Cost of universities for Parents

Cost of universities for Parents

Parents who genuinely want to ensure that their kids receive the best are going above and beyond and spending a sizable sum of money on their children's upbringing.  Young children have many options, particularly in large cities like Bangalore, Pune, Delhi, etc. Expensive foreign schools, premier engineering universities, luxury dance academies, and a large variety of extracurricular activities are all options.  Any prospective student and their parents should start saving money now. Even if your child starts college in a few months, it's always possible to start saving, mainly since the first few months may be the most expensive. Cost of Universities  Parents' spending on their children's university education includes various costs, from tuition fees and accommodation to laptops and textbooks. The tuition fee is only one part of the expense. The travel cost is relatively high if the child is abroad and wants to visit home at least twice a year. Not considering the living expenses is one of the most common mistakes people make while planning their child's education. Eating out and takeaways make for the biggest spend. Educational tech purchases like laptops make for a large chunk of the total expense. However, globally, students spend most on paying credit card bills, personal loans, and student debt. 1. Indian universities Universities in India are highly competitive and provide quality education and co-curricular activities. Government universities and private ones, have a lot of scopes and offer great placements. Engineering, commerce, and medicine are a few fields that are given maximum value due to their sought-after departments in most Indian universities. Indian parents roughly contribute about ₹10 lakhs towards their child's higher education in India. The overall expenditure is about ₹20 lakhs for the university program, including living expenses, bills, and lifestyle costs. There are, of course, scholarships available, but they depend on many factors, including merit and availability. 2. American universities The charm of the United States will never fade. The United States of America is desirable for students and citizens everywhere. Hundreds of American colleges and universities have made it onto lists of the most outstanding universities in the world, proving that they are of the highest caliber.  The estimated cost of living is ₹80 lakhs or roughly ₹20 lakhs per year to cover living expenditures. For the full degree, the cost of undergraduate studies can be between ₹90 lakhs to ₹1 crore. Scholarships for education in the USA are available, which can lessen the financial load. Institutions in the United States provide need-based and merit-based scholarships. Enrolling at public or state-funded universities in the USA is another way to ensure affordable education. Compared to private universities, these are less expensive. 3. Canadian universities Canada is steadily rising in popularity as a top choice for students looking to study abroad. Students from across the world view Canada as an affordable and secure location for education because of its multicultural culture and inviting atmosphere.  For Indian students, the cost of studying in Canada can range from ₹50 to 60 lakhs for living expenditures and ₹80 to 90 lakhs for undergraduate programs. These significant expenses include many small expenses like study materials, clothes, travel expenses, etc., given that your child does not follow a luxury lifestyle. 4. UK universities In the UK, there are many top-notch institutes of higher learning. It is a well-liked location for higher education abroad because of its policies regarding post-study work visas, as well as the financial aid and scholarships provided to international students.  The cost of living varies depending on where you live and the kind of housing you choose. You might spend less on other needs in the UK if you plan to stay with a family. Most of your daily costs will be covered by a homestay, which can help you budget for the price of studying abroad. For the length of the program, the average cost of living in the UK can be between ₹30 lakhs. and ₹35 lakhs. Additionally, undergraduate courses would cost between ₹75 - ₹85 lakhs. 5. Australian universities Australia has been and always will be one of the top choices for students worldwide seeking higher education. The nation is renowned for its top-notch educational institutions, especially the Group of Eight. Another element luring individuals to this nation is the standard of living there.  For the duration of the program, living expenses in Australia can be in the range of ₹50 – ₹60 lakhs. You should budget an average of ₹80 – ₹90 lakhs for the cost of an undergraduate program. It's tougher to get into an Australian University as they require higher merit, and there are fewer scholarships available due to the same. FAQs How much do universities cost in India? Studying in India will cost anywhere between INR 30,000 to INR 350,000 ($5,000) per academic year. The tuition cost is determined by a host of factors like course fees, type of institution (private or public), candidate's financial background and nationality of the candidate. What is the average budget of a student? The budget of any student depends on their course, country and college. Course fees is the biggest expense for a student, followed by the country's living expenses and finally the college's lifestyle and extra-expenses and annual costs. In India, it can range between 20,000 to 2 lakh for a college student based on their lifestyle and expenses. Are any universities free? Yes, there are many universities in countries like India, Taiwan, Mexico, Denmark, Finland, Iceland, Norway and Sweden all offer opportunities to study free or at low cost. However, it depends on the university and the course you opt for. How much do universities cost in the UK? The average tuition fees in the UK can be between ₹30 lakhs- 35 lakhs per annum for international students. International students are charged a higher fee than national students in the UK. Conclusion  University tuition is typically expensive. When budgeting for your child's education, be practical and factor in all expenses. Today's students tend to spend more on lifestyle costs, so talk to your kids about this to help them make better financial decisions. Help them find ways to save money, and encourage them to use apps and calculators for budgeting.  Also, make early preparations to ensure that your child attends the university of their preference without putting you under a financial burden. Consult an expert advisor to get the right plan TALK TO AN EXPERT
How much does it cost to study MBA in Canada

