How much does a foreign education cost, and is it worth it?

Many Indian students harbour the dream of getting an education abroad for better prospects.

Education in India though cheapest in the world, lags behind in quality. Even as recent as last year, none of the Indian universities, including the IIMs and the IITs figured in the list of the “100 most prestigious global universities”.

Due to the sheer lack of quality higher education in India, many students enrol in courses abroad in the hope of landing better jobs with higher packages.

However, when considering a course abroad, it isn’t just the tuition fees that need to be taken into account.

What are the other costs involved in studying abroad?

Apart from tuition fees, other costs such as lodging and boarding (in case the University doesn’t provide accommodation), meals, commute, insurance and recreation are the other big avenues where funds are required.

The following table will give a ballpark estimate of the tuition fees of colleges in various countries and the living expenses of each.

Country	Tuition fees range	Cost of living range
USA	US$6,000 – 40,000	US$10,000 – $15,000
UK	£4,000 – £21,000	£9,000 – $12,000
Australia	AU$9,000 – $18,000	AU$18,000 – $20,000
New Zealand	NZ$14,000 – $21,000	NZ$12,000 – $15,000
Canada	C$2,000 – $16,000	C$15,000 – $20,000

Note that we have shared the price ranges for these costs, you would have to calculate the exact amount they will need to spend depending on the University they choose and the area they plan to reside in. Private colleges have higher fees than the publicly aided ones, and living expenses will also increase if students choose to live in the prime area of a city.

For a better understanding, we have outlined below the annual costs for tuition and monthly living expenses for a person who chooses to study in the US.

Tuition Fees in US colleges

University Type	Tuition Fees (annual in USD)
Private Institutions (High Cost)	$ 19,000
Private Institutions (Low Cost)	$ 12,000
State Institutions (High Cost)	$ 13,000
State Institutions (Low Cost)	$ 6,000

Cost of Living in the US

Rent	$ 400 per month (with this amount one can either live alone in a place like Alabama or share an apartment with 6 people in New York)
Groceries	$ 100 per month
Utilities	$ 100 per month
Phone	$ 100 per month
Sundry	$ 200 per month
Total	$ 900 per month

Also, as a student, before you actually get into a college of your choice and move to that country, also keep in mind the college application fees, airfares and visa costs.

You must also remember that exchange rates during your entire stay abroad will fluctuate and might impact your budget. Use a currency exchange calculator to keep track of these fluctuations.

Do all these expenses make the investment worth it?

While the costs may seem astronomical, there are several advantages of studying abroad.

First, universities abroad have far better facilities and infrastructure and the culture is more conducive to research.

Next, armed with foreign degrees, Indian students can start off at fantastic payscales, in India and internationally, which will cover the cost of education in a few years.

Towards a later goal in life, it also becomes easier for a student to settle down abroad, as education is the first step in that direction.

Last, but not the least, the sheer experience of living abroad and interacting with people of different cultures can help students become global citizens, which is a pre-requisite today to rise through the ranks in any stream.

The high cost of studying abroad should not be a deterrent to one’s dreams. Many universities abroad are willing to fund part or whole of the tuition fee through scholarships which significantly lower costs for students.

Also, if students manage to get a part-time or on-campus job, some part of their miscellaneous expenses can be taken care of.