Overseas education can be expensive. So it’s important to plan for your expenses before you start your study abroad journey. Here, we explain the different kinds of expenses you will incur and their approximate amounts. Note that these figures are only an approximation and will differ according to the program, university and country.
The largest cost driver is the tuition fee you pay. This varies by university and country. Typically, public universities (funded by a state / national government) will be cheaper than a private university of similar prestige. The tuition fee also depends on the program you enroll for. Having said that, here’s an indicative amount you might need to spend on tuition annually in various popular countries:
|Country||Undergraduate (Bachelor’s) Degree||Postgraduate (Master’s) Degree||Doctoral Degree|
|USA||USD 20,000 – USD 40,000||USD 20,000 – USD 30,000||USD 28,000 – USD 55,000|
|Canada||CAD 12,000 – CAD 18,000||CAD 14,000 – CAD 35,000||CAD 7,000 – CAD 10,000|
|Australia||AUD 15,000 – AUD 33,000||AUD 20,000 – AUD 37,000||AUD 14,000 – AUD 37,000|
|UK||GBP 6,000 – GBP 9,000||GBP 10,000 – GBP 16,000||GBP 13,000 – GBP 29,000|
The next largest expense is the cost of living. This includes accommodation, food, commuting, books and stationary, phone and internet and other expenses. This cost is highly variable and depends on the city/town in which you stay, whether you stay on the university campus or off-campus, if you stay alone or with roommates and on your own lifestyle choices. Generally, off campus accommodation is less expensive than on campus accommodation and living with roommates is cheaper than living without them.
Generally, living expenses come to around INR 7 lacs to INR 15 lacs per year. Many students recover the cost of living expenses by working while studying. They take up part time jobs on campus, intern with companies during break and even apply for teaching or research assistantships.
When you stay abroad, you will be required to pay for health insurance. This could be a university healthcare plan or one from a private insurance company. The cost of health care insurance can range between INR 15,000 to INR 50,000 per year.
The cost of visa application is different for each country but typically is between INR 25,000 – INR 50,000. Airline tickets fluctuate depending on the time of the year you plan to fly in and the destination. Generally, students spend INR 40,000 to INR 1 lakh on their air travel.