How much does it cost to study MBA in Canada

Planning to do an MBA? But can’t decide where to go and get this degree. Canada could be the answer! Known for its exceptional courses, the cost to study MBA in Canada starts from INR 20 -30 lakhs for international students.   It is one of the most popular and competitive courses offered by Canadian Universities and has an exceptional ROI. Students from across the globe have access to working with the world’s best companies like Goldman Sachs, BCG, Johnson & Johnson, Gartner, etc.  Canada's high standard of education draws students from around the world. The teaching style, updated course offerings, range of MBA specialties, and internship and job placement options offered by Canadian colleges have raised their global standing. In the QS World University Rankings, a number of universities are ranked highly.   To start an MBA program at a Canadian university, you must first be financially prepared. To start an MBA program at a Canadian university, you must first be financially prepared. To assist you in taking the first step, this article will provide you with a thorough understanding of the associated expenditures.  Leading elements that affect MBA tuition in Canada  A foreign student's decision to pursue an MBA in Canada is mostly influenced by the cost of tuition, living expenses, and other costs. The cost of living might vary significantly depending on the lifestyle, spending plan, and spending habits of the student. Students can get a general idea of the costs connected with studying in Canada by familiarizing themselves with the anticipated MBA fee structure in Canada.  Application fee - 3,020 INR - 9,318 INR per application  Academic test- 15,475 INR - 22,400 INR per exam  Additional scorecard - 1,500 INR - 2,850 INR per scorecard  Average tuition fee - 24,16,593 INR - 60,71,690 INR per annum  Canadian student visa fee - 9,170 INR  MBA costs in Canada for Indian students  The majority of the total MBA costs in Canada are made up of the MBA fees for overseas students. The actual cost of attending school in Canada, particularly for MBA specialties, varies depending on your preferences and the institution you attend. You can check the university's official website for the admission and school year you are planning to apply for as an overseas student. The table below contains a ranking of the top MBA universities in Canada for Indian students.  Ivey Business School, University of Western Ontario - 74,61,231 INR per annum  Desautels Faculty of Management, McGill University - 60,11,275 INR per annum  Rotman School of Management, University of Toronto - 82,41,186 INR per annum  Smith School of Business, Queen’s University - 62,89,183 INR per annum  Schulich School of Business, York University - 67,81,564 INR per annum  Living expenses and MBA costs Next, let's talk about the living costs for overseas MBA students studying in Canada. These are significant contributing variables to the price of an MBA program in Canada. The table below is a list of all the basic and required expenses that must be paid when an international student is studying in Canada. The average cost of an MBA program in Canada.  Accommodation - INR 24,500 - INR 36,700 Food & Grocery -INR  12,053 - INR 18,000 Transportation - INR 6,000 - INR 15,000 Internet- INR 1,800 - INR 3,000 Miscellaneous - INR 36,200 - INR 42,200 Other important MBA studying costs There are other necessary charges to be paid in addition to the MBA in Canada fees and living costs. Below, we have a detailed explanation of them.  Visa Cost   You must pay the visa cost as an international student when you apply for a student visa to study for an MBA in Canada. It costs 150 CAD or 9,170 INR, and the biometric fee is 85 CAD or 5,200 INR.  Application Fees  You should submit an application fee when submitting your MBA application through a Canadian university's official website. It needs to be paid at the same time as submitting the online application. Each university has a separate price. The price ranges from 45 CAD (2,750 INR) to 200 CAD (12,220 INR).  Student Health Insurance Abroad  International students may be eligible for health insurance from some universities. You can look for MBA tuition costs in Canada on the university's official website. If such were the case, other expenses would be covered by the MBA tuition for overseas students in Canada. Before you apply for your student visa, you must have health insurance. Therefore, you must buy health insurance if your university does not provide coverage and the government of the state in which your university is located does not provide health insurance to international students.  Conclusion  You can make additional plans now that you are fully aware of the different costs associated with studying for an MBA in Canada. You can choose the style of lodging you wish to stay in and come to a decision regarding the whole cost of your MBA studies in Canada. In order to achieve your educational objectives, it is crucial to pick the best MBA specialization and a Canadian university.  Consult an expert advisor to get the right plan TALK TO AN EXPERT
What is the cost of studying MBA in India?

What is the cost of studying MBA in India?

Do you know the cost to study MBA in India? Why it is the most popular post-graduate degree in the country? What makes it one of the toughest and most expensive degrees in our country? Let’s find out!  The cost of an MBA program in India is between INR 20,000 and INR 40 lakh for two years of full-time study. MBA programs given by universities and government colleges have affordable tuition, however, those same programs at private institutions are more expensive.  Infrastructure, dormitory accommodations, extracurricular activities, and pedagogy are just a few of the variables that affect MBA college costs in India. For instance, if an MBA college provides a program that requires candidates to spend a semester or other amount of time studying abroad, the course fee for that institute will be high. On the other side, if the government is funding the MBA institute, the costs will be minimal.  Yes, financial aid provided by the state or the federal government to run their academic program is a big factor in the low MBA fees of government institutions and universities.  MBA applicants who intend to enroll in an MBA program for the following academic year must start looking for the best MBA colleges now. MBA tuition costs will play a significant role in guiding your search and conclusion.  It is hard to discuss MBA colleges in India without mentioning the Indian Institute of Management (IIM), one of the country's top MBA institutions.   The cost of an MBA at an IIM can range from INR 11 lakh to INR 23 lakh. There are 20 IIM campuses in India. While IIM Sirmaur's PGP program costs INR 11 lakh, IIM Ahmedabad's MBA program costs INR 23 lakh.  Other than IIMs, top B-Schools' MBA tuition  In addition to the IIMs, top B-Schools include FMS Delhi, XLRI Jamshedpur, MDI Gurgaon, SPJIMR Mumbai, and IIFT Delhi. These institutions provide the best in terms of facilities, professors, instruction, exposure to other countries, and job placements.  The MBA tuition at these business institutions ranges from 11 to 35 lakh rupees. FMS-Delhi is the lone exception, with an annual cost of INR 20, 960. Look at the MBA tuition costs for some of the best business schools outside of IIMs in India.  FMS-Delhi - INR 20,960  XLRI Jamshedpur-Xavier School of Management - INR 23.60 lakh  MDI-Gurgaon - INR 19.80 lakh  Symbiosis Institute of Business Management-Pune - INR 17.06 lakh  NMIMS Mumbai-School of Business Management - INR 19.76 lakh etc. MBA tuition less INR 10 lakh  Most of the MBA schools in this price range are IIT management study programs. In addition to being more affordable than those offered by private B-Schools, these institutions' MBA programs are also highly placed in the MHRD-NIRF yearly ranking and provide great placement possibilities. Look at these schools offering MBAs for less than INR 10 lakh:  IIT Delhi - Department of Management Studies - INR 8.80 lakh  IIT Bombay - Shailesh J. Mehta School of Management -INR 8.32 lakh  IIT Kharagpur-Vinod Gupta School of Management - INR 6.19 lakh, etc.   MBA tuition less INR 5 lakh  Popular institutions like Symbiosis International University (Deemed), and Prin. L N Welingkar, Christ University, Chandigarh University, and Amity University are among the MBA colleges in this price range. These universities provide a variety of MBA programs for reasonable tuition costs. Look at these schools offering MBAs for less than INR 5 lakh:  Prin. L. N. Welingkar Institute of Management Development & Research-Mumbai - INR 3.00 lakh  Christ University, Bangalore - INR 3.10 lakh  International School of Management and Research-ISMR - INR 3.00 lakh etc.   MBA tuition of fewer than Rs. 1 lakh  The majority of MBA programs in state or central university departments with fees under INR 1 lakh are management studies departments. These institutions are accepted by the University Grants Commission despite their affordable tuition (UGC). Look at a few of the well-known MBA schools with costs under INR 1 lakh.  Jamia Millia Islamia-JMI - INR 33,170  Amity University - INR 54,000  Institute of Management Studies, Banaras Hindu University - INR 98,888, etc.   Want to explore the future cost of studying MBA around the world? Check out the college cost calculator and find out the real costs of studying!  Consult an expert advisor to get the right plan TALK TO AN EXPERT
How much does it cost to study law in the USA?

How much does it cost to study law in the USA?

