Article from University of Derby
For many international students, the cost of studying is a big concern. If you’re worried about how you can pay for those big one-off expenses such as tuition fees, airfares and insurance, as well as day-to-day living expenses, this article has the answers.
Tuition fees vary widely between universities and colleges, and living expenses, travel and insurance costs also vary between different countries and regions. So there’s no simple answer, and you’ll need to do a bit of research online to set your budget.
In her recent blog, Anna explained that you’ll need to have enough money for all these costs for the entire duration of your course. That could be as little as six months for an English language course or study exchange, or as long as five years for a PhD. You can find this recent blog post here.
At the moment, annual costs are roughly estimated at:
|Country||Tuition fees range||Cost of living range|
|USA||US$6,000 – 40,000||US$10,000 – $15,000|
|UK||£4,000 – £21,000||£9,000 – $12,000|
|Australia||AU$9,000 – $18,000||AU$18,000 – $20,000|
|New Zealand||NZ$14,000 – $21,000||NZ$12,000 – $15,000|
|Canada||C$2,000 – $16,000||C$15,000 – $20,000|
Note that average costs may be higher or lower than the middle of these ranges, and you’ll need to apply the current exchange rate to see what this equates to in your own currency.
You can also read about the different ways you can get this money, including scholarships and student loans, by visiting the StudyLink Scholarships and Funding section.
You’ll need to prove you have access to these funds before you apply for your student visa.
SEE ALSO: More information about Student Visa’s.
This means you will need to show a history of saving, bank account details, a letter from a sponsor or scholarship board, or other proof of your ability to pay for your education. Otherwise your student visa could be denied.
RELATED ARTICLE: 10 reasons your student visa may be denied.
Recent changes in Australia now mean you need to show you have at least $18,000 per year in living expenses available (up from $12,000 before 2010), and the Department of Immigration and Citizenship may ask about the source of your funds, such as whether it’s a student loan, savings from your salary, or a contribution from your family. Other countries have a similar process in place.
If this all sounds a bit daunting, it’s important to remember you do have options. Here are some ways you can reduce the cost of studying overseas:
Saving on the big one-off costs:
Saving on the cost of living:
Here are eight key things to remember when you’re budgeting for your study plans:
Do you have any other money-saving tips to share? Or do you have some questions about how you can fund your studies? Share with us below!
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