One of the most important aspects of studying abroad in a country where the currency has far more strength than the rupee is realizing just now experience everything is. Even things that once you took for granted now seem to cost much more when you are paying in dollars or rupees or pounds.
One advice that a friend of mine had given to this ol’ fellow was, “Don’t convert the money into rupees whenever you try to buy something, otherwise you will end up panting in fear every time you have to spend any money.” She may have been facetious, but the truth stands that for an Indian moving to study and live on foreign shores, everything is expensive, at least as long as they don’t have any steady source of income there.
So, how much does it actually cost to study abroad? Here’s a brief look at the numbers you can expect to spend in these places:
United Kingdom (UK)
You should expect to spend anything upwards of 10,000 pounds on tuition fees if you plan to study in the UK. A masters could cost you 10000 or 15000 pounds, while an MBA could cost you as high as 20000 pounds. Imperial College London, one of the world’s best colleges for a business degree costs upwards of 25000 pounds for one academic year.
The cost of living varies, but you can expect to spend in a range of 8000 to 12000 pounds a year depending on which city you reside in and the rent you are paying there.
The good thing about studying in the UK is that you can get your Master’s degree within a year, but the flipside is that with the country closing its post-study work visa, finding a job there in the current economic scenario is quite difficult. Getting Return on your considerable investment then remains a challenge.
United States of America (USA)
If you are one of those keen on pursuing the American Dream and want to study in the States, then you can expect to spend anything between 30 lakh INR to 60 lakh INR (for two years). Again, this depends on which course you plan to pursue, since fees differ considerably from course to course.
The cost of living can be anything upwards of 7 lakh INR a year, depending on which state you reside in, whether you live alone or share rent with roommates, or whether you stay in college dorms.
San Francisco and New York have some of the highest rates to live in, while a place like Lubbock in Texas will have a considerably lesser cost of living.
The Australian dollar is still thankfully below 50 rupees, and thus the cost of education in Australia is lesser costly than both the UK and the USA, especially since unlike the former, you will be studying here for two years and may even have a good chance of getting a post study work visa.
You can expect to spend in the range of 30 to 40 lakh INR (again, for two years) on your tuitions down under, while the living expenses for the year can be managed in 6 to 8 lakh INR.
Remember to make smart decisions and go to the place which is highly ranked and yet falls within your budget, while also one which gives you the best chance to work there after studying to recover your investment. Inquire about scholarships and assistantships and apply to them at the soonest to offset some of your cost of studying. Research well and take an informed decision!