Planning to study law in the USA? But don’t know about the cost of doing it there. Don’t worry we have you covered! Law is amongst the most pursued courses in the USA and is extremely competitive in nature.  Thurgood Marshall, Gloria Allred, Barack Obama, Mahatma Gandhi, and Ruth Bader Ginsburg each of these well-known attorneys made a different decision, but they were all driven by a passion for the rule of law and carrying out what was right. Those who choose to go to law school may well have diverse reasons for doing so, but they all seem to have the drive and morals it takes to become successful lawyers.  If you're thinking about going to law school, you probably already know how expensive it is. But it's a path that offers a lot of chances outside of the courtroom. Because of this, you should think about all the expenses related to attending law school before making a decision so that you are ready and knowledgeable. Requirements for law school  A four-year bachelor's degree is typically required for law school programs. Although there is no set major, many students choose to study topics like English, politics, history, philosophy, or economics. The American Bar Association (ABA) recommends that students prepare for legal education by enrolling in "a broad range of challenging courses from demanding professors."  Pre-law advising is another service provided by some undergraduate programs, and it can give you a better picture of what a legal career might entail. The advisor will also support your admission to law school and assist you in selecting the right undergraduate courses. The Law School Admission Test (LSAT), which assesses reading comprehension, analytical reasoning, and logical reasoning, must be taken in order to apply.  You will start a three-year program to earn a Juris Doctor (J.D.) degree after being admitted (although some schools offer a four-year part-time program). Students take torts, contracts, constitutional law, civil process, property, and a legal writing course during their first year of law school. While second and third-year courses vary by institution, they often call for writing credits, electives in experiential learning, courses on professional responsibility, and more. These allow you the chance to investigate specialized fields and learn what you are most interested in, such as tax, labor, or corporate law. For a wide range of topics, Cornell Law School advises second-year students to take courses in administrative law, corporate organizations, evidence, and federal income taxation. Students will enroll in elective courses, such as seminars and problem courses, in their chosen specialty during their third year of law school.  Students must pass a license "bar" exam for the state in which they desire to practice law in order to become practicing attorneys. Most states require that applicants complete an ABA-accredited law school, pass one or more written bar tests, and be determined by an admissions body to have the character to represent and advise others, according to the BLS. Lawyers must continue their studies at least annually even after being admitted to the bar.  Tuition for Public and Private Law Schools This is a summary of the usual expenses by that kind of organization:  AVERAGE PRIVATE SCHOOL TUITION & FEE: $51,268 (INR 41585388.91)  AVERAGE FEES FOR PUBLIC SCHOOLS  Resident (In-State) (In-State)  Tuition & Fees: $29,074(INR 2404729.44)   Non-Resident (Out-of-State) (Out-of-State)  $42,143 (INR 34,85,674.92) Education Costs  According to U.S. News, the overall average yearly cost of an out-of-state public law school is $42,143(INR 34,85,674), while the cost of a private school is significantly higher at $51,268 (INR 41,58,538)  The cheapest option would be to pay an average of $29,074(INR 24,04,729) per year to attend a public, in-state law school. Even in-state public education, which is the least expensive choice, costs $87,222(INR 72,14,188.31) for three years.  How much does law school costs? A law student should budget anywhere from $87,222 (INR 72,14,188.31) for an in-state public school to $153,804 for a private school over three years. These figures can be debilitating, particularly if one transfers directly from undergrad to law school. However, the BLS reports that as of 2020, the median annual compensation for lawyers is $126,930 (INR 10498462), with the top 10 percent earning more than $208,000 (INR 17,203815). There are numerous ways to finance a legal degree. Your mind and wallet can rest easier knowing that there are specialized loans, grants, scholarships, and cheap programs available. Knowing how much law school will cost you is simply the first step on a long career path. Use the appropriate resources and accessible research to make informed decisions and position yourself for the future you deserve.  Wondering how to calculate the future cost of studying in the USA? Chat with our expert advisors. Consult an expert advisor to get the right plan TALK TO AN EXPERT FAQ How much does it cost to study law in the USA for international students?  It's also available as a remote learning program through some US universities. To apply for an LLM in the USA, international students must hold a 3-year bachelor's degree in law. The typical tuition for American universities that provide a master's degree in law ranges from 12,000 USD (INR 99,2527.80) to 70,000 USD (INR 57,89,745.50). Is law school expensive in the US?  On average, law academy education costs$84,558(INR 69,93,847.14) at public universities for in-state scholars, and $147,936 (INR 12,235882.72) for scholars that attend private universities. Keep in mind that those costs are only for education; living charges like rent, food, and transportation can fluently add at least $20,000(INR 16,54,213.00) per time to your total cost.  How many years does it take to study law in America?  3 years 
How much does it cost to study MBA in Australia?

How much does it cost to study MBA in Australia?

Ever wondered what’s it like to study MBA in Australia? How much does it cost to study MBA in Australia? What is the ROI of the course? How much would it cost to study MBA in Australia in 10 years? Let’s find out!  In comparison to other programs offered by universities around the world, the MBA program has witnessed the largest enrollment. International students who are interested in pursuing an MBA are aware that top education is only offered abroad. With so many nations providing a variety of MBA programs. Australia has consistently been at the top of the list.  The MBA program in Australia has been created to satisfy current market demands. As a result, you should also be fully informed of the financial situation if you're thinking about pursuing an MBA education in Australia. This article includes everything you need to know about the cost to study MBA in Australia in order to assist you to understand the academic investment. Leading elements that influence MBA tuition in Australia  There are several categories of MBA fees in Australia for international students. While tuition fees are frequently mentioned, there are other important expenses that also go toward the former. These expenses should also be taken into account when determining your financial requirements.   Here are the most important ones:  The cost of an MBA in Australia  Included within MBA cost in Australia are living expenses  Other important fees for MBA programs in Australia  Cost of an MBA in Australia before and after arrival  Covered MBA cost in Australia  Living expenses are an additional cost of attending an MBA program in Australia after MBA tuition for overseas students in Australia. Students will also need to pay for the living expenses associated with remaining in Australia while they are there for their studies. Depending on the lifestyle choices a student makes, these expenditures may change. For their stay in Australia, international students will need 20,000 AUD each year. Why you should do MBA in Australia?  A good MBA degree is considered a gateway to success. It isn't only salutary for one's career progression but also enhances chops that one requires to stay ahead in the assiduity and also helps in networking. There are multitudinous reasons why one should pursue MBA and acquire the chops and knowledge needed to give perpendicular growth to one's career. MBA course teaches scholars how to successfully manage a business and how to acclimatize to the rearmost global trends. Through this program scholars also learn how to run a business in an uncertain terrain and revive it in times of extremity.  MBA in Australia is a recognized degree encyclopedically because the AQF issues relative qualifications for office use. Australian Universities may or may not accept GMAT scores for MBA admissions.  Transnational scholars studying MBA in Australia can work for 40 hours while studying.   Check Part-time work options for transnational scholars in Australia  Australia opens further than, 500 job vacuities for MBA degree holders in Australia annually.  MBA entrance requirements  International applicants must have at least a 60% undergraduate average, at least two years of work experience, and English language competence scores in order to be admitted to an MBA program in Australia. For more details, the following part is separated as follows:  MBA course length  The MBA program lasts two years in the majority of universities. Most Australian universities require between 15 months and two years to get an MBA. In addition to this, many colleges have begun to offer one-year MBA programs A one-year MBA program that Melbourne Business School has launched is very well-liked by prospective students.  Want to study in Australia and pursue MBA then find out how to save and how much to save right here!  Consult an expert advisor to get the right plan TALK TO AN EXPLERT
How much does it cost to study Law in the UK

