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.
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.
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 are 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 college students 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 fee 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.
