- USA, UK and Australia are among the most expensive countries for Indian students
- Public colleges in Germany have no tuition fee
- Cost of studying abroad could double in a decade.
Every parent wants to send their child to the best schools and colleges. When it comes to college and university education, many parents look at sending their children abroad. Sending a child to study abroad is expensive but it isn’t achievable. Read on to get an idea of the cost of studying abroad for Indian students
Almost everyone dreams of sending their children abroad for their higher studies. Better opportunities are not the only reason for this. With the cut off at most of India’s top colleges reaching the 99% mark, getting admission here is no walk in the park.
The acceptance rate of Indian colleges that offer quality education is less than 2%. Sending your child abroad not only gives them a chance of getting a good education but it is also often a stepping-stone for migration.
Study Abroad – Cost of Education
Studying abroad is an expensive affair. The tuition fees alone of some of the top Ivy League colleges are well over Rs 30 lakh. In addition to tuition fees, you will also have to take into account the cost of accommodation, food, transport, academic supplies, entertainment and health insurance. Air tickets to and from the country are another big cost that needs to be accounted for.
An undergraduate or postgraduate course lasts for anywhere between 2 and 4 years. Thus, with inflation, these costs will only increase every year. Another point to be kept in mind is the fluctuating value of the Indian rupee. According to financial planners, an amount of at least Rs 50 lakhs needs to be kept aside for a child to be able to study abroad. In another decade, this amount could double.
Study Abroad – The Most Expensive Countries for Indian Students
In the USA, tuition fees range from Rs 15 to 23 lakhs in a public college and Rs 25-30 lakhs in a private college. The average tuition fees in Australia amount to about Rs 15 lakhs while in the UK, it is approximately Rs 13 lakhs.
When you study abroad, the cost of living is largely dependent on two factors; where you choose to live and your lifestyle. In the USA, living on the east coast is much cheaper than living on the west coast. Similarly, the difference in cost of living between Sydney and Canberra in Australia can be as much as Rs 17,000 per month. In the UK, London is one of the most expensive cities to live in.
|Approximate Annual Tuition Fees||25 lakhs||13 lakhs||15 lakhs|
|Approximate cost of living||9 lakhs||12 lakhs||10 lakhs|
|Total cost||34 lakhs||25 lakhs||25 lakhs|
Cheapest Countries for Indian Students
Germany is one of the cheapest countries for higher education. In no way does this imply that the educational standards of Germany are any lower than those of other countries. Most public universities do not charge a tuition fee. Instead, students need to pay a nominal amount of Rs 40,000 per year as a social contribution fee.
As with other countries, the cost of living varies according to the city one chooses to live in. Munich and Berlin are amongst the more expensive cities to live in. The cost of living in an apartment in these cities can amount to approximately Rs 54,000 per month.
If you choose to live in a dorm, this amount could reduce to Rs 42,000 per month. In smaller cities, the costs are much lower. With all these costs in mind, the cost of studying in Germany may not be more than Rs 5-6 lakhs per year.
Study Abroad – Smart Financial Planning is the Key
Yes – with a smart financial planning, sending your child abroad does not have to be just a dream. Financial aid is easily available today. In addition, many colleges and universities offer scholarships for international students.
Some countries like Germany and Singapore allow international students to work for a certain number of hours per week. This too can help manage finances.
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