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some / Studying Abroad Advice / How much does it really cost to study abroad?
How much does it really cost to study abroad?
By StudyLink
For many international students, the cost of studying is a big concern. If you’re worried about how you can pay for those big one-off expenses such as tuition fees, airfares and insurance, as well as day-to-day living expenses, this article has the answers.
Find out…
How much will my education cost?
When will I need this money by?
How can I save money on my education?
Facts about international education costs
How much will my education cost?
Tuition fees vary widely between universities and colleges, and living expenses, travel and insurance costs also vary between different countries and regions. So there’s no simple answer, and you’ll need to do a bit of research online to set your budget.
In her recent blog, Anna explained that you’ll need to have enough money for all these costs for the entire duration of your course. That could be as little as six months for an English language course or study exchange, or as long as five years for a PhD. You can find this recent blog post here.
At the moment, annual costs are roughly estimated at:
Country Tuition fees range Cost of living range
USA US$6,000 – 40,000 US$10,000 – $15,000
UK £4,000 – £21,000 £9,000 – $12,000
Australia AU$9,000 – $18,000 AU$18,000 – $20,000
New Zealand NZ$14,000 – $21,000 NZ$12,000 – $15,000
Canada C$2,000 – $16,000 C$15,000 – $20,000
Note that average costs may be higher or lower than the middle of these ranges, and you’ll need to apply the current exchange rate to see what this equates to in your own currency.
You can also read about the different ways you can get this money, including scholarships and student loans, by visiting the StudyLink Scholarships and Funding section.
When will I need this money by?
You’ll need to prove you have access to these funds before you apply for your student visa.
SEE ALSO: More information about Student Visa’s.
This means you will need to show a history of saving, bank account details, a letter from a sponsor or scholarship board, or other proof of your ability to pay for your education. Otherwise your student visa could be denied.
RELATED ARTICLE: 10 reasons your student visa may be denied.
Recent changes in Australia now mean you need to show you have at least $18,000 per year in living expenses available (up from $12,000 before 2010), and the Department of Immigration and Citizenship may ask about the source of your funds, such as whether it’s a student loan, savings from your salary, or a contribution from your family. Other countries have a similar process in place.
How can I save money on my education?
If this all sounds a bit daunting, it’s important to remember you do have options. Here are some ways you can reduce the cost of studying overseas:
Saving on the big one-off costs:
Pay your tuition fees in advance if they offer a discount.
Choose a smaller college or campus with more affordable fees – the quality of education may be just as good, and you could also benefit from more attention.
Choose a community college in the US to save on your first two years of undergraduate study – they often offer a pathway to larger universities
Study by distance learning with a reputable college or university as tuition fees are usually lower and you’ll save on travel costs
Two + one degrees are becoming more popular – study the first two years at home with a partner provider, and then the last year overseas for graduation
Keep most of your money in a high-interest or term deposit account and only withdraw when you need to pay for big items (like fees and accommodation)
Shop around online for your airfares and health insurance
Saving on the cost of living:
Choose an off-shore campus in a country with a lower cost of living. There are now 162 higher education branch campuses around the world, nearly twice as many as in 2006, including American, British and Australian universities in China, Malaysia, the UAE and Singapore.
Share accommodation with fellow students, and share the costs of electricity, water and internet.
Make sure you live in a safe area with good public transport links, so you don’t need to spend on taxis.
Cook at home instead of eating out – learn how to cook your favourite dishes before you leave home