Studying abroad can be expensive. Costs can occur even before actually arriving at your university of choice. There are multiple financial implications to take into account before studying abroad. It would be best to prepare well for it by allocating certain budgets for specific expenditures.
Before Studying Abroad
Applying at a university abroad may require you to pay an application fee. These prices vary depending on the type of university (whether it be public or private) and its location. Fees can go as high as 100 USD or more so it’s best to check all the details on the school’s website beforehand. Also, you can poke around our Study Abroad page to get more information on the different schools and their specialized programs.
Once you get accepted into the program you will then have to shell out some cash for your student visa and flight ticket. You also have to prepare a budget for all the costs you’ll be incurring for life abroad. Do you need new clothes for the weather? Do you need a luggage? Do you need to stock up on things that are only available in your home country? These are all things to consider before even enrolling into a program in a foreign country.
Recommended: Things I Wish I Knew Before Studying Abroad
While Studying Abroad
This is the part where things can get more pricey. Accommodation weighs the heaviest of all – in terms of budget. Rent differs from one country to another. And the closer you are to campus, the higher the price. Utilities also eat up a huge chunk of your average monthly living costs.
If your university does not offer free transportation services around the area, transportation costs can also be part of that bulk. Don’t forget your day-to-day living costs which cover food and personal items such as toiletries, clothing, or school supplies. Plus, to guarantee your health and safety, it’s always best to invest in insurance as well.
Quick Saving Tips
- Cook your own meals instead of eating out
- Buy only what you need
- Walk or bike around when you can
- Limit your water and electricity usage
- Stick to a daily budget especially when going out
Just because studying abroad comes with a hefty price tag doesn’t mean you have to break the bank. Do your research, save up, and prepare well for the financial realities that come with pursuing studies in a foreign land. Want to learn more about how you can prepare for your study abroad? Check out our Study Abroad page to find out!