'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 Australia, there is a charge for application fee, however there are some colleges/universities offering free application.
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 Rs 8,000/- to Rs 15,000/- (approximately).
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
Cost of food can be approximately $300 AUD - $500 AUD. If you include any other incidental expenditure like rent, entertainment and other expenses, the average could range approximately around $800 AUD - $1000 AUD per month for a single student.
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 approximately around Rs 15,000 - 20,000 per year in Australia.
7. Books and supplies
This could be anywhere approximately between $400 AUD - $1200 AUD 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 approximately between Rs 25,000/- to Rs 75,000/- depending upon the country, season and airline.
9. Educational Costs
The cost of studying in Australia is determined by the tuition fees of the course and institution/university. Typically, the guide below shows approximately an average fee for Australian courses.
COURSE-WISE STUDY COSTS
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.
*All the fees and expenses discussed above are approximate as they may vary. It is always recommended to discuss tuition costs with the institution's academic advisor and prospective study abroad university and for further information.
10. Educational Loans
A comprehensive educational loan scheme was framed with the consultation of Government of India with Reserve Bank of India and the Indian Bankers Association. This scheme can avail a loan of up to 7.5 lakhs in India and up to 15 lakhs for abroad studies. These figures are not stable in nature for banks. These days State Bank of India is availing an upper limit of 20 lakhs. Indian Bank has upgraded its maximum limit to 15 lakhs for education in India and up to 25 lakhs for abroad studies. All the details given below will change time to time and students are advised to get right information from the concerned banks.
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 Australia, there is a charge for application fee, however there are some colleges/universities offering free application.
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 Rs 8,000/- to Rs 15,000/- (approximately).
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
Cost of food can be approximately $300 AUD - $500 AUD. If you include any other incidental expenditure like rent, entertainment and other expenses, the average could range approximately around $800 AUD - $1000 AUD per month for a single student.
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 approximately around Rs 15,000 - 20,000 per year in Australia.
7. Books and supplies
This could be anywhere approximately between $400 AUD - $1200 AUD 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 approximately between Rs 25,000/- to Rs 75,000/- depending upon the country, season and airline.
9. Educational Costs
The cost of studying in Australia is determined by the tuition fees of the course and institution/university. Typically, the guide below shows approximately an average fee for Australian courses.
| TUITION FEES | LIVING EXPENSE | |
| Under Graduation | 15000-16000 AUD | 12000 AUD/Year |
| Post Graduation | 17000-18000 AUD | 12000 AUD/Year |
COURSE-WISE STUDY COSTS
- Secondary education
6000 AUD - 13000 AUD per year
- Vocational education and training (VET)
5500 AUD - 18000 AUD per year
- Technical and further education (TAFE)
5500 AUD - 18000 AUD per year
- Foundation studies
9000 AUD - 14000 AUD per year
- Higher education
10000 AUD - 13500 AUD per year
- Study abroad programs
6000 AUD per semester
- MBA
18000 AUD - 48000 AUD for international students
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.
*All the fees and expenses discussed above are approximate as they may vary. It is always recommended to discuss tuition costs with the institution's academic advisor and prospective study abroad university and for further information.
10. Educational Loans
A comprehensive educational loan scheme was framed with the consultation of Government of India with Reserve Bank of India and the Indian Bankers Association. This scheme can avail a loan of up to 7.5 lakhs in India and up to 15 lakhs for abroad studies. These figures are not stable in nature for banks. These days State Bank of India is availing an upper limit of 20 lakhs. Indian Bank has upgraded its maximum limit to 15 lakhs for education in India and up to 25 lakhs for abroad studies. All the details given below will change time to time and students are advised to get right information from the concerned banks.
