What is the average cost of studying abroad?

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One of the major factors you consider while planning to study abroad is the cost. However, it depends on a lot of factors like the country you are going, the university/school you are selecting and the city you are going to live in. In this article, we will inform you about the average cost of studying abroad. Students should also know when to start thinking about Finances for Studying Abroad. Also, those who are concerned too much about the finances can learn about the Most Affordable Countries to Study Abroad.

Major factors which cover the study abroad costs

Tuition fee: First and foremost expense for study abroad is tuition fees. However, it depends on the university to university and the program and also the country where one is going to study. Public universities receive their funding from governments, so in many countries (like Germany) they charge minimal from students although they offer world-class education.

Accommodation/housing cost: Two major components, tuition, and accommodation or housing are the biggest concern for anyone going to study abroad. Various study programs include accommodation fees in the overall charges. However, not every student gets university accommodation and they have to shell out more for staying in rented places.

Living cost: You can also include the accommodation expenses under this category. This cost varies on the place you are staying and your standard of living as well. The day to day expenses of a student is included in it. The majority of the students try to cover this cost by working part-time wherever possible along with their studies. However, part-time work has its limitations. Food is also a major contributor to living expenses.

Transportation: Although many aspirants merge it with the living expense and don't consider it a major expense. However, after tuition and living, transportation is one of the major expense which students should focus on while planning for financials. Students take into account only the flight cost. Although students should take into account this cost as well, as they need something for transit on a daily basis.

Visa fee: The visa fee for the majority of the countries ranges between INR 10,000 to INR 30,000.

Factors to consider while planning to study abroad

* Do not rely on the income you can generate from the part-time work for covering your expenses.
* Make sure that the fee mentioned in the offer letter is fixed, otherwise, the university holds the right to increase the fee in between your course.
* Education loan interest rate: the Interest rate on student loans varied from bank to bank. Various private banks charge more in comparison to the public sector banks. They also charge more processing fees in comparison to the public sector banks. However, they also offer large ticket loans i.e. students can take loans of larger amounts from private banks and financial institutions.

Average tuition fee and living expenses of major study abroad destinations

Country	Average Tuition Fee	Average Living Expenses
USA	INR 20.25 L	INR 7.52 L

USA

* Average first-year tuition fees are based on 1835 BE/Btech courses in the USA
* Average living expense is based on 732 colleges in the USA

For more details regarding study in the USA,

Country	Average Tuition Fee	Average Living Expenses
Canada	INR 12.27 L	INR 4.75 L

Canada

* Average first-year tuition fees are based on 433 BE/Btech courses in Canada
* Average living expense is based on 94 colleges in Canada
Read more details about studying in Canada

Country	Average Tuition Fee	Average Living Expenses
Australia	INR 13.81 L	INR 5.37 L

Australia

* Average first-year tuition fees are based on 327 BE/Btech courses in Australia
* Average living expense is based on 51 colleges in Australia
Check out more details about studying in Australia

Country	Average Tuition Fee	Average Living Expenses
UK	INR 16.01 L	INR 4.95 L

UK

* Average first-year tuition fees are based on 1021 MS courses in the UK
* Average living expense is based on 135 colleges in the UK
Learn about colleges, eligibility, and scholarships in the UK

Country	Average Tuition Fee	Average Living Expenses
France	INR 14.11 L	INR 3.10 L

France

* Average first-year tuition fees are based on 143 MBA courses in France
* Average living expense is based on 10 colleges in France
Learn everything about studying in France

Country	Average Tuition Fee	Average Living Expenses
Germany	INR 1.21 L	INR 3.44 L

Germany

* Average first-year tuition fees are based on 247 MS courses in Germany
* Average living expense is based on 10 colleges in Germany
Check out about the colleges, eligibility, and scholarships in Germany

Country	Average Tuition Fee	Average Living Expenses
New Zealand	INR 11.03 L	INR 4.40 L

New Zealand

* Average first-year tuition fees are based on 159 BE/Btech courses in New Zealand
* Average living expense is based on 22 colleges in New Zealand
Check out about the colleges, eligibility, and scholarships

Country	Average Tuition Fee	Average Living Expenses
Ireland	INR 12.23 L	INR 3.46 L

Ireland

* Average first-year tuition fees are based on 65 MS courses in Ireland
* Average living expense is based on 11 colleges in Ireland
Read more about the colleges, eligibility, and scholarships in Ireland

Country	Average Tuition Fee	Average Living Expenses
Singapore	INR 11.99 L	INR 4.04 L

Singapore

* Average first-year tuition fees are based on 94 BE/Btech courses in Singapore
* Average living expense is based on 14 colleges in Singapore
Read more about the colleges, eligibility, and scholarships in Singapore

There are a lot of factors which you need to figure out before going to study abroad. However, once you complete this planning, you will realize that all this hard work was worth it. The exposure of studying and working with people from all over the world, knowing different cultures and ethnicities will broaden your outlook towards things. Ultimately, it will open a door to a plethora of opportunities for you.

Also read: 5 Bad Habits You Need to Get Rid of to Be a Good Leader

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