This year, the affordability of study, living expenses, and accommodation has become even more critical for students. Worldwide inflation has led to an increase in the prices of essential goods and services, including food and household items. Moreover, finding affordable housing in several countries has become a real challenge.
Why is studying abroad expensive?
There are several key expenses to consider when studying abroad. These include:
Tuition and fees
Studying abroad often involves paying tuition and fees to the host institution, which can be higher than what students would pay at their home institution. For instance, according to a study by Studee.com, tuition fees in the United States for a Bachelor's degree range from $US26,000 to $US50,000 per year.
Travel costs
Traveling to and from the host country can be a significant expense, especially for international students who may have to purchase airfare, visas, and other travel-related expenses. It's also common for students to travel home for holidays and special occasions, which makes the student's traveling expenses even more substantial.
Living expenses
Living expenses such as accommodation, food, and transportation can be higher in some host countries, depending on the cost of living in that particular area. For instance, if we take the city of New York, the estimated cost of accommodation in the city is from $US2,000 to $US3,000 per month (according to Erudera). Now if we add standard living expenses to this (groceries and restaurants, transportation, etc.), the cost of living in New York for an international student goes up to $US4,000 and higher per month. Naturally, the cost of living in a smaller city like Atlanta will be substantially lower, with monthly accommodation prices starting at just over $US1,000 and monthly expenses adding up to $US1,500 or $US2,000.
Exchange rates
Exchange rates can also affect the cost of studying abroad, as fluctuations in currency exchange rates can make expenses higher or lower. For instance, in September 2021, 1 US dollar cost 8 Turkish Lira – but by December 2022, 1 US dollar was worth nearly 19 Turkish Lira. For Turkish students living abroad, this meant that their expenses abroad doubled within several months.
Insurance
International health and travel insurance may be required for studying abroad, which can add to the overall cost. In the United States, for example, many colleges and universities require international students to have health insurance, and they may offer their own health insurance plans. The cost of such plans can range from around $US500 to $US3,000 per year, depending on the coverage level and the location of the institution. International students can also choose to purchase health insurance from a private insurance provider, which can be even more expensive.
These factors can vary depending on the host country and the program chosen, but they all contribute to the overall expense of studying abroad.
What are the most expensive countries for international students?
The cost of studying abroad can vary significantly depending on the country and the program chosen. Some countries are more expensive than others for international students due to factors such as tuition fees, cost of living, and other expenses.
Here are some of the most expensive countries for international students:
United States
The United States is known for having some of the highest tuition fees in the world, with many universities charging tens of thousands of dollars per year for tuition alone. Living expenses such as accommodation, food, and transportation can also be expensive.
Australia
Australia is another country where tuition fees and living expenses can be high. International students in Australia are required to pay full tuition fees and may also face high costs for housing, food, and transportation. The average annual tuition fee for international students studying undergraduate programs in Australia is around AU$ 30,000 to AU$ 45,000, although fees can range from about AU$ 20,000 to AU$ 60,000 per year, depending on the institution and program.
United Kingdom
The United Kingdom is also known for high tuition fees, with some universities charging over £30,000 (approximately $40,000) per year for international students. Living expenses can also be high, especially in major cities like London.
Canada
While tuition fees in Canada are generally lower than in the United States, they can still be expensive for international students. Studying in Canada as an international student can cost from CA$ 30,000 to CA$ 40,000 for an undergraduate program. However, the cost of tuition for specific programs can go up to CA$ 60,000 and more. Additionally, living expenses in Canada can be high, especially in major cities like Toronto and Vancouver.
Switzerland
Switzerland is known for having some of the highest living costs in the world, with high prices for accommodation, food, and transportation. Tuition fees in Switzerland can also be high, with some universities charging over US$20,000 per year for international students.
It's important to note that the cost of studying abroad can vary widely depending on the specific program and institution chosen, and that scholarships and financial aid may be available to help offset some of the costs.
What are the ways for international students to reduce expenses?
Studying abroad can be an excellent opportunity for international students to gain new experiences and skills. Thus, even despite the high costs, the number of international students in 2020 surpassed 6 million, according to the Migration Data Portal. It is also estimated that around half of these students come from the Asia-Oceania region.
While studying abroad comes with unavoidable expenses, there are also ways to reduce related costs when living in a foreign country. These include:
Making use of available scholarships and grants
Many universities and organizations offer scholarships and grants to international students. Researching these options early in the application process and applying for as many as possible can help international students manage the costs of tuition. Some scholarships may cover tuition fees, while others may cover living expenses or travel costs. According to the Education Data Initiative, over 1.7 million scholarships are awarded each year.
Living off-campus
Living on campus can be convenient, but it's often more expensive than finding accommodation off-campus. To reduce living costs, students may want to consider shared housing, such as renting an apartment or a room in a shared house.
Cooking at home
Eating out can quickly add up, so cooking meals at home can help students substantially reduce daily living expenses. Another way to bring living costs down is buying groceries in bulk with other students and cooking large meals that can be eaten throughout the week. This can also be a great way to bond with others.
Using public transportation
Rather than taking taxis or ride-sharing services, students looking to reduce living costs should stick with public transportation, such as buses or trains. Many universities offer discounted or free public transportation to students — so it's important for students to always carry student IDs.
Taking advantage of student discounts
Many businesses, such as restaurants, movie theaters, and museums, offer student discounts. To reduce living costs, students can inquire with local establishments about any available discounts.
Taking on a part-time job
Some universities allow international students to work part-time while studying. This can help students earn extra money to cover expenses. However, students considering taking on a part-time job while studying abroad should make sure that the Student Visa they are on allows them to engage in partial employment.
Planning ahead
It's always a good idea for international students to plan ahead by researching costs and setting a budget. This can help them avoid overspending and ensure they have enough money to cover the expenses throughout their time abroad.
Key takeaways
- Affordability has always been a concern for international students interested in studying abroad, and with the current economic climate and rising prices, it has become even more critical.
- Studying abroad is expensive for a number of reasons. Some of the biggest expenses international students will need to consider include tuition and fees, travel costs, living expenses, exchange rates, and insurance.
- The most expensive countries for international students are the United States, Australia, the United Kingdom, Canada, and Switzerland.
- Some efficient ways of reducing costs for international students are planning ahead, researching available grants and scholarships, living off campus and eating in, using public transportation, taking advantage of student discounts, taking on a part-time job — and more.
