Studying abroad is a once-in-a-lifetime opportunity that comes with numerous advantages. There’s a study abroad choice for every student’s budget, as tuition and living costs vary widely between universities, towns, and countries. It’s possible to save money in some instances.
Personal and professional benefits accrue to students who take advantage of the opportunity to study abroad. What you get out of this experience is incomparable in terms of what you will learn, the people you will meet, and the memories you will create.
The average cost of studying abroad
How much a study abroad program costs depends on a wide range of factors, from the cost of education in a given nation to the specifics of the study abroad experience. A semester-long study abroad program costs, according to the University of Louisville, between $7,000 and $15,000 on average.
Students should keep in mind that they will have to pay for everything from flights and lodging to food and medical insurance when they study abroad. The expected costs of several programs are shown in the table below.
According to Open Doors, Spain, Italy, the United Kingdom, France, and Australia are among the most popular study abroad locations. Nonetheless, some of these locations are also among the most expensive in the world. In terms of annual university costs and annual cost of living, Australia is the most costly country to study in, followed by the United Kingdom and France.
Studying Abroad: The Biggest Financial Burden
Expenses like housing, food, and transportation are all part of a student’s college experience when they study abroad. However, there will be other expenses, such as airfare, visa and passport fees, and personal spending money. The cost of a student’s recreational trip can also add to their overseas expenses.
The following is an analysis of the cost of overseas study-related expenses. This should help you to figure out what to budget for your expenses overseas.
Depending on the continent, region, and location you choose, housing costs can vary greatly. If you’re looking for a simple and inexpensive lodging option, student housing may be the best option. Some programs, on the other hand, allow students to arrange their own housing.
Decide which city is best for your budget by comparing the cost of living in various locales. For the sake of simplicity, the following is the price of a single-room furnished studio in a modest neighborhood. In Paris, prices range from $1,450 to $2,600; in London, prices range from $1,750 to $2,600; in Hong Kong, prices range from $2,000 to $4,000; in Melbourne, prices range from $1,100 to $1,500; in Moscow, prices range from $500 to $900; in Barcelona, prices range from $900 to $1,300; and in Cape Town, prices range from $500 to $800.
Public transportation is the most cost-effective mode of transportation, but you can also use an Uber or cab. The monthly transportation pass prices shown above are estimates and are subject to change owing to currency fluctuations. Paris is $92; London is $200; Hong Kong is $77; Melbourne is $124; Rome is $43; Moscow is $30; Barcelona is $50; and Cape Town is $49.
You can save money or indulge on food and beverages. The prices shown below represent the typical cost of a quick supper in the city. If you’re going to splurge in this area, raise your budget. $11 to $19 in Paris, $5 to $10 in Hong Kong, $9 to $14 in Melbourne, $4 to $6 in Moscow, $10 to $18 in Barcelona, and $4 to $8 in Cape Town.
The city from which you depart determines the cost of your flight to your study abroad program. The following are the round-trip flight prices from JFK Airport in New York, as determined by Google Flights. Tickets can get more expensive as you get closer to your departure date, so plan accordingly. For Paris, expect to pay between $600 and $1,200; for Hong Kong, between $800 and $1,300; for Melbourne, between $1,300 and $2,100; for Rome, between $500 and $1,200; for Barcelona, between $400 and $1,000; and for Cape Town, between $1,000 and $2,000.
How to save money while studying abroad
Open a savings account
Be careful with your money and use it wisely. Take stock of your finances and identify areas where you may be able to make savings. That difference will be used to fund your international studies. You can experiment if you’re just getting started with budgeting.
Saving, no matter how small
You may not have the money for a savings account on your own, so why not save your spare change? You can either do it the old-fashioned way (by depositing loose pennies into a piggy bank) or you can download an app for it! Some apps round your purchases up to the closest dollar and save the difference in an online account, making micro-saving simple and painless.
Sell off your rarely worn clothes.
All ages and incomes are embracing the practice of buying, trading, and selling old clothing. Consignment shops in your area are a great place to find fashionable clothing that you have never worn. With the rise of online consignment retailers, you can even sell your unwanted clothing from the comfort of your own home. Your best bet is to sell clothing that is appropriate for the current season. The middle of July is not a good time to sell your parka.
Stop buying caffeine.
This may appear to be an insurmountable obstacle, but we have faith in your ability to overcome it. Keep track of how much money you save each day by giving up coffee or (another item you usually purchase) and either forgoing it completely or creating your own. You’ll be glad you went to a Moroccan cafe for a nosh.
