Intro
Most people only consider their tuition fees while calculating their overall cost of studying abroad. But there are money other expenses that you must consider while doing your financial planning for abroad education. Keeping this in mind, today we are going to learn about six costs that most people overlook while calculating their overall cost for abroad education.
Administrative Costs
Many overseas universities offer free academic programs to students. However, you may still have to pay for administrative costs. These costs usually cover books and other documents that you will need while pursuing your studies abroad. For example, you may have to pay around 160-250 EUR per semester as administrative costs. Yes, these costs are not that huge/high. But you must keep these costs in your mind while doing your financial planning for studying overseas. Why? Because it can increase your overall cost of studying abroad. To learn about administrative costs of various overseas universities in detail feel free to contact our best abroad education consultant in Gurgaon.
Transport Fees
Once you get admission to a university you must make your travel arrangements. However, this can be a costly affair especially if you don’t have a scholarship. Moreover, if your accommodation is a little far from your campus then you may have to pay for your daily commute too. But this may increase your cost of studying overseas. However, you can easily reduce this cost to some extent by using cheaper transport alternatives like Blablacar, public buses, etc.
Accommodation Costs
Accommodation cost is another thing that you must consider while doing financial planning to study abroad. Why? Because it can drastically increase your cost of studying overseas especially if you go for off-campus accommodation. Yes, you can find affordable off-campus accommodation. But you may have to face lots of competition to get it. To solve this problem, you can go for on-campus accommodation. However, you will have to share it with other foreign students.
Health Insurance
Studying overseas means you will be away from your family for at least 1-3 years. Thus, you must get health insurance to cover your medical expenses. If you are going to the EU, or EEA for studies then you only need to get EHIC which is issued free of charge. However, if you are going to any other country for your studies then you will have to get private insurance. But this can be a costly affair and increase your overall cost of studying overseas. On average you may need to pay around 30-400 EUR per month to get private health insurance. Note: This cost can vary depending upon the plan and insurance provider you choose.
Food Expenses
How much money you will need to spend on food and groceries depend upon the country that you choose for studying. For example, if you go to Europe then you will have to spend around 175-260 EUR on food and groceries. But this cost can also go up depending upon your lifestyle and how often you eat out. However, you can save a little bit of money by shopping at local markets and cooking your meals/food at home. Apart from this, many universities also offer meal coupons to students. Using these coupons, you can easily reduce your food expenses. So, make sure you take advantage of these coupons if you want to reduce your overall cost of studying overseas.
Books and Course Materials
The cost of books and other course materials is another thing that you must consider while doing your financial planning. Depending upon the academic course you choose you may need to spend around 200-950 EUR PA on your books and course materials. However, there are a few things that you can do to reduce these expenses:
- Apply for scholarships that also cover the cost of books and course materials. To learn about these scholarships in detail feel free to contact our overseas education consultants in Noida.
- Purchase a soft copy of your books rather than hard copies
- Share books with a classmate, etc.
Conclusion
These are some of the expenses that most people overlook while doing financial planning to study abroad. So, make sure you don’t forget to include all these expenses while calculating your overall cost of studying overseas. This will help you a lot in your financial planning.