How much does it cost to study Law in the UK

Are you planning to study law in the UK? Do you know how much it costs to study law in the UK?  The best and most prominent law schools in the world are located in the UK, and more than 1,676 law programs are available to help applicants develop the knowledge and confidence they need in this area of study.   The top 10 law schools in the UK are also among the top 50 law schools worldwide, according to the QS World University Rankings 2021. This is compelling evidence of the UK's renowned educational system at top universities offering top-notch instruction to their students. Let's examine the benefits of pursuing an LLB in the UK, one of the most well-liked study-abroad destinations worldwide! Why study law in the UK?  Considering that LLB in the UK is an undergraduate degree, it has fewer requirements than a law degree in other nations. Students must merely apply to a university of their choice and enroll in a legal program, such as an LLB. Most programs last between three and four years to complete. A degree from a renowned UK university is also a fantastic approach to start your career in this industry. The following are some of the main advantages of studying LLB in the UK: You will be exposed to a legal system that is always changing and growing while studying LLB in the UK.  Students will learn about both the rules that apply to the entire United Kingdom as well as those that are particular to Scotland, Northern Ireland, England, and Wales while studying in a country where common law originated.  International recognition exists for British common law. The common law of the UK underpins the legal systems of more than one-third of the world.  The United Kingdom is home to hundreds of multinational law firms, including some of the biggest in the world.  Studying LLB in the UK is a great way to improve your English language abilities. Through real-world and academic contexts like group projects and case studies, you can enhance your academic English.  The UK offers one of the quickest routes to becoming a lawyer when compared to studying law in countries like the US and Canada. A 3-year LBB program is typical, followed by a 1-year Legal Practice Course. Following that, students might submit an application for a training job with a law firm. This portion of your training typically lasts two years.  To apply for an LLB program in the UK, you do not need to take the LSAT exam.  An undergraduate degree is required to enroll in the two-year Senior Status LLB program.  In order to gain experience, you can work as a part-time employee in one of the many renowned law companies in the UK while you are enrolled in school.  Students might benefit from an international and multicultural university experience.   Students will get internationally recognized qualifications after they graduate. Top LLB Law Schools in the UK  University of Oxford  University of Cambridge  London School of Economics & Political Science  University College London  University of Edinburgh  Queen Mary University of London  Durham University  University of Manchester  University of Nottingham  University of Warwick  Costs to study LAW in the UK The majority of the expense for Indian students to study LLB in the UK is made up of tuition fees. According to the university, the program's reputation and demand, the location of the university, and other factors, tuition for this course may easily range from £40,000 to £75,000 (about INR 53 lakhs to INR 75 lakhs), with the upper limit going as high as £109,000 (around INR 1 crore). One must consider the cost of living in addition to the cost of education in the UK. In the UK, the cost of living is typically determined by the city in which you live. CALCULATE EDUCATION COST FAQs How much does a law degree cost in the UK? The price range can be as high as £13,600(Rs. 1377039.44) (for a full-time program in London in 2022-23) but can be much lower elsewhere. Your living expenses are in addition to these fees. Expect to spend up to £17,950 (Rs. 1817489.56) for a full-time LPC course in London in 2022–2023; however, costs outside of London start at £13,2 (Rs. 1336538.28). Is law school cheaper in the UK?  An LL. M. program in the UK won't likely be regarded as "affordable" by many students. Costs may add up, particularly for international students who often pay higher tuition than students from the UK and the EU How many years does it take to study law in the UK?  If pursued full-time, a legal degree in the UK normally lasts three years. Naturally, there are various alternatives to this. For students who are willing to put in extra time studying, the University of Law also offers a two-year accelerated Law LLB (Bachelor of Laws) degree
Guide to calculating education costs for parents

Guide to calculating education costs for parents

Parents want the best for their children, especially a good education. The rising inflation rate makes it difficult for parents to determine the amount they need to save for their child’s education. Understanding the actual education costs with the help of a college cost calculator is important so that parents can become aware of the potential expenses. It surely becomes easy to plan, start early investments and build a future education corpus. Here’s a guide to calculating education costs for parents! This blog will help parents to get an estimate of future expenses and plan accordingly.  What is an education cost calculator? An education cost calculator is a tool that helps the user to know about future education expenses effectively. It is easy to use and gives the best estimates so that parents can make necessary changes in their plans to suit their requirements.  The education calculator considers future value, inflation, number of years a person has to save and then calculates the amount. The objective of using an education calculator is to make the process easy and smooth. Once the calculator gives out the estimated amount, parents can take the help of financial experts to create a roadmap for achieving financial goals.  Steps to calculate education costs  Education inflation is at an all-time high, and it has led to a rapid rise in education costs. Parents need to factor in several metrics to get the nearest estimate of potential costs.  1. Calculate the current cost Determine the cost of education based on current market value. Suppose you want to send your child to the UK, then calculate the current amount you need to send your child abroad.  If you want to send your child to a reputed college in your home country, then calculate the total cost needed for that degree course in terms of the current fee structure and associated costs. It is now easy to visit the sites of reputed universities and know about their fee structure and associated costs to get a general idea of the amount required for studying a specific course.  Parents can take the help of education counselors like the ones at Edufund to calculate the current amount needed for higher studies.  2. Determine the number of years Parents wanting to know about the education costs down the line need to determine how many years they have to save to create an education fund.  Is your child still young, or will they be ready in a few years to join the high school? Suppose the child is now 6 years old and they will need the money for higher education when they are 17 years old. The parents then have a maximum of 17 – 6 = 11 years in hand.  How many years approximately a parent has is important as the number of years affects the amount you can build. If a parent has a smaller number of years, then he needs to save a higher amount which might prove difficult for a middle-class family.  3. Consider the rate of inflation The amount you have calculated based on the current scenario will not be feasible down the line. Suppose your child enters college after ten years then the amount needed at that time will not be the same. You can consider the overall inflation rate or use available breakdowns.  It is vital to factor in the inflation rate for determining the costs that will go up in the future for correct estimates.  4. Consider the expected investment return Be realistic while determining the expected investment returns. Remember, when you have a clearer picture, it becomes easy to take the necessary steps that will take you closer to your desired goals.   5. Consider the education calculator Parents should consider an education calculator to give them the nearest evaluation of the amount parents should save to meet future education costs. The use of an education calculator will ultimately prove beneficial in making effective plans for the future. Once the parents have all the necessary information, then simply key in the details as per the instructions. The education calculator is an important guide to calculating education costs for parents as it will provide the probable future education cost and the monthly savings that need to be undertaken to build that amount.  Edufund’s college cost calculator is a comprehensive education calculator that can calculate the potential education expenses and give the nearest amount needed to meet your child’s education costs. It will also provide the parents with an estimate of the monthly savings that need to be undertaken to achieve goals. Conclusion The guide to calculating education costs for parents gives easy access to the required know-how and helps in making informed decisions. An education calculator like the one at Edufund helps to meet the educational needs of a child successfully. It is a blessing in disguise because besides providing estimates and extensive information, it helps to save the cost estimates and alter them to suit individual needs. Consult an expert advisor to get the right plan  TALK TO AN EXPERT
Why is education in India so expensive?

