Studying abroad has become a popular choice for Indian students in recent years. The prospect of getting a world-class education, experiencing a new culture, and developing a global network of contacts can be very attractive. However, studying abroad can also be quite expensive, and many Indian students may be concerned about the cost. In this article, our DNBC Financial Group’s experts will explore the cost of studying abroad for Indian students, including tuition fees, living expenses, and other factors that can impact the overall cost.
Understanding the Cost of Studying Abroad for Indian Students
Cost of studying abroad for Indian students in Rupees
The cost of studying abroad for Indian students can vary depending on the country, course, and university chosen. Here is a breakdown of the different expenses that need to be considered:
Tuition fees are the primary expense that Indian students have to bear when studying abroad. The fees vary depending on the course, university, and country. For example, studying engineering in the United States can cost between Rs. 15 lakhs to Rs. 40 lakhs per year, whereas studying medicine in Germany can cost between Rs. 5 lakhs to Rs. 10 lakhs per year.
Accommodation is another major expense that needs to be considered. The cost of accommodation can vary depending on the location, type of accommodation, and facilities provided. For example, a shared apartment in London can cost around Rs. 1.5 lakhs per month, whereas a shared apartment in Berlin can cost around Rs. 50,000 per month.
Living expenses, including food, transportation, and entertainment, can add up quickly. The cost of living can vary depending on the location and lifestyle. For example, living in New York City can cost around Rs. 1 lakh per month, whereas living in a smaller city like Edinburgh can cost around Rs. 60,000 per month.
Health insurance is mandatory for international students studying abroad. The cost of health insurance can vary depending on the coverage and duration. For example, health insurance for a year can cost between Rs. 30,000 to Rs. 50,000.
Visa and Travel Expenses
Visa and travel expenses are additional costs that need to be considered. The cost of a visa application can vary depending on the country and type of visa. Additionally, travel expenses can also vary depending on the location and mode of transportation. For example, a round-trip flight from Delhi to London can cost around Rs. 50,000.
Total Cost of Studying Abroad
Taking into account all the expenses mentioned above, the total cost of studying abroad for Indian students can vary between Rs. 10 lakhs to Rs. 50 lakhs per year. However, it is important to note that this is just an estimate and the actual cost can vary depending on individual circumstances.
Tips for saving money for Indian students when studying abroad
Choose a budget-friendly destination
The first step in saving money when studying abroad is to choose a budget-friendly destination. While it may be tempting to choose a well-known university in a popular city, you may end up paying more for living expenses and tuition fees. Instead, consider other cities and universities that are less expensive but still offer high-quality education. For example, countries like Germany and France offer low-cost education, while countries like Singapore and Australia offer scholarships and grants to international students.
Apply for scholarships and grants
There are various scholarships and financial aid programs available for Indian students studying abroad. These can help to offset some of the costs involved. Some examples of scholarships include:
- Fulbright-Nehru Fellowship: Provides funding for Indian students to pursue a master’s degree in the United States.
- Commonwealth Scholarship: Provides funding for Indian students to pursue a master’s degree in the United Kingdom.
- DAAD Scholarship: Provides funding for Indian students to pursue a master’s degree in Germany.
Research housing options
Housing is one of the biggest expenses when studying abroad. To save money, research different housing options and choose one that fits your budget. Consider living with a host family or in a shared apartment with other students. You can also look for student housing options offered by your university, which are usually more affordable than private rentals.
Create a budget and stick to it
Creating a budget is crucial when studying abroad. This will help you keep track of your expenses and avoid overspending. Before you leave for your study abroad program, create a budget that includes all of your expenses, including tuition fees, housing, food, transportation, and entertainment. Stick to your budget as much as possible and avoid unnecessary expenses.
Save money on transportation
Transportation can be a significant expense when studying abroad. To save money, consider walking or biking instead of taking taxis or public transportation. You can also purchase a student transportation pass, which is usually cheaper than buying individual tickets. Additionally, consider carpooling with other students to save money on gas.
Cook your own meals
Eating out can quickly add up, so consider cooking your own meals to save money. Buy groceries in bulk and cook meals in advance to save time and money. You can also look for local markets or farmers’ markets to buy fresh, affordable produce.
Take advantage of student discounts
As a student, you may be eligible for discounts on transportation, entertainment, and other expenses. Always carry your student ID card and ask about student discounts before making a purchase. You can also research online for discounts and coupons available for students.
Use free resources
Take advantage of free resources offered by your university, such as the library, computer labs, and career services. These resources can help you save money on textbooks, printing, and job searching.
Use DNBC Financial Group’s International Transfer Services
DNBC Financial Group’s international transfer services can help Indian students manage their finances efficiently when studying abroad. By using DNBC’s international transfer services, Indian students can transfer money to their overseas accounts quickly and securely, without worrying about high fees or hidden charges. DNBC’s international transfer services offer competitive exchange rates , making it easy for Indian students to get the most out of their money when studying abroad.
About DNBC Financial Group
The goal of DNBC Financial Group is to simplify international financial transactions as much as possible. By lowering the cost of worldwide shipping and purchases, collecting payments from overseas clients, transferring money between international subsidiaries, and reducing the risk of currency fluctuations, we have quickly expanded to assist businesses and individuals all over the world.