Find out the cost of studying abroad for Indian students

Imagine getting world-class education from a university abroad. Isn’t that enough to change your life itself for the good? But wait, are you worried about the cost of studying abroad from India? Are you sceptical that the money that you planned to spend for your education may not be sufficient? Every time you wanted to plan a budget, you might have dreaded proceeding further because you thought a degree abroad would cost you a fortune.

Let us make it a bit easier for you. We’ll give you a plan – a minimum budget required to study in specific countries abroad. This detail will help you plan your study abroad journey. If there is anything more you wish to know, you can always reach out to our experts.

The list of destinations covered include the UK, the USA, Canada, Australia, Ireland and New Zealand. Read along!

Read: Can you study abroad with less money?

The United States of America

The States will never lose its charm. For students and citizens worldwide, the United States of America is a dream destination. Colleges and universities in the USA are considered to be world-class with hundreds of them making their way to the list of the best institutions in the world. The broad range of unique courses offered is also something that makes the country a favoured destination.

Here’s the cost of studying abroad for Indian students:

• Cost of living: 800 USD to 1000 USD per month. (Approximately rupees 58000 – 73000). You will need a minimum of 7 lakhs to meet the living expenses every year.
• Cost of study for undergraduate courses: Minimum of 15 lakhs per annum
• Cost of studying postgraduate courses: Minimum of 25 lakhs for 2 years.

Students from Nepal who want to study in the USA will need a minimum of 95000 Nepalese rupees to meet the living expenses for a month. For undergraduate and postgraduate courses, they will require a minimum of 24 lakhs (Nepalese rupees) per year and 40 lakhs for 2 years respectively.

For Bangladeshi students, the cost of living would come up to 85000 Bangladeshi Taka for a month. Undergraduate studies will cost a minimum of 17 lakhs (Bangladeshi Taka) per year and postgraduate studies will cost a minimum of 29 lakhs (Bangladeshi Taka) for 2 years.

It would cost a minimum of 40 lakhs (Sri Lankan rupees) per year for Sri Lankan students to do an undergraduate course in the USA and a minimum of 66 lakhs for a PG course.

The availability of scholarships to study in the USA will help ease the financial burden. U.S. institutions offer both merit-based and need-based scholarships. Another option to ensure affordable studies would be to enrol at state-funded or public universities in the USA. These are comparatively less expensive than private universities. This way, students will have better control over the cost of studying abroad from India.

US education help students establish life-long connections with people across the globe. Most universities allow students to select flexible courses and choose from curricula that closely match their interests. The universities focus on giving the students the opportunity to practice what they learnt and hence they have tie-ups with leading industries worldwide.

The United Kingdom

There are several world-class higher education institutions in the UK. Their post-study work visa rules and the scholarships and financial benefits offered to international students make it a popular destination for higher studies abroad. Degree acquired from universities in the UK is recognised worldwide. The duration of study in the UK is shorter.

Here's the cost of studying abroad for Indian students

• Cost of living: Living expenses vary based on the location you choose to live in and the type of accommodation you prefer. If you’re going to stay with a family in the UK, then you might spend less on other necessities. A homestay will cover most of your everyday expenses which will help you manage the cost involved in studying abroad. As per the UKVI, you will need approximately GBP 9207 (INR 9 lakhs, approximately) for studying in locations outside London and GBP 12006 (INR 12 lakhs, approximately) for studying within London.
• Cost of study, for undergraduate courses: This would cost between INR 12.5 lakhs and INR 25 lakhs on an average.
• Cost of study, for postgraduate courses: A minimum of INR 1250000 will be required to study postgraduate courses. This can go up to 29 lakhs. 

Nepali students need to have a minimum of 20 Lakhs (Nepalese rupees) for their undergraduate studies and postgraduate studies. The cost of postgraduate studies can go up to 46 lakhs.