Why is education in India so expensive?

Ever wondered why is education in India so expensive? What is the driving force behind the growing prices in the field of education? In India, primary school education alone costs ₹1.25 lakh to ₹ 1.75 lakh yearly. Education is one of the few areas of the Indian development program experienced tremendous success. The gender enrollment gap has decreased up to secondary education, while enrollment in schools and higher education has increased dramatically. But the findings of the 75th round of the NSSO survey on "Household Social Consumption of Education in India," which was conducted from July 2017 to June 2018, are quite unsettling. The growth of education has generally resulted in a rising household financial load, making education further than the second level almost unattainable for the majority of working people, and even schooling has costs for families that can be very significant. Why are households required to pay such high costs when a sizable portion of enrollment is in public institutions, which ought to be far more open to everyone? The Right to Education Act of 2009 mandated that schooling up to the age of 14 would be free and necessary, and the spirit of that legislation plainly called for the state to cover the costs of primary learning. Additionally, there are other expenses related to education, such as textbooks, uniforms, and transportation, which increase the financial strain on families. And very few pupils received any help in this regard. It is remarkable that higher secondary education costs are particularly expensive for private, unaided institutions almost as high as post-graduate costs. In essence, this implies that not only the poor but now even members of the middle class are virtually shut out of postsecondary education. Naturally, gender differences continue to widen after these stages as families become less willing to spend as much money on the education of girls. The statistics are ominous. In metropolitan locations, it would cost close to 40% of a casual laborer's salary to educate two children (assuming 20 days of work per month, which may be an overestimate). Rural wage earners have smaller proportions, primarily because they are essentially barred from pursuing higher education for their offspring. The poll reveals that just a small percentage of households made an attempt at it, and less than 0.5 percent of households with casual employees in remote areas had anyone enrolled in graduate school. Average monthly costs for students in rural homes with casual labor went from 335 for secondary school to 576 for higher education to more than 12,220 for diplomas and certifications. It is important to keep in mind that the actual fees make up just a small portion of the overall costs associated with schooling. 43% of all educational costs in rural areas versus 57% in urban areas were covered by institution fees, which include not only tuition but also examination fees, "development" fees, and other charges. Particularly in rural places, a sizable portion of the budget is spent on books and other materials, and transportation expenses are high everywhere. Interestingly, private tuition fees continue to be substantial, indicating that despite the relatively high charges, the quality of the learning given by institutions is insufficient to satisfy the expectations of students. This implies that the recent increase in enrollment has come at a significant cost to families, particularly those who are less wealthy, who might have had to trade their few possessions or incur debt in order to provide for their children's education. Given the dire status of the employment market, these hopes for improvement through education are becoming more and more dangerous. Unfair accessibility and high personal expenditures associated with educating more young people could very well have a domino effect on society; immediate legislative change is required for both employment circumstances and educational access. The education sector is unfairly affected by inflation. Pushing the costs of education higher than any other sector in the market. The only way to ensure your child has access to good education and ample opportunities, you need to start saving when they are young. Consult an expert advisor to get the right plan TALK TO AN EXPERT
How much does it cost to study MBA in the USA?

How much does it cost to study MBA in the USA?

The Cost of an MBA in the USA for Indian Students can be around Rs. 50,00,000 - Rs 1,00,00,000 for top universities.  The most popular and highly desired degree among current international students is the MBA. The 2 - year MBA program in the USA trains students for leadership and management roles. It is undoubtedly among the most expensive degree since it is one of the most sought-after.   Although the USA is one of the most expensive countries in which to pursue an MBA, the demand for the program has not reduced. While the prices can be intimidating for students, the investment is worthwhile. You can find all the details about the best MBA schools in the USA in our guide, including information on costs, living expenses, and more. How much does an MBA cost in the United States?  The average cost of an MBA in the USA is between $1,60,000 and $1,80,000 per year. This sum accounts for living costs while doing an MBA in the United States, which range from 8,000 to 10,000 USD per month.   MBA prices in the United States range from 60,000 to 80,000 USD annually.  It is critical to mention that the cost of an MBA in the United States for an Indian student strongly relates to their selected university and style of life. CALCULATE COST Costs paid by students before traveling to the USA  Some costs, primarily pre-arrival costs, are not typically covered by top institutions in the USA's cost of attendance. The pre-arrival costs associated with an MBA in the USA are entirely out-of-pocket costs that must be taken into account since they are not reimbursed either by scholarships or financial assistance.  From application form fees to foreign entrance exam fees like GMAT, IELTS, or TOEFL, students have to pay for them on their own.  American living expenses for foreign students  Living expenditures play a significant role in determining the price of an MBA in the United States. In contrast to India, the USA has a high cost of living. Rent, food, groceries, transportation, health insurance, and other costs are your responsibility. Depending on where you are in the USA and your preferences, the monthly costs associated with USA MBA tuition for Indian students can also change.  Your monthly living expenses in the USA will be between $800 and $1000, or roughly $10,000 to $12,000 annually. For Indian students, the typical cost of living will be between 60,000 and 80,000 INR. A $500–$1000 annual premium for health insurance will also be required of you. US MBA employment and compensation data  There is going to be high demand for MBA employment in the USA regardless of market growth or recession. MBA salaries are relatively high for popular MBA job titles, and with time, one can succeed in his or her profession. The opportunity to work for many of the largest companies in the world is available to MBA graduates. Working with Fortune 500 firms is a fantastic opportunity that top business schools in the USA provide. Top tech companies like Amazon, Google, Microsoft, and eBay as well as well-known consulting firms like McKinsey & Company, Boston Consulting Group Inc. (BCG), Bain & Company, and Deloitte favor hiring candidates from well-known MBA institutions in the United States.  Consult an expert advisor to get the right plan TALK TO AN EXPERT FAQ How much does MBA cost in the USA for international students? The annual cost of tuition for an MBA in the United States ranges from USD 45,000 to USD 77,000 (32.9 Lakhs INR to 58.5 Lakhs INR).  Is MBA in the USA worth it?  The Graduate Management Admissions Council (GMAC) predicted that MBA graduates working for US corporations in 2022 will earn a median annual income of $115,000 based on a poll of corporate recruiters in that year. Earnings for those without an MBA were predicted to be substantially lower, at $75,000 for bachelor's university grads. Can I do MBA for free in the USA?  It is difficult to pursue a free MBA in the USA; very few institutions provide such courses. However, several universities provide full scholarships for MBA programs in the USA. How much does an MBA cost? Although an MBA program's annual tuition fees might range from just under $20,000 to more than $80,000, the true cost of receiving an MBA on-site is significantly higher than just tuition. The costs of textbooks, transportation, lodging and board, and campus fees all add to the bottom line.
How much does it cost to study MBA in the UK?

