Studying abroad can be a life-changing experience, offering the opportunity to immerse yourself in a new culture, gain a global perspective, and expand your educational horizons. However, the cost of international education can be a significant barrier for many students. That’s where smart financial planning, scholarships, grants, and budgeting tips come into play.
With the soaring costs of tuition fees, living expenses, and the unpredictability of currency fluctuations, careful financial management is essential to ensure a smooth and stress-free educational journey. It involves understanding the multiple costs that are a part of one’s academic journey in a foreign land while assessing one’s financial resources, setting realistic goals, and devising strategies to achieve them. By planning ahead, students and their families can avoid financial strain and make informed decisions about their education investment.
Here’s the list of important things shared by Saurabh Arora, CEO, University Living, that need to be kept in mind while planning to apply for foreign education.
EXPENSES TO ACCOUNT FOR:
1. TUITION FEES
Understand the cost of tuition and any additional fees. Keep in mind that international students might pay higher tuition rates in some countries. While traditional destinations offer a variety of universities and colleges, one may explore emerging destinations like New Zealand, Singapore, Dubai, Malta, Germany, France, Italy for new-age courses at a more affordable cost.
2. ACCOMODATION
As an expert in student housing, we highly recommend that students initiate the preparation for their overseas educational venture approximately 12 to 18 months prior to their departure. Early planning, encompassing advanced booking of accommodations and flight tickets, can potentially translate into a cost-saving of around 20-30 percent.
3. LIVING EXPENSES
Research the cost of living in your study destination. This includes food, transportation, and personal expenses. Create a monthly or weekly budget to manage your finances effectively. University living in order to help the students provide a Cost of Living calculator, which provide an estimated cost that a student might have to incur on a regular basis. It may be a good idea to support the ongoing expenses through off-campus work opportunities that are available to students for a set number of hours per week.
4. CURRENCY FLUCTUATIONS
Currency fluctuations can have a significant impact on the cost of foreign education. Students and their families should monitor exchange rates and consider using hedging strategies or financial products to mitigate currency risk. Additionally, exploring options for local currency accounts or prepaid cards can help minimise transaction fees and currency conversion costs.
There are online education payment platforms for international students such as EasyTransfer that offer novel payment technologies, transparent and fair exchange rates, 1-to-1 guidance, and native language support to help international students and their families overcome cross-border financial challenges and pay tuition fees and make payments like locals.
5. STUDENTS VISA
Navigating student visa costs and requirements is a crucial step in the study abroad journey. Each country has its own set of visa regulations, which may vary depending on factors such as the student’s nationality, chosen course of study, and duration of stay. It’s essential for students to research and understand the specific visa requirements for their intended study destination well in advance.
6. POST-STUDY VISAS
Post-study visas, also known as work visas or post-graduation work permits, allow international students to remain in their study destination after completing their education to gain work experience or pursue further studies.
Below are some of the Post-Study visas that traditional study abroad countries provide. For instance, the United States offers Optional Practical Training (OPT) for up to 12 months, extendable for STEM; the United Kingdom provides a post-study work visa under specific conditions; Canada offers a Post-Graduation Work Permit for up to 3 years; Australia grants a Temporary Graduate from Visa (subclass 485) ranging from 18 months to 4 years. These visas play a significant role in students’ long-term career plans and immigration prospects.