Are you considering studying abroad and want to start running the numbers to see how much it’ll cost you? Keep reading! Studying abroad is a life-changing opportunity, but can be expensive. Before making any decisions, it’s essential to understand all the costs associated with this endeavour. Today, we’ll look at financial questions international students should ask themselves when considering studying abroad.
Financial Questions for International Students
1. What’s the cost of health and travel insurance?
These costs vary depending on where you choose to study abroad. Read our blogs to learn more about the cost of health and travel insurance in Australia, Canada, the United Kingdom, and the United States.
2. How much will my tuition and books cost me?
The cost of tuition and books will vary depending on your:
- Program/course
- Academic institution
- Level of study
- Where you’re studying
The best way to accurately budget for tuition is to visit the ApplyBoard Platform and search the cost of tuition for your desired program/course. To determine the cost of your books, you can look for pricing on the institution’s website or contact an academic advisor. Next, add the estimated cost of your tuition and books and multiply that figure by the length of your program.
Tip: If you’re looking to keep to a budget, remember that some books may be bought second-hand or borrowed from a library. Also, you may be able to rent your textbooks on Amazon.
3. How can I find out which scholarships or financial aid is available to me?
Scholarships and financial aid options are great ways to cut your education costs. Some of the more common scholarships to look out for are:
- Government-funded scholarships
- Institution-specific scholarships
- Merit scholarships
- Country-based scholarships
- Financial scholarships
Do your research to learn about all of the funding opportunities available to you. A few hours of work can save you thousands of dollars in the long run!
4. Do I want to live in a big city or a smaller community?
Choosing to live in a big city or opting for a smaller town/suburb can significantly impact a student’s budget. Typically, bigger cities are more expensive. The rent, utilities, and overall cost of living tend to be higher than a smaller community. Aside from the price point, it’s important to consider what type of environment is the best match for you.
Tip: Factor in the cost of day-to-day transportation. If you plan to live in a smaller community and visit the city a lot, you’ll need to account for the cost of frequent travelling.
5. What are my housing options, and how much will it cost?
Different types of housing can vary quite a bit in cost. Let’s look at some of the more popular options for international students:
- On-campus housing
- Off-campus housing
- Homestay
All three have unique benefits and associated costs. On-campus housing is a great option if you’re looking to be close to your classes, amenities, and other students. Off-campusing housing can be a good choice if you want privacy and independence. And you should consider a homestay, where you’ll be matched with a local family and live in their home, if you’re seeking social connection and autonomy.
Off-campus housing tends to be the most expensive option, on-campus is usually the most affordable, and homestay typically falls somewhere in between.
6. How much will my living expenses be?
Your living expenses will vary depending on what city you study in and the type of lifestyle you want to lead while abroad. When budgeting, consider the following questions:
- How often do you want to go out to restaurants, clubs, movies, and bars?
- Do you plan to have a car, bike, or use public transportation?
- How much do you think you’ll spend on groceries?
- Is a gym membership important to you?
- How much will your phone bill and utilities cost?
- Do you plan to live on- or off-campus?
After answering these questions, you can begin researching estimates on the associated costs.
Stay tuned: Later this month we’re featuring a cost of living series for each of our destination countries. Keep an eye out for our first article in the series on the ApplyBoard blog.
7. How will I receive or send money?
If you need to receive or send money while abroad, it’s important to research different wire transfer and online fund transfer options before leaving your home country. Some of the more popular ones include:
- MoneyGram International Inc
- Xoom
- Western Union Company
- E-transfer (if your banking institution offers this service)
Whatever money transfer option you choose, it’s a good idea to set up your account before your flight or as soon as you arrive at your destination country.
Tip: Do your research to select a money transfer method that’s accepted by the local bank in the city where you’re going to study.
8. What will I do if I need emergency funds while studying abroad?
Before leaving for your study abroad destination, ensure that you have emergency funds set aside. In the event your wallet is stolen, or you lose your phone, it may be a smart idea to:
- Bring some cash in your destination country’s currency and transfer it from your carry-on to a safe as soon as you reach your destination
- Store a credit card with your emergency funds in a secure location
- Leave the emergency money with a family member who can send it to you upon request
Tip: In most cases, it’s best to bring the emergency funds with you at the start of your study abroad journey.
Don’t let the cost of studying abroad deter you from this exciting opportunity. Preparation is key to making your study abroad dreams come true, and this is an excellent place to start!