How much does it cost to study MBA in the UK?

MBA programs in the UK are becoming more and more popular in the coming times with more and more students seeking to pursue their MBAs in the UK.  The most attractive part about studying MBA in the UK surprisingly is the less strict requirements than in the US and Canada. If you have a grade point average of 65%, you can easily apply to most MBA schools in the UK. However, tuition fees, general MBA costs, and living costs can vary a lot from one business school to the next, depending on where the university is located. MBA programs are offered at about 130 business schools in the UK.  Cost of MBA in the UK  As the demand for MBA programs in the UK rises, the price of these programs is expected to rise. When deciding where to study, international students carefully weigh their options before enrolling in a business program.   Budgeting for expenses includes:  UK student visa cost  Associated application costs  Plane tickets   The total post-arrival cost takes into account tuition and living expenses. The total cost of an MBA in the UK includes not just tuition but also living expenses for the duration of the program.  MBA programs in the UK are of duration between 12 and 21 months and cost between 31,450 GBP and 87,900 GBP (approx 29 Lakhs to 81 Lakhs INR). Cost of MBA for Indian Students in UK universities UniversityAnnual tuition fee in EuroAnnual tuition fee in INRThe University of Manchester, ManchesterEURO 72,149INR 58,12,229 University of Cambridge, CambridgeEURO 69,330INR 55,85,160University of Warwick, CoventryEURO 67,930INR 54,72,724Cranfield University, BedfordEURO 60,660INR 48,86,649Durham University, DurhamEURO 50,090INR 40,35,141University of Strathclyde, GlasgowEURO 49,680INR 40,02,545Lancaster University, LancasterEURO 48,330INR 38,93,406University of Southampton, SouthamptonEURO 41,865INR 33,72,613Brunel University, LondonEURO 37,510INR 30,22,121University of Leeds, LeedsEURO 35,520INR 28,61,250 Cost of living in the UK Rent 760 EUR to 1,350 EUR 60,999 INR to 1,08,355 INR Food 230 EUR 18,347 INR Mobile Phone & Internet 85 EUR 6,850 INR Stationery Items 50 EUR 3,669 INR Clothing & Laundry 115 EUR 9,180 INR Transportation (Monthly Pass) 75 EUR 5,974 INR Miscellaneous 50 EUR 3,669 INR  There is a broad range in both the cost and availability of full-time MBA programs. A 12-month program, for instance, will set you back £61,500. You may be able to save money on tuition by choosing an MBA program that is situated in a city other than London. Costs for MBA programs at universities outside of London typically begin at roughly £12,000 per academic year.  The cost of getting an MBA from one of the best business schools in the UK is high, and so are the salary returns that are expected. Students who get their MBA in the UK can get a package worth up to 100,000 GBP (97 LPA) per year.  Consult an expert advisor to get the right plan TALK TO AN EXPERT
Living expenses in Germany for Indian students

Living expenses in Germany for Indian students

The affordable living expenses in Germany, a stable economy, high-class living, and numerous job opportunities make the country one of the premier destinations for quality education and successful careers.  The cost of living in Germany depends on the location of the university because some cities are relatively more expensive than others. It is important to be flexible if a student wants to thrive on a limited amount. The average living expenses in Germany for Indian students vary between 10,200 EUR – 12,000 EUR (nearly INR 8.1 lakhs – INR 9.5 lakhs) every year.  Students should be aware of their living expenses before traveling abroad as it is helpful in creating a budget for living expenses. The college cost calculator on the Edufund app is a blessing as it helps to get an estimate about the future living expenses besides the education costs and create a personalized financial budget based on needs and requirements. Semester contributions Most of the universities in Germany are state-run; hence the education cost is a bare minimum. Students, however, have to contribute between EUR 175 – EUR 250 (nearly INR 13,993 – INR 19,990) per semester for administrative fees and student amenities.  Students can also apply for a public transport pass or a semester ticket that costs between EUR 25 – EUR 200 (nearly INR 1,999 – INR 15,992) for six months, based on the type and location of the university. They will not have to pay for transport for the next six months.   Private institutions in Germany charge tuition fees, especially for non-EU citizens. Additional read: Education loan process for Germany Living expenses in Germany for Indian Students 1. Accommodation (average monthly cost) An important chunk of the living expenses goes towards accommodation costs, which depend on the location of the university and the type of accommodation the student prefers.  The preferred accommodations and their average cost per month are. 2. Food (average monthly cost) Students have access to restaurants and cafes on the university campus, where they can eat at discounted prices. For students that live off-campus, local street vendors and food trucks are an option.  The living expenses in Germany are manageable for Indian students as there are Indian stores that can provide ingredients to cook authentic food items. Students who have to rely on restaurants need to remember that eating out on a regular basis will prove expensive.  Self-cooking is the best way to manage funds because the cost of basic food and beverages is affordable.  Average costs on some of the common food items include. 3. Transportation  The daily public transport facilities in Germany cost around EUR 20 (nearly INR 1,599) and a monthly pass will cost EUR 200 (nearly INR 15,992). Students can apply for student passes or choose to move around via rented bicycles at a nominal fee. 4. Health insurance International students must have health insurance in Germany. Students who are studying degree programs are eligible for a public health insurance plan that costs between EUR 70 – EUR 80 (nearly INR 5,597 – INR 6396) per month. Whereas students above 30+ should have private health insurance that costs between EUR 400 – EUR 500 ((nearly INR 31,984 – INR 39,980) per month. 5. Utilities and Bills Students living off-campus have to pay for water, electricity, garbage, and heating. In some cases, the bill is included with rent, otherwise; it costs nearly EUR 29.42 ((nearly INR 2,352) for a kilowatt-hour. How to save more as an international student in Germany?  Keep a fixed budget for the month Studying abroad means, you will be away from your parent and you’ll be alone so you need to have a budget for everything.  Talk to locals  Talk to locals around you because they know that place more than you. They will tell you the best deals around you in restaurants, cafes, and all.  Cook for yourself Go to the local grocery market and cook for yourself. Eating outside daily can cost you way more than cooking for yourself.  Get a flatmate/roommate Sharing space and your accommodation mean that you will be able to cut costs. It will save you money. Staying alone in a flat or room means you will spend more. If you get a flatmate/roommate, the price of that place will be half. You will end up splitting utility costs as well.   Do a side hustle Earn money by doing some part-time jobs or a side hustle. By doing that you will learn and also earn extra for you.   Use public transportation or a bicycle Using public transport daily is the best way to save money in countries like Germany. Private cabs and rentals can be very expensive for students. If you live in a small town, then opting for a bicycle to roam the city is the most cost-effective method.   Go secondhand Cut costs wherever you can and the best way to do this is by opting for second-hand products. Suppose you need a bicycle, no need to get a new one! Buy it from a second-hand market or from someone who doesn’t want his/her bicycle anymore.  Save money wherever you can Cut off your unnecessary plans. There is Wi-Fi everywhere so instead of buying data plans use them. You should also unsubscribe from OTT subscriptions you are not using anymore. Or any auto-debit subscription that is not in active use.  FAQs How can international students save money in Germany? Here are some tips on how to save money in Germany: keep a maintained budget  Talk to locals  Cook for yourself   Get a flatmate/roommate  Do a side hustle  Get a bicycle  Go for secondhand  Save on your mobile bills  Is it expensive to live and study in Germany as an international student? In comparison to other countries and cities, Germany is one of the places which is less expensive. How much money can international students earn in Germany? You can earn around 450 euros (Rs 37,000) per month by doing part-time jobs. How much money do I need as a student in Germany? On average around 870 euros (Rs 71,000) for a month is all you need for your expenses. Conclusion Prestigious universities and reasonable living expenses in Germany make the country an excellent choice for studying abroad. If you are in a dilemma about the cost of living, then consult with the counselors on the Edufund app to know more about it in detail. Consult an expert advisor to get the right plan TALK TO AN EXPERT
Living expenses in Canada for Indian students

