Why should you study in another country?
- International university degrees are highly valued.
- Australia, the United Kingdom, and Canada are among the most popular study abroad locations.
- Universities provide a diverse selection of study fields from which students can select the greatest fit for themselves.
- Planning your finances for international schooling is an important step.
- It allows you to completely focus on your education without having to worry about money.
This excitement for international education is reasonable, as students who study abroad experience potential intellectual and personal improvement. International education provides outstanding educational excellence and diversity. Unfortunately, without factoring the price of studying abroad, this desire is difficult to realize. To be honest, travelling overseas involves significant financial costs. As a result, spending tracking is critical.
The United Kingdom, Australia, and Canada have emerged as the top three most wanted countries for students interested in economics, finance, and earth sciences. The cost will vary depending on the study program you choose, the university you choose, and the subject you choose.
As you read on, you will gain an understanding of the costs of education in each of the countries. The average cost of undergraduate and postgraduate degrees is listed below.
Tuition fees in the United Kingdom, Canada, and Australia
The table below contains detailed tuition fee information for the United Kingdom, Canada, and Australia:
|Cost of Studying in UK vs Canada vs Australia|
|Country||Undergraduate (in USD)||Post-Graduate (in USD)|
|The UK||10,000-19,000||12,500 -25,000|
The amount is offered in USD because it is the most stable currency in the global economy.
The accompanying table shows that tuition fees for undergraduate and postgraduate degrees are lower in the United Kingdom and Canada than in Australia.
Make a Study Abroad Plan
Financial concerns should never prevent you from taking the initial step toward studying abroad. You should start by looking for an appropriate course, university, and institution for yourself. This is when budgeting should come into play.
To have peace of mind and financial security, every facet of life abroad should be considered, from tuition costs to the internet, housing to food. It leads to improved academic achievement. Here’s how to save up money for your international study.
When preparing your budget for abroad study, the most crucial aspect is the preferred nation and the cost of living there. This step is critical because the charges will follow you outside of school and may exceed the course price. As a result, a decent budget will consider exchange rates, the country’s economy, the predicted cost of living, and so on. While this procedure may appear complicated, there are numerous resources available to assist you and your parents at every stage of the way.
Allow your grades to save you money.
For many students, applying for a scholarship appears to be a difficult undertaking. Scholarships would be really beneficial to you. It is a tool designed for only academically gifted kids, making it inaccessible to pupils with ‘not so excellent scores.’ Fortunately, this is far from the case.
Almost all established universities provide merit-based scholarships or grants. You should apply for such possibilities to lower your overall expenses. You should check out all of the available study programs to boost your chances of receiving a scholarship. Several web resources can assist you in sorting through thorough lists of scholarships.
Financial Resources for International Study
After the preparation is complete, one of the most time-consuming decisions in budgeting for international education occurs. Finance the budget while the foreign exchange market is in a good mood. Here are a few techniques to consider for budget planning:
Borrow from abroad
A domestic loan provider from the country where you intend to pursue your education is a viable financial option. You can ensure that the loan is granted and repaid in the same currency that it was borrowed in by selecting a loan provider from the designated country. It decreases risk without incurring currency conversion costs.
Research university-affiliated lenders.
To assist their overseas students, certain colleges collaborate with financial institutions. Loans for education obtained in this manner are processed faster, have lower interest rates, and are not subject to market volatility.
Fixed-rate loans reduce risk.
Fixed-rate loans are the best option when studying abroad. Fixed rates allow you to prepare for the long term without having to worry about volatile market situations. Variable-rate loans are not recommended since interest rates are out of control.
Obtain consultation services
You can outsource financial concerns to educational services that specialize in finance. They are frequently in direct contact with universities. These services have become a reliable source of funding for foreign education all throughout the world.
Moving abroad for higher education is a highly valued goal for a large number of youngsters. Due to the epidemic, the students have been making up for the two-year delay. In March 2022, Indian students will surpass the one lakh mark.
While budgeting for study abroad can be a difficult endeavour, it ensures a more pleasant and rewarding stay in a foreign place. It helps you to fully immerse yourself in the country. And that makes the work worthwhile.
If you are looking to study abroad, get in touch with our immigration experts.