‘Studying abroad will cause a big hole in your pocket!’ We are sure you must have come across many such statements. After all, the cost of studying and living in a foreign country surely encompasses an integral role while drafting your plan to study abroad. It is important to be aware of the cost of studying and living for your chosen study destination so that you will be able to find the right funding option accordingly. At Leverage Edu, we aim to guide you at every step of curating a sure-shot plan for your higher studies abroad. So, we have designed an exclusive cost of living calculator through which you can find out the overall expenses for your favourite study destination. Let’s go through this blog and understand how this cost of living calculator works.
This Blog Includes:
- What is the Cost of Living Calculator?
- How to Use the Cost of Living Calculator by Leverage Edu
- Step 1: Country Selection
- Step 2: Accommodation and Lifestyle
- Step 3: Food and Cooking
- Step 4: Transportation and Commuting
- Step 5: Entertainment & Leisure
- Cost of Living in USA
- Cost of Living in UK
- Cost of Living in Canada
What is the Cost of Living Calculator?
The plan of pursuing higher education abroad is always followed by the thought of how much it will cost to study as well as the living expenses. You can easily check out the tuition fee of a program and manage your finances but calculating the other expenses is a daunting task. Thus, we have come up with a one-of-its-kind Cost of Living Calculator which will estimate your cost for the chosen city or country. While devising the living costs, our calculator considers a wide range of parameters like accommodation, transportation, food along with other basic necessities. It offers a variety of options and choices which you can explore and calculate the estimated cost of living at your dream study destination!
How to Use the Cost of Living Calculator by Leverage Edu
Our exclusive and meticulously-designed cost of living calculator is a one-shop-stop for all your budget-related queries pertaining to higher education abroad. Let’s explore the step-by-step process of how it determines the total living cost of a study destination.
Step 1: Country Selection
To begin with the cost evaluation, you will first have to select a country where you are aiming to pursue a study program.
For instance, Let’s select Canada.
Step 2: Accommodation and Lifestyle
Once you have chosen a country, you will have to choose your preferred option for accommodation, either
- On-campus, or
- Outside Campus
Since selecting on-campus would mean that the accommodation costs will be added in the total cost of studying, you will further have to choose between how many times you will be going out of campus for different reasons, like entertainment, travel, etc.
If you plan to live outside of the campus, then you will have the following options:
- Stay near to the city centre, even if the college is in outskirts
- Stay near to the city centre because the college is also nearby
- Stay in the outskirts of the city, even if college is near to the city centre
- Stay outskirts of the city, because college is also in outskirts
Here, we have selected to stay near to the city centre because the college is also nearby.
Type of Accommodation
Depending upon your chosen location, you will have to select within
- Private Hostel
- Apartment on Rent/Lease
Here, we have selected the option of living in a personal apartment or room which will be on rent or lease.
Type of Apartment
If you have selected the option of staying in an apartment, now you would have to pick from the type of apartment as per the number of rooms. The options given by the cost of living calculator are:
- 1 Bedroom Apartment
- 2 Bedroom Apartment
- 3 Bedroom Apartment
For Example: One bedroom apartment is chosen by us.
Step 3: Food and Cooking
Sorting out accommodations, the next factor pertains to the expenses related to food. Depending upon your preferences, you can either select the option of Eating Outside or Cooking on Your Own.
If you prefer cooking your own food, then you will be saving up on expenses related to dining out or takeaways but you will be required to buy groceries and related essentials.
If you select eating outside, then these are the options offered by the cost of living calculator:
Step 4: Transportation and Commuting
For those who live outside the campus, transportation costs will incur to travel to the university. For this, the major options provided by our cost of living calculator are:
- Public Transport
- Hire a cab with a driver
- Self-driving car on rent
For instance, we have selected the option of public transport here to save additional travelling costs.
Step 5: Entertainment & Leisure
Apart from food and travel costs, you will also need to pay phone bills and thus the next option would be selecting the level of your mobile usage. You can choose from low, moderate or high mobile usage and here we have opted for moderate.
Further, the cost of living calculator also carries out the estimation of other miscellaneous expenses like internet data, entertainment costs, etc. is also included in the final step. Here are the major factors that come under the Entertainment and Leisure:
- Wifi/ Internet
- Gym/ Fitness Club
- Health Insurance
- Movies and Concerts
Completing the final step, you will be provided with the total living costs accordingly. We will send you a comprehensive analysis and breakdown of the living costs into accommodation, food, transportation and entertainment expenses to your e-mail address.
Cost of Living in USA
The cost of living depends on the various factors when you are part of USA universities. Other factors influencing are courses, city, accommodation, visa, etc. The biggest expense in USA is tuition fees. The tuition fees are different especially in the case of public and private universities. Public universities charge less as compared to private universities. Here is the estimated cost of living in USA:
|Expense||In USD (Monthly Costs)||In INR (Monthly Costs)|
Cost of Living in UK
Some of the oldest universities in the world are in UK. More than 25,000 thousand students from India starts their higher education in the UK every year. The UK is a popular destination among students planning to study abroad. There are some cities that are affordable while some are highly expensive. Here is the estimated cost of living in UK:
|Expense||In GBP (Monthly)||In INR (Monthly)|
Cost of Living in Canada
What the popular destination among Indians? Canada is the priority of every Indian student aiming to study abroad. One of the advantages of choosing to study in Canada over any other country is that the cost of living is comparatively low. Here is the breakdown of cost of living in Canada:
|Expense||In Canadian Dollar (Monthly)||In INR (Monthly)|
Now that you are familiar with our specialized Cost of Living Calculator, don’t wait up and start exploring the living costs of your favourite study destination and plan your funding options accordingly. You can also reach out to our Leverage Edu experts for further queries related to scholarships and education loans and we will assist you in finding best funding options as per your chosen course and university abroad! Sign up for an e-meeting with us today!