Cost of Studying Abroad for Indian Students – You can pursue any degree in any part of the world, even within your own country, yet why choose to go abroad to study? This is because education is not just about degrees. 

It is much beyond that- exposure, experiences, exploration of various cultures and opportunities, knowing yourself better and evolving to be a better person. 

Studying abroad is an adventurous experience. However, the main concern for many students who wish to study abroad is that it is expensive. 

But is it really that expensive? NO. There is so much you need to know to understand the actual cost of studying abroad – Tuition fees, cost of living, exchange rates, scholarships, etc.

But before that, let’s understand…

Why do Indian students prefer studying abroad?

1. Choose the best in the field

Certain universities are known for certain subjects. As students looking to pursue from the best universities and teachers, you may have to travel to other countries. 

Universities abroad have high-quality education, better access to resources and great research facilities. This gives you an opportunity to rub shoulders with some of the greatest research scholars.

2. Embrace a global mindset.

You get to interact with international students from different cultures and ethnicities. Interacting and living among international students gives a broader perspective of things and improves you through the process of excelling in an environment beyond boundaries.

3. New life experiences

Studying abroad costs you more emotionally than it does monetarily; you will miss your friends and family, your comfort food, and so much more, but it is all worth the new experiences you’ll get by choosing to study abroad.

4. Personal growth

Over the period of your stay abroad, you will develop attitudes and beliefs that will help you function effectively in an interdependent world. You become self-dependent when you no longer stay in the comfort of your home. 

5. Higher job opportunities

Employers prefer it when candidates have studied at famous universities abroad. That’s because these schools are known for offering top-notch education, and their graduates usually have the skills that employers want

Factors Influencing the Cost of Studying Abroad

A. Tuition fees

This is the cost of your course. Tuition fees are one of the major costs of studying abroad. It can vary from course to course and university to university. Here is an average tuition fee for studying abroad in the US, UK, UAE and Australia.

B. Living expenses

The next high cost of studying abroad is the cost of living. Unlike the tuition fees, this is not fixed and can be influenced by you to an extent. Here’s a price list of things you will use during your stay.

You might find it hard to manage the cost of living in a foreign land if you don’t manage your finances well. So look for opportunities to make some money while studying abroad and manage your finances well.

C. Visa Charges

Visa charges vary based on the country to you moving to and the type of visa you are applying for. In some countries like UAE, the visa charges may vary for a student visa based on the university and the zones where the university is located, like the Education Free Zone, Academic city, etc.

Here are the visa charges for the major study abroad destinations for Indian study in 2024.

D. Travel expenses

The travel expenses to countries farther from India are high but these are once in a while expenses as you will not be paying frequent visits to India during your course of education. Out of the 4 countries mentioned in this article, the UAE has the least fare to fly from India. For domestic transportation within the host country, try to use public transport as much as possible as that has the least cost. You can even buy monthly or yearly passes for regular routes that you may travel frequently. 

E. Health insurance

Unlike in India, Health insurance is mandatory in all countries, even if you visit it on a tourist visa. 

Health care is expensive in these countries; hence to reduce your financial burdens during contingencies, you need to invest in health insurance before moving to the country and renew it for as long as you live there. You can always update or change the policy based on your needs and the premium to be paid. 

Hidden Costs to Consider

A. Exchange Rate Fluctuations

Exchange rate fluctuations can significantly impact your cost of studying abroad, affecting tuition fees, living expenses, and other financial aspects. Hence, always calculate your costs of studying abroad considering a small buffer value.

B. Cost of Study Materials

Most often, you may miss out on small expenses like these that add up to be substantial over a period of time while studying abroad. Different academic systems may require specific resources, so have some budget for these additional costs to avoid financial shocks.

C. Additional Expenses for Social Activities and Travel

While studying abroad, you may engage in social activities, explore the host country, or travel to nearby destinations. Of course, isn’t that one of the reasons to study abroad? – to explore the new city.

However, these extracurricular interests come with additional costs that you must consider in the overall budget. 

D. Unexpected Healthcare Expenses

Healthcare costs can catch you off guard, especially if you are unfamiliar with the host country’s healthcare system. Unforeseen medical issues and prescription costs can contribute to unexpected expenses because those circumstances might be covered under your medical insurance. 

You must research and plan for healthcare-related costs to maintain your well-being while studying abroad.

Scholarship opportunities

The scholarship opportunities largely reduce the cost of studying abroad; however, many students are unaware of the available scholarships. 

1. Given by the universities to all their international students

These are merit-based scholarships given to students who have secured a CGPA above the mentioned cut-off. Some universities offer up to 100% tuition fee waivers for their international students. Scholarships are also offered based on your home country and the course you choose in order to attract international students from those countries and encourage them to join those courses. 

Check the individual universities to find out more about their scholarship schemes. 

2. Given to Indian students exclusively 

These scholarships are given to Indian students initiated by the home country to encourage them to study abroad. According to the Indian Ministry of Education, the number of students travelling abroad for studies has increased by 66%. 

Easing the cost of studying abroad will encourage more students to study abroad. Hence, several scholarships are offered to students for various degrees to cover costs. Some can be used against only tuition fees, while few others can cover the living cost and insurance coverage.

3. Fee waiver from SecureMyScholarship

SMS aims to make education affordable; hence, we offer exclusive and guaranteed fee waivers, in addition to other scholarships they may apply for,  to students who get into their dream universities through us. It doesn’t end there. You can also get end-to-end assistance for your university admission from our expert team of counsellors. Contact now

The cost of studying abroad for Indian students goes beyond just the tuition fees. It includes the cost of living, visa charges, travel, health insurance, and other hidden costs. While the initial investment may seem high, the invaluable benefits of exposure, personal growth, and enhanced job opportunities make it a worthwhile choice. 

Additionally, various scholarship opportunities, both merit-based and country-specific, significantly reduce your financial burdens. Understanding and planning for all aspects of expenditure is crucial to reap great benefits in less cost for studying abroad.