How to reduce the cost of studying abroad?
Is it possible to reduce the cost of studying abroad as a student? With thousands of Indians going abroad and opting for education loans to finance their dreams, it is a pressing question.
The cost of studying abroad can be higher for Indian students, especially since the currency is weaker than Euro or dollar. So how can you go abroad without hurting your pockets? Let’s find out.
Students should prepare for their study abroad adventure with thorough research and a methodical plan to reduce costs while studying abroad.
Suggestions to help you cut costs
1. Choose your country of study from those that are the cheapest
The cost of the curriculum is greatly influenced by location; the cost of living is not the same everywhere. Due to their generally low cost of living, Asian nations, especially those in the southeast, are among the least expensive to study in. India, the Philippines, and China are a few of these.
Due to their location at the opposite end of the cost-of-living spectrum from Japan and South Korea often have higher prices than the ones stated above.
Consider looking at South American nations with program costs that are in the middle, such as Peru, Ecuador, and Brazil, if you desire to study there.
Sadly, studying abroad in Europe is not a cheap option. Even if you choose more affordable study-abroad locations in Europe, the overall cost of living there will still be comparable to that of life at home.
But, keep in mind that even while your daily living expenditures would be cheap, some more distant locations may cost you more in flights. It’s all about striking a balance, so keep that in mind as you calculate the expense of your study abroad.
Tips to arrange study abroad funding
2. Recognize any potential unforeseen expenses
Before committing, it’s also a good idea to investigate any additional costs associated with studying abroad. Although some programs may appear to be inexpensive at first sight, they may include additional costs that must be paid in person.
Check that the pricing includes all expenses before submitting an application, including tuition, books, lodging and board, meals, excursions, orientation, and visa processing.
Instead, if you want a more independent (and hence less expensive) study abroad program, make sure they won’t charge you extra for unanticipated services once you’re overseas.
At the absolute least, confirm that the expenses you believe you have covered are covered, and be ready to pay the balance as you go. Ask the service provider or school you are applying to without hesitation.
3. Don’t stay in upscale accommodations
You can choose from a variety of accommodation alternatives that are likely to be provided by your study abroad program provider.
Be aware that more opulent accommodations typically entail higher study abroad costs. It costs less to live in university housing (like an international student dorm).
If you’re seeking a cheap housing solution, think about sharing a student apartment provided by the program. They can provide a little extra room for you without emptying your wallet like a single apartment or a protracted hotel stay.
Homestays, in which you live with a family for the duration of your study abroad program, are an additional choice to take into account. Hey, the price of a homestay is way higher than other options not great for my study abroad cost estimate but hear us out.
Because homestays often include 1-2 meals per day, you’ll reduce your overall expenses while also enjoying great home-cooked cuisine and forming connections that will probably last a lifetime. Not bad considering the cost, eh?
Finding your own apartment is a third alternative to think about, but it can be expensive, time-consuming, and difficult to negotiate in a foreign real estate market.
There can be higher upfront costs or even worse things like burst pipes or undetected insect infestations. Blech. Even if you DO find an independent choice that is cheaper, sometimes the peace of mind regarding the quality of accommodation and accessibility to assistance (in relation to your program provider) more than justifies the price difference.
The financial impact of borrowing education loans to study abroad
4. Go overseas to school in a tiny city
Large cities have expensive prices. Here’s another illustration of a geographic choice YOU may make that can ultimately impact the bottom line.
We know you adore Paris or that you would give anything to live among the Tokyo lights, but perhaps you should postpone those long-term experiences until you are older (and have more of a disposable income).
You can still go on weekend excursions in the major cities, and as noted, you can always go back eventually (perhaps as an expert or while working as an English teacher abroad after graduation!).
The affordability of smaller, more rural cities is like Iowa’s cost of living is lower than Chicago’s. Manchester is exchanged for London, Milan for Rome, and Xian for Beijing. You get the picture.
5. Avoid going on weekend trips
If weekend excursions need an additional fee that is optional, skip them and do the same thing on a shoestring budget.
In addition to giving you extra money to spend on (well-deserving) indulgences if you complete a similar journey successfully without their assistance, it will be a pleasant exercise in your own travel planning abilities.
Good tip: If you’re laid back, walking is always free and a lot of fun. Walking around your new city will help it seem more like home while also saving you money.
Consult an expert advisor to get the right plan
Want to invest?
Open a Edufund account & start investing. It's fast & 100% free.GET STARTED