What is the average cost of studying abroad?

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Piyush
Piyush Kohli
Study Abroad Expert
Updated on Jan 14, 2020 10:58 IST

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.

Also Read:

Cost of Living in Germany

Living costs for International Students in UK

Cost of Living for International Students in Ireland

Cost of Living for International Students in the US

Cost of Living in Canada for International Students

Cost of Living in France for Indian Students

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.

Tip: In various major study abroad destinations, students can use Student Discount Cards or weekly passes rather than paying for single trips as this will come handy for savings. 

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.

Note: While considering various expenses, aspirants should also include the hidden costs of studying abroad.

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, click here

 

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 here

 

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 here

 

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 here

 

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 here

 

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 here

 

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 in here

 

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 here

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 here

 

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.

About the Author
Piyush Kohli
Study Abroad Expert

With a plethora of knowledge of the education domain, Piyush Kohli has been involved with study abroad for over 5 years and counting. He comes with prior experience on the complexities of the study abroad applicatio... Read Full Bio

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