How Much Will It Cost to Study Abroad?

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.

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
IELTS Fees	–	14,700
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.
• Textbooks.

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.

FAQs

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