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Doodle Nandi

Doodle Nandi is a content editor for Hotcourses India- an IDP company, and helps write articles that help students with their study abroad journey.

10 Jul 2018 2.6K 7 mins Share

What’s the minimum budget required to study abroad?

Learn how much money is required to plan your higher studies in different countries, such as Australia, Canada, Singapore and the UK and USA. Also know how you can overcome financial challenges

10 Jul 2018 2.6K 7 mins Share
Doodle Nandi

Doodle Nandi is a content editor for Hotcourses India- an IDP company, and helps write articles that help students with their study abroad journey.

Share this article
Minimum budget required for higher studies abroad

Do you want to get a good education from a university abroad? Are you sceptical that the money that you plan to spend for your education may not be sufficient? You would have had these thoughts countless times, and every time you wanted to plan a budget, you withdrew yourself from proceeding further because you thought a degree abroad would cost you a fortune. Is that right?

What if we give you a plan – a minimum budget required to study in a country overseas? The list includes countries like the UK, USA, Canada, Australia, Singapore, Malaysia and Germany. Don’t just read the information we provide, please make use of it.

Read: Can you study abroad with less money?

United States

The States will never lose its charm to students and citizens worldwide because of several reasons. Colleges and universities in the USA are considered to be world class; the breadth of courses available at US institutes is also favoured by most international students.

To study undergraduate degree in the USA, students need minimum 12 Lakhs in a year to cover the cost of tuition, and minimum 5 Lakhs in a year to meet their living expenses. However, students who want to pursue postgraduate studies in the USA must have minimum 20–25 Lakhs to cover both tuition and living costs annually.

Students residing in Nepal who want to make the USA as their study destination need minimum 19 Lakhs (Nepalese rupee) for undergraduate studies and minimum 32 Lakhs for postgraduate studies. Bangladeshi students would require minimum 14 lakhs (Bangladeshi Taka) for undergraduate studies and minimum 24 Lakhs for postgraduate studies in the USA. Similarly, Sri Lankan students need minimum 27 Lakhs (Sri Lankan rupee) for undergraduate studies and minimum 46 Lakhs for postgraduate studies in the USA.

But, students who are eligible for scholarships to study in the USA can manage with a lesser sum of money. There are both merit-based and need-based scholarships available at US institutes. And if you are keen on following an affordable route to study in the USA, then the best option available is to apply at any state-funded or public universities, which are relatively less expensive compared with private universities.

US education help students establish life-long connections with people on a large scale. Most universities allow students to select flexible courses and choose from curricula that closely match their interests. Also, US institutes give preference to practical-oriented learning, and therefore they have tie-ups with leading industries worldwide.

United Kingdom

Since the duration of study in the UK is shorter in length, students don’t need to invest a huge sum of money for their studies in the country. The country offers many scholarships and financial benefits to international students.

Normally, the minimum course fee required to study at UK institutes is 10 Lakhs per year for undergraduate studies and minimum 13 Lakhs per year for postgraduate studies. Besides, living expenses should be factored in, which amounts to minimum 8–10 Lakhs per year.

Living expenses vary based on the location you choose to live in and the type of accommodation you prefer. If you’re going to stay with a family in the UK, then you might spend less on other necessities because a homestay will cover most of your everyday necessities.

Nepali students need to have minimum 16 Lakhs (Nepalese rupee) for their undergraduate studies and minimum 20 Lakhs for postgraduate studies. Sri Lankan students need minimum 23 Lakhs (Sri Lankan rupee) for undergraduate studies and minimum 30 Lakhs for postgraduate studies. Similarly, Bangladeshi students need minimum 12 Lakhs (Bangladeshi Taka) for undergraduate studies and 15 Lakhs for postgraduate studies.

Australia

Australia has been, and will always be, one of the most chosen destinations for higher education, by students from various corners of the world. The country is known for its world class institutes, particularly the Group of Eight, and quality living standards. One of the most liveable cities in the world is in Australia, i.e., Melbourne, which also has a vast international community and great cultural diversity.

To study in Australia, either undergraduate or postgraduate courses, students need minimum 12–15 Lakhs per year, alongside minimum 10 Lakhs to cover their annual living expenses.

Canada

Canada is increasingly becoming one of the widely chosen destinations for higher education. Owing to its multicultural community, along with its welcoming atmosphere, students from all over the world consider Canada to be an affordable and safe place for education. In addition, Canadian institutes follow the same academic pattern that the US institutes follow. Therefore, the country is a good back-up option to students who find the States expensive for their studies.

Moreover, Canada’s post-study work opportunities are better than other countries, which is yet another reason why it’s a most-loved student destination.

To study an undergraduate or postgraduate degree in Canada, students need minimum 10–12 Lakhs annually to cover their tuition fees, and minimum 5 Lakhs per year to cover their living expenses.

Ireland

Ireland is known for its amicable and liberal-minded people. Most Irish institutes have rich historical flavours and offer high-quality education. In addition, institutes are located in picturesque places, surrounded with several recreation and sports facilities.

The academic pattern followed in most Irish institutes is similar to that of British institutes'. As an English-speaking nation, Ireland draws international students from over 160 different countries.