Living expenses in Canada for Indian students

Living expenses in Canada for Indian students are very high and aspiring applicants need to be aware of them before traveling abroad for the desired study course. Canada is the preferred study hub because of its growing economy, cultural diversity, access to seamless medical care, and unlimited job opportunities.  The country is known for its excellent education system, distinctive curriculum, numerous study courses, and reputed colleges and universities. A promising future encourages Indian students to travel to Canada for higher studies but what about the living expenses?  There has been a lot of speculation about the living cost in Canada hence let us find the answers to the queries related to the cost of essential expenses. Living expenses in Canada for Indian students The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  The essential living expenses that an Indian student has to incur include- 1. Accommodation (average monthly cost) The most popular options for accommodation are dormitories which house many students and townhouses which house three to six students. Both on-campus accommodations have several facilities like hot water, internet, and heat. Other popular choices are shared apartments and unfurnished rental apartments. The average monthly living cost of the accommodations is-  Dormitories 350 CAD – 600 CAD (nearly INR 20,958 INR 35,928)Townhouses 250 CAD – 650 CAD (nearly INR 14,970 - INR 38,922)Shared Apartments 400 CAD – 800 CAD (nearly INR 23,942 – INR 47,904)Unfurnished Rental Apartments300 CAD – 500 CAD (nearly INR 17,964 – INR 29,940) 2. Food (average monthly cost) It is easy to get an estimate of food expenses by going through the rates of some of the most common food items. Water (1.5 liters)1.84 CAD (nearly INR 110)Rice (1kg)3.74 CAD (nearly INR 224)Apple (1 kg) 4.24 CAD (nearly INR 254)Cheese (1kg)12.99 CAD (nearly INR 778 )Milk (1 Liter)2.46 CAD (nearly INR 147)Eggs (12)3.63 CAD (nearly INR 217) 3. Transportation (average monthly costs) Students use public transport in Canada as it is quite safe and easy to navigate. You can get student discounts by showing your student ID card. The average monthly costs of using some of the common modes of transportation are –  Bus 100 CAD – 150 CAD (nearly INR 5,988 – INR 8,982)Subway65 CAD – 99 CAD (nearly INR 3,892 – INR 5,928)Taxis per km40 CAD -50 CAD (nearly INR 2,395 – INR 2,994) 4. Health Insurance (average annual premium) Every international student must have a health insurance policy in Canada. The coverage depends upon the province where one lives. Some popular medical insurance plans with their costs are BC MSP Program74 CAD/month (nearly INR 4431)iMED 225 CAD for 3 months (nearly INR 13,473) 5. Miscellaneous (average monthly cost) It is important to factor in personal expenses like clothing, laundry, toiletries, etc. which are part of everyday spending and depend upon an individual’s lifestyle.  Other important expenses include Electricity (average monthly costs) – 50 CAD (nearly INR 2,994) Phone bill - (average monthly costs) – 40 CAD – 100 CAD (nearly INR 2,395 – INR 5,988) Internet (average monthly costs) – 30 CAD – 50 CAD (nearly INR 1,796 – INR 2,994) Tenant’s Insurance (average monthly costs) – 15 CAD – 30 CAD (nearly INR 898 - INR 1,796) Additional read: Living expenses in Germany for Indian students Cost of living in some of the cities of Canada The cost of living for Indian students depends upon their lifestyle and the city they live in. Some of the popular and most costly destinations for students and the average cost of living in that city are mentioned below- City The average cost of living every yearToronto37,000 CAD (nearly INR 22 lakhs)Montreal 25,000 CAD (nearly INR 14.9 lakhs)Ottawa20,000 CAD (nearly INR 11.9 lakhs)Calgary26,904 CAD (nearly INR 16.1 lakhs)Vancouver38,484 CAD (nearly INR 23.08 lakhs) 10 Tips to save money in Canada 1. Try to save money Save money whenever you can. If you find alternatives to doing something on your own then instead of spending it, save the money.   2. Apply for scholarships Every college has scholarships. Canadian universities offer amazing scholarships to potential students, so take advantage of them.     3. Keep a budget To save money as a student, you need to keep a budget for everything. When there’s no budget maintenance, people tend to spend more. Have a fixed budget for the month and don’t spend more than it.  4. Cook your meals University campuses are filled with food stalls and fast food joints and when you are hungry, you buy them, and then your bank balance drops.  So cook for yourself.    5. Claim student bank discounts and offers All bank in Canada has offers for students. Take advantage of them. Save every penny.   6. Buy second-hand stuff if you can You might need something but you don’t need to buy everything new. You can buy them in any second-hand marketplace and you can find anything there.  So instead of buying everything new or on amazon search it in these marketplaces.  7. Don’t use credit cards Credit users tend to spend more as they think they have enough money but you spend more than they need.  So cut them off.  8. Start doing a side hustle  Start earning!   Start doing a hustle so that you can earn more. Then you don’t have to worry much about your expenses. There are too many ways to earn more.   9. Use a bicycle If you need to travel daily and it’s a short distance then buy a bicycle instead of using public transport and spending more money.  10. Lower your party days Party is okay, everyone loves to party but don’t do too much of it too. Set a monthly budget for it.   FAQs How can I earn money in Canada? Students can work up to 20 hours per week off-campus in Canada. You can take up some internships or part-time jobs or start a side hustle. International students on a student permit are legally allowed to work and earn a living in Canada to help with finances.   What is the average living cost in Canada? The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  Is living in Canada expensive? Canada is considered one of the most expensive countries to live in. The most expensive city in the country is Toronto. How much money do you need to live in Canada comfortably? As a student, you need roughly 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year. What problem an International student can face? Problems like cultural shock, new language, new people, accommodation, money management, etc. There are many student accommodation scams and foreigner scams that you need to be aware of so that you do not end up losing your hard-earned money. Conclusion Canada is no doubt an expensive country and it is challenging to manage the education and living costs simultaneously. A well-structured financial plan can be a blessing in disguise but you need an expert who can formulate such an organized plan for you.  Knowing about the living expenses in Canada for Indian students is important especially when they are preparing for overseas education. The college cost calculator on the Edufund app takes into account the future living costs so that the students can be aware of the average total cost of studying abroad and plan accordingly.  Consult an expert advisor to get the right plan TALK TO AN EXPERT
Living expenses in Australia for Indian students

