How Much a Student Should Save Before Studying Abroad

Discussions on benefits of studying in abroad are a norm in colleges and universities. Considering enormous productive and growing elements of studying in abroad almost every student is tempted to undertake this overwhelming task. But the question is do you have enough money to afford this rewarding journey? Or exactly how money you must save to be able to study in abroad? It is daunting to even think about travelling to a distant land without proper financial resources and arrangements, so if you are ready to avail this once in a lifetime chance, there are many factors related to study abroad cost which are discussed here for your assistance.

Payment of Tuition Fee in Advance

Arrangement of tuition fee is obviously the most expensive clause of studying in abroad. Almost all universities will require you to pay tuition fee of at least one semester before you apply for visa, in fact proof of tuition fee payment is one of the visa obligations. First of all you have to choose the right study programme and right university in abroad which offers both high quality of education and low cost fee.

Every Study Programme Has Different tuition Fee:

You must note that the tuition fee of every study programme in each university will be different from the other. While choosing the study programme of your interest and related course carefully note its fee, then check another university of the same country and note the tuition fee of the same study programme, that way you will get comparison and it will be easy for you to pick the university and study programme you can afford.

Tuition Fee of Universities in Different Countries:

The affordability factor of tuition fee majorly depends on your desired study abroad destination. Pakistani students planning to study abroad in European countries should brace themselves to pay huge amount of money if they are not eligible for any scholarship or involved in exchange programmes.

• The tuition fee for Pakistani students in the UK Universities would be around £ 10000 to £ 16000 per year for Bachelor's degree program and £ 8000 to £ 29000 per year for Master's degree program.

• The tuition fee for Pakistani students in Austria would be around 1,000 to 4,000 Euros per year for Bachelors Degree and for Masters Degree the tuition fee is 2,000 to 6,000 Euros per year.

• The tuition fee for Pakistani students in Portugal for Bachelor’s degree would be around 950 to 1,250 Euros per year and 1,000 to 2,000 Euros per year for Master’s degree.

• The tuition fee for Pakistani in Germany, Latvia, Estonia and Spain would be a much lesser than other European countries.

Scholarships and Fee Waivers

At post graduate level there are many scholarship programmes and fee waivers for Pakistanis students if they have excellent academic records. In collaborations with foreign governments, public and private universities and organizations, the scholarship programmes are initiated to provide financial aid to students for study in partner universities in agreement with Pakistani universities. There are HEC funded scholarships, Erasmus+, Chevining scholarship, Uk, Hungary scholarship, DAAD, The Charles Wallace Pakistan trust scholarship, Rotary foundation global study grant scholarship, Gate millennium scholarship, USA, CSC scholarship, china, Fulbright scholarship, USA  and Common wealth. The students can check eligibility criterion of each scholarship programme and take financial for study in abroad if possible.

Estimation of Living Costs

Besides tuition fee, admission fee and enrollment procedure in foreign universities, estimation of living cost is important to be considered for planning of studying in abroad. The living costs fluctuate even of the countries located within same continent. The living costs of all European countries are not necessarily high, some have relatively low living costs and some have exceptionally higher living costs. Same is the case with countries outside Europe, some countries have higher tuition fee of universities but have very low living costs which balances its affordability factor. You can estimate of livings costs of different countries by following analysis:

• Living costs in Estonia for a student per month: 380 to 450 Euros

• Living costs in Latvia for a student per month: 350 to 500 Euros

• Living costs in Italy for a student per month: 700 to 1,000 Euros

• Living costs in Finland for a student per month: 980 to 1,200 Euros

• Living costs in Russia for a student per month: 700 to 1,000 USD

• Living costs in China for a student per month: 850 to 1,200 USD

Health Insurance

Health insurance coverage has been made mandatory to be purchased by foreign students to study in abroad these days. It would be rare and exceptional if you find a country abroad where the health insurance coverage is not a requirement for foreign student. The cost of health insurance however may vary from country to country. Foreign universities aid students in purchasing health insurance coverage or students can purchase it from external sources such as public and private insurance companies of that country. The payment o health insurance coverage is taken for at least one year duration whereas in majority of cases, the visa requirements include purchasing health insurance for entire duration of your study programme in abroad.

Travel and Visa Expenses

Spare an extra amount of money for travel and visa expenses unless you are a foreign scholarship recipient. Again the cost of visas and travel tickets vary from country to country. You will have to pay a specific visa fee which will be obviously above 150 to 250 Euros for European countries and 100 to 200 USD for Australia, USA and Canada. For China, Malaysia, Dubai the visa fee will be lesser but not lesser than 100 USD for Pakistani students. The ticketing cost would be dependent on the distance you are going to travel. The farther the county of your travel is from your home country the pricier its ticket will be.

Exception of Part Time Jobs Permission

Part time jobs permission in foreign countries which are economically stable is bit of a financial relief for students who are studying in abroad. They can support their monthly expenses by doing part time jobs but that too in some countries is allowed with certain restrictions. But the part time job phase comes after arriving in the country you wish to travel but while choosing a your desired study abroad destination search if it allows students to work part time so that you can manage your later expenses on your own by working.

Conclusion

The scholarship recipients don’t have to be daunted about monthly expenses and tuition fee but the students who want to study abroad through personal funding must prepare to arrange 3,000 to 5,000 Euros upfront for payment of tuition fee, visa, travel, accommodation and health insurance.