How much funds do we need to study abroad?

Question

Gautam Kumar · Accepted Answer

Well it differs from country to country.  I mean you may get an estimation for living cost as somewhere the same for all major countries, but not tuition fee. Each country has a different structure and asks for different tuition fees for their programs. Like logically, the USA quilt is more expensive because it has bigger universities that are ranked way higher.
So to estimate the total cost of education in the USA first, it's like $48,500 for an annual expense. It is equivalent to around INR 37 lakhs. This includes all your expenses like tuition, accommodation, transport and materials. Basically you can assume that apart from tuition it will cost around 7-8 lakhs for yearly stay there. It can change based on your living choices. But overall, you will need like 37 lakhs for a one year study in the USA.
On the other hand, the UK is also a very popular country for studying abroad. And compared to the USA, it costs a little less to study there. But for lifestyle, Uk can be very expensive, so you will need to consider your choices there. On average you need  &pound;31,000 for all your annual expenses for studying in the UK. This figure is somewhere around INR 30 lakhs. Again, I suggest we choose to stay in the UK. Because the lifestyle there  is very elegant and can be very expensive.
One other popular country among Indian students is Canada. A ton of international students target Canada for MBA and other masters. If you don't know already, Canada is the #1 country for studying abroad right now. Maybe because the country is very friendly and gives easy immigration. Anyway, the average expense to study in Canada can be anywhere between 20-30 lakhs for a one-year. Yes, Canada is cheaper than the UK, but depending on the course you choose, it can vary.
I suggest you directly get in touch with experts for FREE. They will analyze your profile and look for the best suited options for your profile and also your preferences. Hope this helps!

Yash Mothia · Answer

The financial requirement for studying abroad encompasses several key elements, each varying by destination, institution, and lifestyle choices. Generally, tuition fees are the major expenditure; these can range from $10,000 to over $50,000 annually, depending on the institution and program. In countries like the UK and Canada, you might find the tuition slightly lower but still substantial. 
Living expenses, which include housing, food, transportation, and leisure activities, also vary significantly. For example, living in urban centers such as London or Toronto might require a budget of $1,200 to $2,000 per month. Additionally, you should account for initial setup costs&mdash;like securing housing and purchasing essential items&mdash;and regular costs like health insurance and mobile phone services. 
To mitigate these expenses, students should explore this opportunity of  scholarship to study abroad for indian students, financial aid, and in some cases, part-time employment options (subject to visa regulations). Planning ahead with a detailed budget and seeking advice from financial advisors or experienced students can also provide valuable insights and help on Education loan for study abroad to manage costs effectively.