The minimum budget required to study in Ireland is 8–12 Lakhs per year, for both undergraduate and postgraduate studies. Living expenses in Ireland are lesser than other countries.

Nepalese students who want to study in Ireland must have minimum 12 Lakhs (Nepalese rupee) to cover their education cost. Bangladeshi students must have minimum 9 Lakhs (Bangladeshi taka) for their studies, and Sri Lankan students must have 18 Lakhs (Sri Lankan rupee) for their education in Ireland.

Ireland has good connectivity to some of the biggest businesses and industries globally. This is, perhaps, because of the presence of big companies like Google, Facebook, Microsoft and more. In fact, Dublin is considered to be a perfect place for entrepreneurs and engineers since it’s becoming a hub of technological innovations.

All types of industries – be it retail, food, manufacturing, health, transport or pharma – can be found in Ireland.

Malaysia

Malaysia offers affordable study options for students who want to complete their higher studies in minimal budget. Undergraduate students studying in Malaysia need to spend minimum 2–5 Lakhs per year, and postgraduate students must have minimum 3–6 Lakhs annually to fund their education in the country. Also, students must have a minimum sum of 2 Lakhs to support living and other expenses during their stay.

Nepali students can manage with a minimum sum of 3 Lakhs (Nepalese rupee, which will cover the tuition cost in Malaysia. Bangladeshi students must have minimum 2 Lakhs (Bangladeshi Taka) to cover the education cost, and Sri Lankan students must have minimum 4 Lakhs to cover their tuition fees in Ireland.

Singapore

Singapore is teemed with varied culture and lifestyle. People from all parts of the world can be seen in Singapore. It’s an ideal option for students who want to study at world-class institutes at reasonable costs. Institutes like NTU and NUS are known for high-quality teaching; they have established themselves as comprehensive research-led universities. In addition, several other universities from different countries have established their satellite campuses in Singapore. These campuses offer same academic support and course options as the parent institutes do.

In Singapore, undergraduate students must have minimum 8–12 Lakhs per year to fund their tuition costs, and postgraduate students must have minimum 10–15 Lakhs per year. To meet the living expenses in the country, students must have minimum 5 Lakhs per year.  

New Zealand

New Zealand is famous for its indigenous people and kiwi culture; it’s also a splendid place for education. The country has a vast international student community, though it maintains a close-knit ambience.

People in New Zealand love to travel worldwide so they welcome outsiders who love to visit their country. In addition, there are lot of adventure spots in the country, alongside several woodlands and parks. Students can choose an active lifestyle in the country through several recreation facilities.

Institutes in New Zealand require students to spend minimum 8–15 Lakhs per year for undergraduate education and 15–22 Lakhs per year for postgraduate education.

Living expenses in NZ could be pricey, ranging from 7 to 8 Lakhs per year. However, it’s not difficult to follow a simple lifestyle and avoid binge expenses. Knowing the locals in the country can help students, making them aware of the country’s lifestyle and how NZ people survive on small budget.

Check out the info graphic on cost of studying in New Zealand.

Germany

Almost 13% of the student population in Germany comprise international students. Deutschland is favoured by students globally for all good reasons – affordable education, English-taught programmes, career opportunities, hands-on learning methods, high-quality living conditions and considerable graduate employability potential.

In Germany, most public institutes don’t charge any tuition fees from students, regardless of the programme they choose to study. However, private universities charge a minimal tuition fee of 6 Lakhs annually. Living expenses in Germany normally vary based on the types of accommodations you choose. But, a minimum sum of 6 Lakhs is essential per year to cover living and additional expenses in the country. 

To manage your study abroad budget, you can look for certain types of scholarships too –

  1. Merit-based scholarships – these scholarships are awarded to students based on their academic records, which also include students’ athletic and artistic talents and any other extra-curricular activity records that they may have.  
  2. Need-based scholarships – need-based scholarships are open to highly meritorious students who want to study overseas, but don’t have means to sponsor their education cost. Some US institutes offer ‘need-blind’ admissions that promise fully funded education for students with poor socio-economic backgrounds.
  3. Specific scholarships – there are several destination-specific, programme-specific and subject-specific scholarships open for international students in countries abroad.

Get to know some money-related FAQs from our students.

Shortcuts to manage your money and overcome financial challenges while studying abroad

  1. Figure out what are the other expenses, besides your tuition and living expenses, which you have been considering till now. If you find some unnecessary expenses, just cut them off your life.
  2. Know the locals living in the region you stay. Understand the way people live their lives in the region. A deep knowledge about the locals and communities will help you communicate in their language and find survival tips when you face any difficulties. This will also help you understand what to buy, and what not to, and therefore making you efficient in managing your budget.
  3. Find the cheapest way you can commute from one point to another. Facilities like student pass and international student ID card go a long way in helping you manage your transport expenses.
  4. Sort out your money exchange options. It’s better to open a bank account in the country you are moving to so that you can save a lot of time and unnecessary international fees.

Now that you know how much money you must have to fund your dream – a degree abroad – why don’t you shortlist a country and some universities and move on to the next step, i.e., file applications. If you don’t know how to proceed to the next level, we can help you. Our counsellors will guide you in selecting the right course and university and help you send over your applications. They will also guide you with the study visa process, and give you every basic detail that you need to know. Just speak to them or have a chat with them.

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