You’ve got the talent. You’ve got the skills. But do you have the finances? While some students may already have the means to finance their education, most students need to make special efforts to lessen the burden on themselves once they land in their host country.
Every study abroad experience is different, and depending on your class schedule, the cities you travel to, and how often you go out, your expenses are going to vary. But to get an idea of what you really need to do to save money for studying abroad, below are some figures to get you started.
How much you need to save depends on where you want to go.
It depends on the university, country, cost of living, and your own standard of living. Before you go, research how much daily expenses are in your host city or the place you’ll be spending most of your semester. Figure out how much groceries, toiletries, transportation, eating out and going out are going to cost, and then start saving based on that amount. Picking the top 5 aspirational countries for pupils who want to study abroad:
United States of America:
USA has the greatest number of intakes of international students. About 50% of Indian students who aspire to study abroad go to USA, as the country provides quality education and the right exposure.
To complete an undergraduate degree in USA, a minimum of 12 Lakhs/annum is required, while an additional 5 lakhs/annum to cover the living experience. To pursue postgraduation degree from the prestigious colleges of, students must have a minimum of 20-25 lakhs/annum to cover tuition and living costs. However, students who are eligible for scholarships to study in the USA can manage with a lesser sum of money.
With shorter course duration, the amount of savings required significantly reduces. Normally, study in UK costs a minimum of 10 lakhs/annum for undergraduate courses while post graduate courses require a somewhere around 13-15 lakhs/annum. But since the cost of living in UK is more expensive, there is a need of an additionally 7-10 lakhs/annum.
Study cost in UK also varies based on the location within the country. Some cities have a higher cost of living as well as university fees.
Known for its varied culture and heritage, Singapore is an excellent location if students want to acquire quality education in reasonable costs. undergraduate students must have minimum 8–12 Lakhs/annum to fund their tuition costs, and postgraduate students must have minimum 10–15 Lakhs/annum. To meet the living expenses in the country, students must have minimum 5 Lakhs/annum.
With quality standard of living and world class universities Australia attracts a lot of overseas aspirants from India. To study in Australia, the minimum amount of funds required is 10-15 lakhs for both undergraduate and post graduate studies. With an additional 10 lakhs/annuum to cover living expenses.
A multi-cultural community and welcoming atmosphere, Canada is increasingly becoming the most sought-after destination for Indian students who want to study abroad. An undergraduate or postgraduate degree in Canada, students need minimum 10–12 Lakhs annually to cover their tuition fees, and minimum 5 Lakhs per year to cover their living expenses.