'Expenditure' is an area which most students would like to have detailed information first, before they plan their education abroad. In fact, awareness about the costs involved is 'very crucial' before one ventures into this expenditure-involved process.
Here are the details of Specific costs involved in Study Abroad Process
1. Application costs
Your study abroad plans start with the application process. If you want to apply for 4-6 universities/colleges, you have to consider Application Fees, Courier Charges, Cost of Documentation and Miscellaneous Expenditure like Stationary etc.
Very few universities facilitate applications without fee, but most have an application processing fee, which is mandatory for international students. For UK, there is no application fee for post-graduate applicants.
2. English Tests
Students have to write IELTS as a prerequisite but some universities might consider TOEFL for admissions. Each student has to pay Coaching Fees and Examination Fees as prescribed by the respective Testing Agencies. The total expenditure for tests will be in the range of 8,000-15,000 (approx).
3. Scores reporting costs
IELTS - Local center will determine the cost of additional score reporting
4. Tuition and fees
Interestingly, Bachelor's degree is costlier than Master's degree because of the more number of credits involved at Grad level. Please note that all the costs indicated are approximate and vary upon the universities and programs. These costs will hike from one year to another. However, the average increase is around 5-10% per annum.
5. Cost of living expenditure
| Outside London | £5,500 per year |
| London | £6,500 per year |
6. Insurance
Insurance is mandatory for all international students, who plan to study abroad. Depending upon the company and policy taken, the cost of insurance for a student may vary and potentially it could be ranging around Rs 15,000 - 20,000 per year, in UK.
7. Books and supplies
This could be anywhere between US $ 400-1200 per year, depending upon field of study and the courses chosen
8. Other costs
Visa application fee, air fare and settlement expenses like deposit on room/flat, basic necessities etc. are also to be considered, while calculating the expenditure involved for studying abroad. Air fare could be between Rs 15,000 to 45,000 depending upon the country, season and airline.
9. Educational Costs
The cost of studying in the UK is determined by the tuition fees of the course and institution/university. Typically, the guide below shows an average fee for UK courses.
| Business Courses | £5,500 - £12,000 per year |
| Engineering and Science Courses | £6,500 - £12,000 per year |
| MBA | £7,000 - £16,500 per year |
Also below table shows the average fees for graduation and post-graduation course with living expenses.
| TUITION FEES | LIVING EXPENSE | |
| Under Graduation | 6000-8000 UK Pounds | 4500-5500 UK Pounds/Year |
| Post Graduation | 6000-12000 UK Pounds | 5500-5500 UK Pounds/Year |
A minimum expenditure is ideal towards preliminary expenditure - including coaching costs for IELTS, TOEFL, etc. and an additional Rs 2-4 lakhs towards tuition and fees for one semester and living expenses for two-three initial months.
In case if bank loan or any other educational loans are available, you may not need to carry much money physically, since most payments would be taken care by the loan-granting institution. Some private education loans even pay for your living expenditure when you study abroad.
10. Student Part-time Jobs:
According to UK Visa regulations, on a student visa the student can work part-time (20 hours a week) during term-time and full-time (40 hours a week) during vacations/holidays.
