000 to INR 1,00,000 per semester, including administrative charges.
2. Accommodation Costs
Housing is among the many expenses you would incur in your day-to-day life. Depending on which type of accommodation you opt for: university dormitory, flat sharing, or renting a flat, your budget is expected to be impacted massively.
USA: Annual costs for these services range from INR 5,00,000 and INR 15,00,000 per year On-campus accommodations are costlier.
UK: INR 6,00,000 to INR 12,00,000 per annum.
Australia: about INR 4,00,000–INR 10,00,000 per year.
Canada: Senior level: INR 5,00,000 to INR 12,00,000 per year.
Germany: From INR 2,00,000 to INR 5,00,000 per year (for shared serviced apartment or dormitory type accommodation).
3. Food and Groceries
One would also find that the amount of money spent on food differs if you’re the type that prepares your meals at home or the type that goes out to eat most of the time. All the students most opted for preparing their own meals, which was cheaper.
USA: INR 2,000,000 to INR 5,000,000 per annum.
UK: INR 200000 to INR 400000 per year.
Australia: From INR 200000 to INR 400000 per year.
Canada: Of the above, 200000 INR to 500000 INR per annum.
Germany: INR 1,00,000 to INR 3,00,000 per anum.
4. Transportation Costs
Transport costs will vary depending on whether you are using either public modes of transport or you own your car. The most frequently used and less expensive transportation is public transport.
USA: Rs 1 lakh to Rs 2 lakh per annum (metro, bus, or bike).
UK: INR 1,50,000 to INR 2,50,000 per year, underground: buses, trains.
Australia: INR 1,00,000 to INR 2,00,000 per annum (local conveyance).
Canada: The monthly tariff, which should range between INR 1,00,000 and INR 2,00,000 per year for the bus and metro.
Germany: INR 1,00,000 to INR 2,00,000 per year (monthly and yearly transport passes for workers).
5. Health Insurance
All countries demand international students have health insurance. In most cases, it may cost anything from $100 to $300, depending on the country and the insurance covering the implants.
USA: The range of INR 1,50,000 to INR 3,00,000 per year.
UK: Rs 50000 to INR 1,50,000 per anum.
Australia: For those services, INR 50,000 to INR 1,00,000 per year or such other sum as may be prescribed in the general medical council.
Canada: INR 50, 000 to INR 1,50,000 per year.
Germany: Up to INR 2,00,000 per year.
6. Study Materials and Supplies
You will obviously require your textbooks, notes, and other requirements your class/teacher may require for the course.
USA: For Never nonsmoker and Light smoker, it costs between INR 30,000 to INR 1,00,000 per year.
UK: Depending on the size and requirements of an organization, it comes between INR 30,000 and INR 80,000 annually.
Australia: Depending on the candidates’ experience, INR 30, 000 to INR 80, 000 for the first year only.
Canada: This program costs anywhere between INR 30,000 and INR 70,000 per year.
Germany: preferably between INR 20,000 and INR 50,000 per year.
7. Miscellaneous Expenses
This ranges from entertainment expenses to traveling and purchasing merchandise, among others. I believe that some percentage of your budget should be set aside for these.
USA: 500 US dollars to 1000 US dollars per year.
UK: They require an annual salary of INR 1,00,000 to INR 2,00,000.
Australia: Between one to two lakhs per annum.
Canada: INR 1,00,000 to INR 2,00,000 per year.
Germany: Annual beginning salary should be INR 50,000 to INR 1,00,000 per year.
8. Miscellaneous Fees
In addition to tuition fees, there are other charges that students may have to incur: application fees, visa charges, student union fees, and among other administrative fees.
USA: USD 300 to USD 800 (visa fees), USD 100 to USD 250 (visa fee).
UK: It cost Visa and admin fees: INR 10,000–INR 30,000.
Australia: INR 10,000 to INR 30,000.
Canada: INR 20,000 to INR 50,000.
Germany: INR 10,000 to INR 20,000.
Total Financial Planning for Your Study Abroad: Estimated Budget (in INR)
Here’s an example breakdown of the total estimated budget for a 1-year study abroad experience (excluding tuition fees):
Country | Estimated Total (INR) |
USA | INR 24,00,000 to INR 40,00,000 |
UK | INR 21,00,000 to INR 38,00,000 |
Australia | INR 18,00,000 to INR 39.00,000 |
Canada | INR 17,00,000 to INR 35,00,000 |
Germany | INR 9,00,000 to INR 20,00,000 |
Tips for Saving Money:
Apply for Scholarships and Grants: Many scholarships should also include living costs as well as tuition fees while finding a scholarship. A majority of colleges and universities have merit-based scholarships.
Choose a Budget-Friendly Country: Modern cities of Germany, parts of Canada, and some European countries have a relatively lower cost of living than the USA or the UK.
Cook at Home: You get to spend less money since you don’t have to buy food from restaurants or other fast food outlets.
Use Public Transport: Again, a common feature found with most countries is that they have good public transport systems, which can be cheaper than owning a car.
Look for Student Discounts: In many countries, the students are privileged to discounts that they can get to enjoy when paying for transits, commodities, and events.
Final Thoughts
Living in another country is always very fascinating; however, there is a need to balance the amount of money you wish to spend. It does not have to cause much strain on your financial book, and, therefore, you can always set aside some time to get through your books and make impressive scores. Don’t fail to find out about scholarships available, how to budget yourself for other inconveniences, and how to cut on expenses when planning for overseas education.
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