Forecast Your Finances

Before you dive straight into applying for a course abroad, take some time and budget the costs involved in going to a foreign country and studying there. Here’s a short guide to help you get started

Studying abroad has neither been a cheap affair nor has it been as straightforward as paying your fees and showing up in class. If you want to study outside India, start preparing for it at least a year in advance. You will need to begin with an evaluation of how much it will cost and how you will manage the expenditure. To help you with this, here is a rough estimation of the money you will spend in the process. Please note that this is not an exhaustive list.

* Mandatory. Charged by length of visa; offered by individual universities in partnership with private insurance companies.
x Averages per annum as per HSBC Studying Abroad Research, 2013
+ Winners of the Chevening, British Marshall, Fulbright and Commonwealth scholarships have no visa charges
Additionally, you will incur costs while preparing the documents you need for applying to universities. Your college or school will provide your academic transcript at a cost (around Rs. 500 per copy). If you send paper applications, add another Rs. 1000 for courier charges. If you do it online, there is no charge.

After you arrive in the country of your choosing, you will have a few expenses in the first few weeks of your stay. Some of them would extend to the entire length of your stay, like food, rent, travel, etc. However, these vary according to lifestyle, personal budget, spending habits and location.

 

 

 

 

 

 

 

 

 

 

*If you own a TV and want to watch programmes as they are broadcast, you will need to pay an annual fee of  £145.50 for a TV license. Also applicable if you use the Internet for live TV transmissions.
Additionally, you might spend on Internet, gas/electricity and other utilities, especially if you live off-campus in a rented accommodation. If you live on-campus, it is likely that these charges are included in your rent.
You will also incur a small charge per week, or month depending on your usage, for mobile phone services.

 

Volume 3 Issue 4