Cancel any active memberships.
Is the New Year’s resolution to work out three times a week? Is it possible to change it to yoga or something else and save the money? We’ve all been there; the gym membership didn’t work out. You can save a lot of money quickly by canceling a membership you don’t use. To stay in shape at no cost, go for a walk with the dogs, go running with friends, or join a club sport.
Cut down on going out with friends.
Remind your pals that you’re trying to cut costs wherever you can, so they may join you in attending free events, cooking instead of eating out, and having movie or game evenings wherever possible. The extra income you’ll have to spend on exciting activities and excursions while you’re away from home will come in handy.
Use a cheaper means of transport.
This is a self-explanatory example. Ride your bike instead of taking an Uber everywhere! With a taxi service, you can save money by sharing the cost of a ride with other customers. You never know, you might even meet someone new!
Tell friends and family to gift you some items for your trip.
Travel gear costs a lot of money in order to prepare for a study abroad trip. Most of this material is undoubtedly already in the homes of your relatives and acquaintances. You can save a lot of money by asking friends and family to lend you their extra luggage, airplane cushions, camera cases, and other travel necessities.
Look out for discounted flights.
There are a lot of websites and services designed for students that can help them plan and book their trips for cheap. Two of the best providers are StudentUniverse and STATravel—Why spend money like a grown-up when you can spend it like a student?
Don’t buy what you need.
Although we all need immediate gratification, you’ll need to start thinking long-term if you want to save for a vacation before you leave. Don’t buy on the spur of the moment! Whether it’s a video game, a new pair of Nikes, or a ticket to an overpriced music festival, put it down.
As much as you, work!
Some simple ways to earn extra money include dog walking, house cleaning, tutoring neighborhood children, personal grocery shopping, and lawn mowing. Be inventive, and you’ll discover a slew of methods to get money quickly by doing basic chores for family, friends, or neighbors.
Get used to using coupons and discounts.
Keep in mind that you don’t have to buy everything fresh or at full price. By using coupons and promo codes, you can save money on the GoPro camera you need for your trip overseas. eBay and Amazon are usually fantastic places to find bargains on new and scarcely used items.
Stop going out on dates.
In the event that you’re serious about saving money (and you go on a lot of dates), this might be the best advice for you to follow. Spend less on meals and beverages and use that extra cash to hook up with the gorgeous women you’ll encounter while traveling.
Set up a campaign to raise money for your cause.
The crowdfunding websites GoFundMe, Kickstarter, and other crowd-funding sites have proven to be extremely beneficial for many students who want to self-fund their study abroad trip. If you create a crowd-financing project, you can quickly and easily connect with your network of friends, family, and acquaintances. Take a chance!
Get a cheaper accommodation.
It is definitely one of the most effective techniques to save a significant amount of money in a short period of time. Before you leave for your trip, your parents will want to see you! Your childhood bedroom is waiting to see you.
How to choose a course to study abroad
Decide on a certain area of study.
Now that you know what you want to learn, all you have to do is locate a school that can provide you with the instruction you need. Depending on where you look, you may come across programs or specializations that interest you, such as interdisciplinary Bachelor’s or Master’s degrees.
Decide where you want to go to school.
There is a good chance that you already have a destination in mind where you would like to relocate and further your education. For those who have no clue where to begin, checking out nations, universities, and towns with most or all of the necessary characteristics, such as study program type, facilities, transportation, living costs, or weather, can be a good place to start.
Use the top international degree search engines.
Since choosing a university involves weighing a number of important (and many minor) factors, you should do a lot of research on your options before making a final decision.
Use professional platforms for higher education that are well-informed, like the websites of Studyportals, which make it easy to move quickly between study options, categories, and filters.
Make sure to check out the International Ranking of World Universities.
“Which institutions are the best?” is another apparent question, but it’s not as simple as it sounds. There are a number of different ranking methods, each based on a distinct set of characteristics, that are used to determine the best universities in the world.
Research the most cost-effective degrees.
It’s no secret that studying abroad can be expensive, so it’s important to look at the whole cost of the programs you’re considering. And this includes tuition prices, which range from free or low-cost programs to universities that charge a lot of money to guarantee you the highest and most prestigious degree possible.
Find out what other students had to say about their time abroad.
Consider what other international students in a similar situation have gone through if you’re on the fence about trying out other study programs and universities that seem right on paper but don’t feel right in your gut.
Find those who have been through the same experiences as you, or those who can give you extremely specific advice and pointers based on their own experiences.