Now a days, studying abroad has become the new fad that is taking over the interests of the young graduates. Still confused about what they want out of life, these graduates prefer to go with the flow and pursue an MS degree in a foreign country because it just sounds so fancy. But how much does it cost to study abroad? It is not just the tuition fees of your preferred college; there are so many other factors to consider too. The cost of living, extra expenditure, hostel fees, travels, etc.
- What all does your college program include?
Firstly, every student must know what exactly is included in your preferred college program. Sometimes the programs include hostels/ accommodation. If not, then you might end up paying much more than you bargained for. Make sure you take a thorough note of what the program includes.
- Have you thought of the travel expenses?
In some programs, organized travel is often scheduled, to a nearby observatory or a laboratory for a hands-on experience. This is the extra expenditure that is not included in program fees. Also, if you wish to visit back home anytime, a two-way airline ticket will also be very pricey in the busy seasons. Also, account for unplanned college trips with your friends over the holidays or weekends.
- Do you lead a luxurious lifestyle or is it a modest one?
Even if you live quite a luxuriant living here, keep an account of how much money you spend on everyday items and necessities, shopping, etc. Since the cost of living is different in different countries, one might actually end up spending more money than they expected during a shopping spree. Spendthrifts, be careful.
- What are your culinary expenses?
Many colleges provide food coupons to be used when necessary only, whereas the conventional hostel mess serves food during specific hours regardless of your consumption. Estimate how many times a week do you need to eat out. Eating outside is an expense no one thinks of accounting for, but it ends up being one of the major reasons why you find yourself with no money at the end of the month.
- What is the exchange rate for the currency like?
Always keep an eye on the exchange rates. Account for expected fluctuations for your term of studying. This is a very important step. Since 1 US dollar right now equals around Rs. 65, it is comparatively pricier for a US education as compared to around Rs. 47 in 2010.
Here are the approximated yearly costs for studying in some countries:
Australia: 12000-18000 Australian dollars
Canada: 15000-20000 Canadian Dollars
Singapore: 9000-24000 Singapore dollars
UK: 7000-9000 Pounds
USA: 15000-30000 US Dollars
- Low on Information? Contact the Alumni
One more thing that can be done to get an idea of the amount of money you will require studying abroad get in touch with the alumni of the college through the Alumni programs. This way you can get honest opinions of students who have studied there. They can tell about any unexpected costs that the students may have incurred during their program.
- How culturally different is the country?
There are many websites available that can help you calculate the costs for studying a particular program abroad. Many students are very excited about the abolishing of tuition fees in Germany. Though this sounds like a very promising destination for foreign education, many Indian students find the cultural differences difficult to deal with.
So before you decide on a particular program in a foreign country, carefully make an estimate of your expenses through websites, online research and talking to graduates.
Sophia Harris is an education consultant by profession at stunited.org She loves to write about new insight, information about education, learning and management tips. She has written many articles on education trends.
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Daniel & David
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