When I say real costs here, I am looking beyond the tuition fee and other direct expenses. When it comes to the cost of overseas education, there is more than what meets the eye. In this blog, I am going to elaborate on the various types of expenses that together define the real costs of studying abroad.
As we shed light on various elements of the cost of studying abroad and the related variables, you will get a clear picture. Based on this clarity, you can then make a well-informed study abroad decision. So, let’s get the dice rolling!
Bifurcation of Study Abroad Costs
Tuition fee forms a very significant part of the real costs of studying abroad. It is a direct cost that you need to bear irrespective of other things. Now, the thing about tuition fees is that there are many variables involved.
If we take an example, at the University of Waterloo, tuition fees for international students can range between 9000 CAD a year to 30000 CAD a year. This gives you a fair idea of how much it can vary, subject to the course choice.
Now the question is, how do you choose a course or university, keeping budget considerations in mind? From my experience, when it comes to choosing a course, you need to prioritize the return on investment over the initial cost.
Let me explain this. An affordable course from an affordable university may offer no future prospects, irrespective of the money invested. You may not be able to recover even the basic costs from such a program that offers no job prospects.
On the contrary, doing an in-demand course from a reputed university can be a game-changer. Yes, the initial expense will be much higher but the return on investment will eventually make up for it.
Similarly, doing a basic course from a top-ranked university may not help much. On the other side, doing a course that prepares you for future-ready skills from a mid-ranked university may set you up for great success. You should include all these thoughts and considerations in the financial planning for studying abroad.
Ending up without a job only because you chose an ordinary course or a substandard university doesn’t help, does it? It is about finding the balance between your budget and the best-fit course and university for your ambitions. This is where expert and reliable career counselling can make such a huge difference.
The monthly living cost in London is around 1500 Pounds for international students but around 1200 Pounds elsewhere in England. Similarly, as a student, you will have to shell out 2500-3000 USD a month to live in New York. However, in Arizona, the monthly cost of living for international students is around 1500 USD.
Primarily, the cost of living entails the following.
Cost of Accommodation
Cost of Meals & Groceries
Travel Expenses
Books & Essential Supplies
Leisure
Miscellaneous
Speaking of the cost of accommodation, it depends on the kind of accommodation you go for. As an international student, you have options to stay on campus and off campus. Firstly, it’s a personal choice and secondly, it depends on how much you wish to spend on your accommodation.
Similar is the case with leisure. How much do you spend on leisure and recreation is purely a matter of choice and priorities. As for transportation, while public transport is the most affordable option, not everyone prefers it. Needless to say, your study abroad living expenses will shoot up significantly if you choose to keep a personal vehicle.
The bottom line is that it is for you to plan your cost of living in a way that goes well with your budget. You will have to learn to differentiate between needs and wants and the cost of living will be determined accordingly. Your study abroad living expenses are in your hands on any given day.
Another element of the real costs of studying abroad is the amount you bear for the visa application and approval. In fact, it is a less talked-about expense head. Even if the amount of relatively small when you compare it to tuition fees, it is still relevant to count.
Again, the visa process and the costs involved vary from one country to another. For Instance, to study in Canada, visa application, biometrics, medical examination and administrative charges amount to INR 25,000 approximately. Speaking of student visa application costs in the UK for a standard visa, it amounts to around INR 56000.
The visa application costs can also vary depending on the category of visa you apply for. It is an indispensable element of the real costs of studying abroad that you should consider as part of your planning.
Each country has norms for international students’ health insurance. Having said that, while planning your overseas education expenses, you must not forget insurance. Insurance forms a part of the hidden costs of studying abroad, but an indispensable one.
So, now you have a fair idea of the real costs of studying abroad and what it entails. What I advise is that you take these costs into consideration and compare them for various countries and cities within a country. This is how you will determine the best-fit combination to support your future goals. In doing so, if you run out of answers at any point, you can always reach out to us!
Our expert counsellors will give you a complete breakdown of the cost of studying abroad and will give you credible advice on what suits your ambitions and budget the best. We, the experts, know how to create the best-fit path for your success.
Author Bio : Silver Fern
silverfern@gmail.com
