How much does pursuing an MS Abroad Cost

If you’re considering pursuing your postgraduate education abroad, chances are that your final decision will, to a certain extent, be based on the total expense incurred. There are several cost components to studying abroad. This article will give you a sense of how much it costs to study abroad. All costs given in this article are given in both USD and INR. The exchange rate that we have used is 1 USD = 69 INR

 Exam Cost

Several top universities require students to submit a GRE score. The cost of taking the GRE in India is $205 (Rs 14,145). In addition to this you will need to take either the TOEFL or the IELTS to prove your proficiency in the English language. While the TOEFL costs $180 (Rs 12,420), the IELTS cost Rs 13,250. Please note that all these fees are as of July 2019. So the total cost for taking the GRE and TOEFL/IELTS will be around Rs 26,890.

University Application Cost

Universities charge students to review their applications. This is irrespective of whether the student is selected or not. Typically, MS applications cost between $50 to $150 per university. Assuming that students on average apply to 6 universities, at an average application fee of $100, the total application cost comes to $600 (Rs 41,400).

Visa Application Cost

The visa requirement for each country is distinct and the costs therefore vary accordingly. Typically though, countries require students to fill in an application form and submit supporting documents. Additionally, countries may require students to submit their biometrics, appear for a visa interview and go for a medical check-up. The combined cost for all these activities differs from country to country but the cost for the 3 most popular destinations i.e. USA, Canada and Australia is USD 360(Rs 24,840), CAD 335(Rs 17,500) and AUD 675(Rs 32,000) respectively. Let’s consider Rs 32,000 for the sake of calculation as this will be the maximum amount you need to shell out.

Flight Cost

The ultimate amount that you will pay for your ticket depends on several factors: the country you are choosing to fly to, the airline, whether you book a one way ticket or a return ticket and how many days in advance you book the ticket. Because of the number of variables involved, this amount is highly variable but will usually be in the range of Rs 45,000 – Rs 75,000 for a one way ticket and between Rs 60,000 – Rs 90,000 for a return ticket. For simplicity, we’ll consider the most expensive case i.e. Rs 90,000.

University Tuition Fee

This is the cost component for which you will pay the most. It largely depends on the reputation of the university, on whether the university is a public or private one and whether the student has received any scholarship. Generally speaking, universities with a better reputation are more expensive and public universities are cheaper than private ones. This can range between $ 10,000 for below average universities to $80,000 for the entire program for top notch universities like Stanford. For the sake of calculation, we’ll take the average i.e. $45,000 (Rs 31,00,000).

Living Cost

You living cost depends on where you live (large city v/s small town), accommodation type (on campus v/s off-campus), how many people you live with and on your lifestyle. Considering a modest lifestyle, the average living cost will typically come to $1,000 (Rs 69,000) per month i.e. $24,000 for your two years of stay.

Here’s a summary of the total cost:

All in all, the total cost of an MS is around Rs 49.5 lakhs. While this may seem like a lot, remember three things:

1. On completion, you stand a great chance to earn and recover your investment if you stay back.
2. If you have a good profile, the total cost can come down through scholarships.
3. There are several ways to fund this expense: education loans, part time jobs while you study etc.

If you need more information about the cost of pursuing an MS and how to fund it or need help with your application, do drop us an email at contact@thebigpaneer.in or call us at 9920 331 444.