How to Manage the High Cost of Studying Abroad?

Studying abroad opens the way to global opportunities, but often comes with a lot of financial pressure for international students. For those of you dreaming to go abroad for higher education, study costs and living expenses can be a big hurdle. From applying for a student visa abroad to paying off the tuition fees or arranging accommodation or even handling the day-to-day expenses–you have to spend money everywhere. In this article, we will discuss some effective ways to manage finances while studying abroad.

This Story also Contains

1. Costs To Consider While Studying Abroad
2. Country-Wise Average Annual Cost Breakdown
3. How To Finance Your Education Abroad?
4. How To Manage Your Finances as a Student?
5. How to study abroad when you have no money?

Costs To Consider While Studying Abroad

How do you plan to manage your finances while studying abroad? For this, first you need to know the total cost that you will incur in the entire process of pursuing higher education from a foreign country. Accordingly, plan well and keep this amount handy before going abroad.

Here are the main categories of costs:

• Tuition fees: This cost varies based on several factors, such as course, university and country.

• Living expenses: This cost includes the price of rent, food, transportation, utilities, etc.

• Health insurance: This is a mandatory cost when applying for a student visa.

• Books and supplies: The price of the study materials and equipment required during the study program.

• Travel and visa: The cost that includes the prices for the flights, visa application, etc.

Read More: How to reduce costs while studying abroad?

Country-Wise Average Annual Cost Breakdown

If you are planning to study in US, UK, Canada, Australia or Germany, here is the annual cost-breakdown for these countries:

Country-Wise Tuition Fees and Living Expenses Breakdown

How To Finance Your Education Abroad?

Following are some of the most effective ways to manage your finances:

Apply for scholarships and grants

Scholarships are the best way to reduce the financial burden on yourself. There are so many study abroad scholarships for Indian students in different countries. Among them, some of the most popular ones include Fulbright-Nehru scholarship (USA), Commonwealth scholarships (UK), DAAD scholarships (Germany), Chevening scholarships (UK), Erasmus Mundus (EU), Australia Awards scholarships (Australia). Ensure to regularly check the official websites to know about their deadlines, benefits, and more.

Take an education loan

Different Indian banks and NBFCs are there to help students support their studies abroad. These offer education loans with these features:

Study Abroad Education Loan Provides

Note: Always compare interest rates, processing fees, and moratorium options before applying.

Part-time work wages

Working part-time is the best option to manage the financial burden of studying abroad. Most of the countries allow international students to work while studying.

Here is the permitted hours and minimum wage for different countries:

Country-wise Minimum Wages

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How To Manage Your Finances as a Student?

The key to sustaining in a foreign country is smart money habits. As a student, you can do these things to manage your finances when studying abroad:

• Make a budget and follow it strictly: Make it a habit to track all the expenses, big or small. There are several tools where you can enter all the expenses you have incurred in a day, like rent, food, transport, leisure, and more and stick to your monthly budget.

• Open a student-friendly bank account: Several banks offer several benefits to students. Browse through a list of such banks, and open an account that gives you benefits like low or zero monthly fees, ATM and online access, international transfers, etc.

• Cut down on unnecessary spending: Consciously try to cut down on unnecessary spending. Instead of dining out, try cooking at home. Buy second-hand books and try availing student discounts, wherever applicable (transport, shopping, entertainment).

How to study abroad when you have no money?

Though this might feel impossible, it is still possible with a few effective strategies. All you need to do is look for suitable options like looking for fully-funded scholarships to study abroad that cover the tuition fees, and living and travel expenses. Some of these include:

• MEXT scholarship (Japan)

• CSC (China)

• Gates Cambridge scholarship (UK)

• Eiffel Scholarship (France)

Other than these, you can even rely on crowdfunding and NGOs and choose affordable study abroad destinations like Germany, Norway, Poland, and Taiwan. Studying abroad can be expensive, but it’s not impossible. With the right mix of financial planning, scholarships, part-time work, and budgeting, Indian students can manage the high cost of studying abroad effectively.