How much does it really cost to study abroad?

You have evaluated closely the varied number of career choices and made a decision about the career path you wish to pursue. Suppose, you decided to do an MBA from Australia, Great! What next? A concern that almost all students trying to pursue studies overseas, face is, How much does it really cost to study abroad? If it is something that you’ve come across, read on.You have evaluated closely the varied number of career choices and made a decision about the career path you wish to pursue. Suppose, you decided to do an MBA from Australia, Great! What next? A concern that almost all students trying to pursue studies overseas, face is, How much does it really cost to study abroad? If it is something that you’ve come across, read on.

Here’s a step-wise solution to how you can actually manage your education costs while staying overseas.

What would be my education cost?
The tuition fees vary widely between the course chosen and the country you are pursuing it from. Add to it the living costs incurred in that particular place. Keeping these in mind, one needs to do an extensive research and plan your budget accordingly. Tuition fees for a particular course in Canada could range between 2000- 16000 Canadian dollars while the same course may cost you anywhere between 6000 to 40000 American dollars. Similarly, living in Canada for that duration will charge you somewhere between 15-20 thousand Canadian dollars while the living costs for the same duration in the U.S. would come up to 15 thousand U.S. dollars.

How soon will I need this money?
Before you apply for the student visa, you need to provide the proof for your access to these funds. This means receipts of your bank account details, savings and a letter of sponsorship from a Sponsor or a Board that is providing the Scholarship. Also, you need to ascertain the source of your funds, otherwise, there’s a good chance that your visa application might be denied.

Is there a way I can save some of that money?
There are ways, however, by which you can cut the costs on your overseas education. Some of these are-:
1.) Some Colleges and Universities offer a discount when the tuition fees is paid in advance.
2.) Glossy Prospectuses and huge campuses may not always guarantee you the best of education. It is better to choose a smaller campus with good faculty and probably less prices.
3.) You could also take the distance learning programs with a reputable College or University with the same course validity but at almost half the prices.
4.) Choosing a community college for the first couple of years of your undergraduate course is advised; it cuts your budget on one hand and often leads to a larger and much better university.
5.) Choose an offshore campus in a country that has lower costs of living.
6.) Sharing accommodation and other budgets with your fellow students always helps you save something on the side.
7.) Also, you should live in a place that is affordable and has better connectivity to other parts of the city, so that you save on the travel.
8.) Use free of cost video-calling apps like Skype and Duo in place of the phone calls.

Some Facts about Overseas Education Costs-:
1.) Exchange rates can largely affect your ability to pay for your fees and accommodation. Keep a track about the conversion rate. If it is something that is not going to cost you a fortune, then only move ahead with it.
2.) Living in cities usually costs a lot more than the smaller towns. It is, therefore, a good idea to find an accommodation in a smaller place rather than a city.
3.)  Student discount cards usually get you some concession on the fees, If you have one, Use it.
4.) Expecting the same lifestyle as you had at the home would not do; you would need to do a cost-cutting on that front too. Going to movies, spending excessively on the shopping every weekend, is probably not a good idea.

If you carefully plan your expenditure costs and make necessary changes accordingly, you can very well ward off those big one-off expenses. Although, the exorbitant tuition fees, the swelling travel expenditures, the rising living costs tend to burn a big hole in your pocket, pursuing the right course at the right place is all worth it in the end.

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