Study Abroad Costs to keep in mind other than College Fee

Studying Abroad is a big investment for many of us and for those who look at it as an opportunity to make good returns on such an investment, it becomes critical to calculate the study abroad costs in a realistic manner. Most of us interested in going overseas for studies are aware that mere college fees or tuition fees is just a fraction of expenditure that they or their parents will have to bear during the course of studies. The actual costs are much higher.

Study Abroad costs other than your college fees, which you must consider while choosing a country, a college, or a course encompass:

Living Expenses

Living expenses vary greatly from one country to another. Even in one country, urban areas might be more expensive than a country area or accommodation costs may be higher if your living facilities are near the campus than ones that are far away. Living costs include rent, food, and transportation or travel costs to travel within the city or go on study or weekend trips. How much a student is willing to pay for the facilities or for a good meal is entirely up to the student. A room shared with three other fellow students is of course much cheaper than a separate studio apartment for yourself. A rough estimate of minimum living costs a student will have to bear while studying in different countries is:

• UK : about GBP 7,200 within London or about Rs 5.21 lakh; and GBP 5,400 outside London or about Rs 3.91 lakh per annum
• Aus : about AUD 12,000 or about Rs 5.77 lakh per annum
• Nz : about NZ$ 15,000 or about Rs 5.78 lakh per annum
• US: about USD 10,000 or about Rs 4.5 lakh per annum
• Canada : about CAD 10,000 or about Rs 4.7 lakh per annum

The living costs specified are set by the High Commission of the various countries and these could be minimal. The student may have to pay extra depending on his/her lifestyle.

Airfare

Flight costs are a considerable part of your study abroad costs. Airfare for flight tickets from India to:

• UK starts from Rs 55,000.
• Australia starts from Rs 66,000.
• New Zealand starts from Rs 74,000.
• US starts from Rs 55,000.
• Canada starts from Rs 1,68,000.

Agent Charges, if any

Many study abroad students who apply to American or Canadian colleges and universities prefer to work through authorized education agents or consultants. Some of the universities have authorized education agents in India and encourage students to apply through them. In such cases, students have to bear agent charges too, which may range from Rs 5,000 to Rs 40,000 for two to three universities. Their services may include guidance about application and visa processing. However, it is completely the discretion of an education agent to charge the student or not.

Application Fee to Universities

Students, interested in studying in US or Canada, have to pay application fee that varies from university to university. Application fee for a Canadian university may range from Rs 2300 to Rs 4700 or more while application for a US university may range from Rs 3,500 to Rs 7,000 or more.

Additional shopping expenses before landing in the country

Depending on the climate of the region where the target university or college campus of the student is located, the student may have to shop for warm clothes, long coat, and boots. While this expenditure entirely depend on lifestyle students will maintain, a lot of it becomes necessary because of the extreme cold in certain regions where you might be studying.

Insurance

Insurance charges generally vary from country to country. It is mandatory for students to buy health and accident insurance that can cover them during their study abroad experience. They may also need to buy travel insurance plans to protect them in an emergency. Students are asked to pay for insurance along with tuition fee in countries like Australia and New Zealand. Students going to UK, however, can buy a separate plan if they like to. Generally, the amount one has to pay for the insurance is on the offer letter universities send to students.

Visa Application Fee

Visa application fee, again, varies from country to country. According to the latest information we could find on the high commission websites, visa application fee for various countries is as follows:

• UK : Rs 18,473
• Aus : Rs 27,318
• Nz : Rs 7,900
• US: Rs 6,200
• Canada : Rs 5,470 (plus additional charges of Rs 56 for bank services)

Other Expenses

Since students have to submit TOEFL or IELTS scores to get student visas when they go to study abroad to prove their English proficiency and may also have to submit there GRE and GMAT scores to universities as a part of their selection procedure, they will also have to bear charges of these exams:

• Fees for IELTS is Rs 7,200.
• Fees for TOEFL is Rs 7,032 for paper-based test and Rs 7,252 for internet-based test.
• Fees for GRE is Rs 8,351 for General Test and Rs 7,032 for Subject Test.
• Fees for GMAT is Rs 11,029.

Do let us know if you want to know or share anything else about study abroad costs that you need to keep in mind while applying to a particular university or college overseas.

Source: Ruchi Shrimali (Shiksha Team)