Hidden Costs of Studying Abroad

Studying abroad is an enriching experience for Indian students. Universities/colleges abroad offer students a wide range of courses, state-of-the-art facilities and above all provide students with a global opportunity. Today studying abroad has become more accessible due to affordable tuition and living costs, availability of education loans and scholarships to serious students and above all a vast access to information that can be accessed from the comfort of your home.

When planning to study abroad, the cost of education and living costs play an extremely important role in deciding the college and the study abroad country. While countries like Germany require international students to open a Blocked Account to regulate the living costs, expenditure in other countries is based on preferential values.

Today we are going to talk about hidden costs that accompany studying abroad. Studying abroad is an important affair and calculations are often carried out to the last penny. However, a lot of times miscellaneous items of expenditure can be overlooked in the rush of things. We are going to talk about those miscellaneous items that are important expenses and should be taken into consideration.

Phone and Internet Fees

Indian students traveling abroad would require internet and phone facilities while studying abroad. He would require this to communicate with his folks at home and the Internet on a daily basis. Life without the Internet is unimaginable into the 21 Century. And both Internet and data charges every month are going to add up to valid expenses for studying abroad.

Health and Travel Insurance

This is another very important feature that needs to be factored in for all students wanting to study abroad. All study abroad countries and universities/schools abroad would require students to have travel and health insurance for the entire duration of their term abroad. As this would guarantee students top medical facilities at no cost. This is a compulsory feature and all students are required to buy their travel and health insurance for studying abroad.

Travel Costs

This is another important expenditure that should be factored in. So travel costs are basically, of two kinds. The first would be the commuting that students would have to undertake while in the city. Candidates who have got in-campus housing will have to shell out less on commuting as compared to others who are housed at a relatively further location. Nonetheless, while in a new city candidates would like to explore and thus spend on traveling as a whole.

The second type of expenditure would be traveling to destinations during breaks. Students studying in a European country would travel to major destinations during their break as part of the holidays. A lot of times students would also be required to undertake excursions/ fieldwork as part of their program. Hence, these are travel expenses that are required to be factored in.

Administration Fee and Supply Costs

While tuition fees would be paid for, a lot of times colleges could charge students for stationery, books and other supplies that are an integral part of the program. This is entirely subjective and depends on the university to university. Public Universities in Germany do not charge students tuition fees but they have an Administration Fee that candidates are required to pay every semester and is very nominal in amount.

Nature of Housing

This is another important factor that affects your expenses when studying abroad. A student residing on campus is sure to shell out less money compared to a student who is living in the city. Similarly, a student living in the capital city would shell out more money as compared to a student look who has got accommodation further away from the main hub. This is not only limited to rent but also to the prices of goods and services. Hence, this is a component that needs to be factored in with precision.

Miscellaneous Expenses

Your miscellaneous expenses would include off-the-ledger expenses such as ATM Fees, get-togethers’, food and drinks at parties and so on. These are important social customs and is a compulsory affair. Such expenses should also be taken into consideration.  

Students traveling abroad for further studies should know that it is always advisable to keep extra funds at hand to avoid any untimely distress at crucial moments.

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Studying Abroad attracts tax collected at source (TCS) of 0.5 and 5%