According to a Reserve Bank of India report, Indian students spent more than USD 5.16 billion on studies abroad in 2021-2022. Furthermore, according to education consultancies, the number of students wishing to study abroad is increasing by 50 to 60%. This is despite the Indian rupee’s depreciation against the US dollar, the global economic downturn, and visa issues in many countries. Experts attribute this increase to a variety of factors, the most important of which is that countries are becoming more accepting of international students and are granting more visas than ever before. Here’s how much will it cost to study abroad.
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Comparison of Study Abroad Costs
Regardless of the country, students will be expected to spend around Rs 30-32 lakh per year studying abroad. This would include tuition fees of Rs 15-20 lakh and living expenses of Rs 10-12 lakh. “Depending on the university, tuition fees in the United States would range between Rs 12-13 lakh per year.” If you get into a community college in Canada, it could cost you around Rs 9 – 10 lakh. Tuition fees in the UK would be around Rs 12-14 lakh. It would cost around Rs 14 lakh in Australia. “The average annual living costs in each of these countries would be around Rs 10-12 lakh,” said Piyush Agarwal, director of Abroad Education Consultants.
The breakdown of the approximate costs that a student will have to bear during their studies abroad in select countries is provided below. The value in rupees is based on conversion rates as of November 26, 2022.
Cost of Studying in the UK
Here is how much will it cost to study abroadin the United Kingdom:
|Factors||Average Cost (Pounds)||Average cost (Rupees)|
|Tuition Fee||11,400 per annum||9.7 lakhs per annum|
|Accommodation||500 to 700 per month||42,500-60,000 per month|
|Food, groceries||100 to 200 per month||8,500 to 17,000 per month|
|Transportation||30 to 40 per month||2,500 to 3,400 per month|
|Household Bills||40 to 50 per month||3,400 to 4,200 per month|
|Miscellaneous||200 to 300 per month||17,000 to 25,500 per month|
Cost of Studying in Canada
Here is how much will it cost to study abroad in Canada:
|Factors||Average Cost (CAD)||Average cost (Rupees)|
|Tuition Fees||35,000 per annum||18,84,000 per annum|
|Flight Expense||1,600 per flight||97,500|
|Study Permit Fees||200||11,000|
|Work Permit Fees||210||11,500|
|Accommodation||5,000 to 10,000||2.7 lakhs to 5.4 lakhs per annum|
|Travel Costs||80 to 110 per month||4,800 to 6,700 per month|
|Health Insurance||300 to 800||18,200 to 48,800 per month|
|Food||300 to 400||18,200 to 24,400|
Cost of studying in USA
The following is a breakdown of the approximate costs that a student will incur while studying in the USA.
|Factors||Average Cost (USD)||Average Cost (Rupees)|
|Tuition Fees||50,000 per annum||40 lakh per annum|
|Study Visa Fees||510||40,000|
|Accommodation||9,800 to 11,100 per year||8 lakh to 9 lakh per year|
|Health Insurance||500 to 1,000 annually||27,500 to 55,000|
|Food||150 to 200 per month||8,200 to 11,000 per month|
Cost of Studying in Australia
Here is how much will it cost to study abroad in Australia:
|Factors||Average Cost (AUD)||Average Cost (Rupees)|
|Tuition Fees||18,000 per year||10 lakh per year|
|Study Visa Fees||630||34,800|
|Accommodation||440 to 1,100 per month||24,300 to 60,600 per month|
|Travel Costs||30 to 70 per month||1,650 to 3,800 per month|
|Health Insurance||609 to 3438||33,500 to 1.9 lakh|
|Food||500 to 1,000 per month||27,500 to 55,000 per month|
Cost of Studying in Germany
A breakdown of the estimated costs that a student will incur while studying in Germany can be found below
|Factors||Average Cost (Euros)||Average Cost (Rupees)|
|Tuition Fees||3,000 per year||2.5 lakh per year|
|Study Visa Fees||75||6,300|
|Accommodation||250 to 750 per month||21,200 to 64,000 per month|
|Health Insurance||105 to 111per month||9,000 to 9,400 per month|
|Transportation||30 to 90 per month||2,500 to 7,600 per month|
|Food||50 to 150 per month||4,200 to 12,800 per month|
Student Loans to Study Abroad
You can apply for a federal or private student loan if you are studying abroad for a semester or a year (at most). The type of loan you choose is determined by several factors, including the length of your study abroad programme, the type of university you are attending, the country you intend to study in, and the tuition and living expenses.
Applying for a loan to study abroad may be a different process than applying for a regular student loan. It is best to consult with the university’s financial aid officials to determine which option is best for you.
The international student loan can pay for all or a portion of the following student expenses:
- Tuition costs.
- Expenses for living.
- Accommodation and food services are available.
- Health coverage.
- Expenses for travel.
Loans for studying abroad can significantly reduce the overall costs of studying in a foreign country.
Scholarships for Studying Abroad
The vast majority of international students studying abroad in various countries around the world first look for funding and scholarship opportunities to help fund their studies.
Here are some of the world’s most popular study-abroad scholarships:
- Fund for Education Abroad: $1,250 – $10,000 depending on the duration of the program.
- Benjamin A. Gilman International Scholarship Program: $3,000 during summer; $4,000 per two semesters; $5,000 per academic year.
- CIEE Study Abroad Scholarships & Grants: up to $2,000 depending on the program duration.
- USAC Scholarships: award amount varies depending on the study program and course.
- The Intern Group Global Leadership Grants: award amount varies depending on the study program and course.
- CEA Study Abroad Scholarships: $400 – $1000 per summer; $500 – $3,000 depending on the duration of the program.
Studying abroad can cost anywhere from $4,000 to $10,000, depending on the programme and country. Studying abroad can be expensive, but there are a few options for financial assistance. Finding scholarships, loans, and roommates can assist you in covering some of your programme and housing costs, allowing you to enjoy your time abroad.
Nothing can stop you if you can demonstrate your worth. You can always apply for some of the best and most prestigious national and international merit-based scholarships. Displaying your merit can also help you obtain education loans.
If you want to get into a high-ranked university, you’ll need more than just good grades; you’ll also need flawless application because the competition is fierce. You may enlist the assistance of Leverage Edu specialists to assist you with the application process so that you can realize your goals. Call us immediately at 1800 57 2000 for a free 30-minute counselling session.