18 January 2024
When choosing a university abroad, your budget has a big role to play. It is not uncommon for many promising students to give up their dreams to study abroad due to the lack of funds.
Therefore, studying abroad is not just about finding the right place to study.
It’s about matching your dreams with what you can afford. University costs vary a lot, depending on where you study and which university you choose.
You need to consider tuition fees, which can vary from university to university. The cost of living in the city where the university is located is also important to consider. Costs can range from as low as €2,000 a year in the Netherlands to a hefty $50,000 or £50,000 for studies in the US or the UK. This wide range puts a financial burden on students and their parents. As students make this decision, they must think about these factors carefully, making sure their academic goals match their financial situation.
In this blog, we will discuss the things that can help you find the right university within your budget. Let’s get started.
Know the Affordable Countries:
Different countries offer varying affordability for international students. Germany emerges as a cost-effective option, with average tuition fees ranging from INR 20L to INR 23L for bachelor’s programs and INR 35L to INR 37L for master’s programs.
Malaysia follows suit with relatively lower costs, spanning from INR 1.5L to INR 4L for bachelor’s and INR 4L to INR 9L for master’s.
France, Denmark, and Norway are also reasonable options, offering diverse educational landscapes with affordable tuition fees. Ireland, Canada, Sweden, New Zealand, and Australia provide attractive study destinations with varying cost structures. The point is here to understand the affordability of different countries to get quality education abroad within your budget.
Make a List:
Start by researching and creating a list of the top 10 pocket-friendly universities you are looking to go to. Create a comprehensive table including details such as university names, locations, eligibility criteria, tuition fees, course descriptions, facilities, and available scholarship programs. This structured approach allows for easier comparison and evaluation.
Compare:
With your list in hand, involve friends and family to gain unbiased perspectives. Consider your instincts and preferences, aligning them with your university wishlist. Focus on affordable tuition fees and available scholarships as primary points of comparison. Narrow down your list to the top 5 universities that closely match your criteria.
Consult:
Take the next step by consulting alumni from the shortlisted universities, education counsellors, friends, and family. Get insights from individuals familiar with the universities and their locations, including those residing in the same cities.
Remember, while gathering opinions is valuable, the ultimate decision should align with your personal preferences, as you are the one committing to several years of study.
Miscellaneous Costs:
Recognize that tuition fees are just one part of the overall cost. Consider and factor in accommodation, food, transportation, utility bills, entertainment, textbooks, study resources, maintenance fees, health insurance, and other miscellaneous costs.
Pre-Study Costs:
Account for pre-study expenses such as counsellor fees, application fees, visa fees, entrance exam charges, and English test fees. Incorporate these costs into your budget for studying abroad. Being aware of and planning for these initial expenditures will help you manage your finances more effectively.
How to Save Money While Studying Abroad
Here are some tips to reduce your expenses while pursuing education from any university abroad.
Find Affordable Accommodation:
Accommodation is a major concern for international students. Besides tuition fees, housing expenses can significantly impact your budget. Opt for living off-campus but near your university. Shared accommodation with roommates is another cost-effective option, fostering new friendships while saving money. Consider dormitories or hostels, and some study-abroad consultants, like KC Overseas Education, offer free services to help find affordable accommodation within your budget.
Learn to Cook and Make Your Meals:
Cooking your meals is a valuable life skill that not only promotes savings but also contributes to overall health. Plan your meals, shop for groceries during discounts, and dedicate time on weekends to prepare your meals. Not only does cooking save money, but it can also serve as a therapeutic stress buster after a demanding day at the university.
Use Your Credit Card Wisely:
While a credit card can be convenient, using it wisely is crucial to avoiding long-term financial burdens. Be cautious of overspending and accumulating debts. Paying back on time is essential to avoid penalty fees and interest charges. Opt for a credit card with benefits such as air miles or cash points, allowing you to save money or redeem points for essential items or shopping.
Bike Around or Travel on Foot:
Avoid the expenses associated with owning a car, including maintenance, fuel, road tax, and insurance. Instead, consider biking, using public transport, or walking for your daily commute. These alternatives not only enhance your savings but also contribute to your overall well-being.
Use Student Discounts:
Take advantage of student discounts available for travel and attractions. Obtain an international student ID card or use your university-issued ID to benefit from discounts ranging from 10% to 20% on subways, museum tickets, and more. These discounts apply to students of all ages, contributing to significant savings.
Consider a Part-Time Job:
Explore part-time job opportunities that align with your study schedule. Many universities and cities offer employment options for students. Engaging in part-time work not only provides financial support but also enhances your overall experience and skill set.
So these are some tips to find a university within your budget while studying abroad as well as how to save on your study expenses.