Living expenses in Australia for Indian students

Australia is a popular study abroad location for students, and it offers some of the greatest master's programs in the world. According to the QS World University Rankings 2020, seven Australian universities are among the top 100 in the world.  The following is a general breakdown of the key costs of studying in Australia. Application fees (Once) - ₹2500 - 5500 Tuition Fees - ₹45 lakhs - 1 crore Flight Tickets - ₹80,000 - 1,00,000 Registration for English test (Once) - ₹14,000 Visa application (Student Subclass 500) - ₹30,000 Living expenses (yearly) - ₹12 - 17 lakhs Health insurance (yearly) - ₹25,000 Total - ₹21 - 36 lakhs Cost of education in Australia The figures reflect the annual cost of international education for international students studying in Australia. Course Vocational Education and Training - ₹1,95,000 - 9,70,000 Undergraduate Bachelor Degree - ₹9,71,000 - 21,90,000 Postgraduate Masters Degree - ₹10,70,000 - 24,28,000 Doctoral Degree - ₹8,75,000 - 20,40,000 Note: The figures exclude veterinary and medical courses, as well as other high-cost delivery options.  Fees at top institutions may be higher. It is usually a good idea to check the official website of the preferred university. Accommodation costs in Australia Do you dread spending too much money? It is usually a good idea to keep track of the spending habits of your child and help them control their expenses. Let us now go over some numbers to give you an idea of how much you will be spending on their housing in Australia. Hotels and Guesthouses - ₹4,400 - 7,200 per week Homestay - ₹11,000 - 16,000 per week Rental - ₹9,000 - 21,000 per week Shared Rental - ₹4,600 - 6,000 per week On-campus - ₹5,000 - 13,000 per week Note: Universities may not be capable of taking in all international students.  Students may be required to stay off campus.  Sharing personal space significantly lowers the cost of living. Living costs for International students in Australia  You are aware that the story does not finish with locating a place to stay. There are numerous other living expenses to consider. Let us break down the cost of living in Australia for your child. Everyday expenses Groceries and eating out - ₹7,000 - 14,000 weekly Ask your child to look for the most reasonable supermarkets around them, e.g., Woolworth, Aldi, and Coles. Phone and internet - ₹700 - 1,500 weekly Finding plans that are cheap help save a lot of money.  Ask and request student discounts. Gas and electricity - ₹1,000 - 5,000 weekly Cooking at home is a great way to save money. Public transport - ₹1,400 - 3,000 weekly Buying a monthly or weekly pass for a train or bus, depending on your routes, will be very reasonable. Ask and request student discounts. They should try renting bicycles for everyday commutes. Entertainment - ₹3,800 - 7,200 weekly This can go as high or low as your child wants. Car maintenance - ₹7,200 - 12,000 weekly Applies only if they own a vehicle. If these costs are causing you concern, keep in mind that your child can certainly work while pursuing their studies in Australia, and there are several job options available. Health insurance  The Department of Immigration and Citizenship requires everyone to acquire Overseas Student Health Cover (OSHC) as part of the visa application procedure.  Individual health insurance costs about $8,000 - $10,000 per month on average.  It is available for purchase either individually or through an educational provider.  In all of these scenarios, your child is solely responsible for the policy's upkeep. Additional read: Reasons to study in Australia Airfares  It's time to take off for Australia. The one-time fare may be around ₹1 lakh. Your child must also have return airfare as part of their funds when applying for an Australian visa.  Other costs  Now that you've seen the big costs of living and tuition, have a look at some minor charges. Study material including books- ₹25,000 - 50,000 per annum Reading study material online may help in reducing costs. Student Service and Amenities fees - Maximum ₹15,000 Not all universities levy these charges, but you should confirm beforehand. Taxes - This depends completely on your child’s income They should get a Tax File Number (TFN), in any case, before they start working. Their income is always taxable; no tax till an income of AUD 18,200, 19 cents for each $1 over $18,200, and so on. Conclusion  Because of the exchange rates, it is evident that the expenses in Australia would be a lot. If calculated and worked out well, it is not very difficult to send your child to study abroad. Always keep in mind that the tuition fee is just a part of the total expenses to be borne, the rest is where it gets tricky. Planning and teaching your children to manage their expenses before sending them to study is a good idea. This will help them maintain a comfortable life financially.  In case there is any confusion or concern regarding the financial aspects of these factors, our team of financial advisors is constantly available for your guidance. FAQ What is the average living cost in Australia? Hotels and Guesthouses - ₹4,400 - 7,200 per week Homestay - ₹11,000 - 16,000 per week Rental - ₹9,000 - 21,000 per week Shared Rental - ₹4,600 - 6,000 per week On-campus - ₹5,000 - 13,000 per week How much is the rent in Australia? Rental - ₹9,000 - 21,000 per week Consult an expert advisor to get the right plan TALK TO AN EXPERT
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