Sri Lankan students need a minimum of 33 Lakhs (Sri Lankan rupees) for undergraduate and postgraduate courses. The cost can go up to 77 lakhs for postgraduate courses.

Bangladeshi students need a minimum of 14.5 Lakhs (Bangladeshi Taka) for undergraduate and postgraduate studies. This can go up to 34 lakhs for postgraduate courses.

Australia

Australia has been, and will always be, one of the most chosen destinations for higher education by students from different corners of the world. The country is known for its world class institutions, particularly the Group of Eight. Their quality of living is another factor that attracts people to this country. Melbourne is famous for its international community and the cultural diversity that brings with it. The city is considered as one of the most liveable cities in the world. Check out the top universities in Australia.

Here’s the cost of studying abroad for Indian students:

• Cost of living: This would be approximately INR 12 lakhs per year.
• Cost of studying undergraduate courses: You will have to set aside an average of INR 15 lakhs per year towards your studies. If you intend to enrol in the top 8 universities, this will come up to INR 25 lakhs per year.
• Cost of studying postgraduate courses: Postgraduate courses would cost around INR 16 lakhs per year. At the top 8 universities, this can go up to INR 27 lakhs per year.

Nepalese students will require a minimum of 24 lakhs (Nepalese rupees) for studying undergraduate courses and 25 lakhs for postgraduate courses.

Bangladeshi students will have to spend around 17 lakhs (Bangladeshi Taka) for undergraduate courses and 18 lakhs for postgraduate courses.

For Sri Lankan students, this would be around 40 lakhs (Sri Lankan rupee) for undergraduate courses and 42 lakhs for postgraduate courses.

Canada

Canada is increasingly becoming one of the widely chosen destinations for higher education. Owing to its multicultural community, along with its welcoming atmosphere, students from all over the world consider Canada to be an affordable and safe place for education. Besides, Canadian institutions follow the same academic pattern as U.S. institutions. The country is a good back-up option for students who find the States expensive for their education.

Moreover, Canada’s international student-friendly post-study work opportunities make it one of the most loved student destinations. If Canada is your dream destination, speak to our counsellors who can guide you in the right direction.

Here’s the cost of studying abroad for Indian students:

• Cost of living: You will be able to manage your living expenses with INR 5.5 lakhs per year.
• Cost of studying undergraduate and postgraduate courses in Canada: Per year, the cost would be between INR 5.5 lakhs and INR 28 lakhs.

Nepalese students will need 8.8 lakhs to 45 lakhs (Nepalese rupees) for their undergraduate or postgraduate studies.

6.5 lakh - 32 lakhs (Bangladeshi Taka) will be required per year for Bangladeshi students to study undergraduate and postgraduate courses in Canada.

Sri Lankan students will need 14 lakhs to 74 lakhs (Sri Lankan rupee) for studying undergraduate or postgraduate courses in Canada.

Ireland

Ireland is known for its amicable and liberal-minded people. Most institutions in Ireland have rich historical flavours and offer high-quality education. In addition, institutes are located in picturesque places, surrounded by several recreational and sports facilities. The academic pattern followed in most Irish institutes is similar to that of British institutes. As an English-speaking nation, Ireland draws international students from over 160 different countries. Get in touch with our counsellors for details on why, where and how to study in Ireland.

Here’s the cost of studying abroad for Indian students:

• Cost of living in Ireland: The cost of living varies based on your location. If you are located outside of Dublin, you will have to spend around INR 6 lakhs per year. Within Dublin, the cost of living can be as high as INR 8.7 lakhs.
• Cost of studying undergraduate courses: Undergraduate courses will cost anywhere between INR 8 lakhs and INR 20 lakhs.
• Cost of studying postgraduate courses: Postgraduate courses will cost between INR 9.1 lakhs to INR 22 lakhs per year. Cost of studying MBA is higher; it can go up to INR 30 lakhs per year.

Nepalese students who want to study in Ireland must have a minimum of 13 Lakhs (Nepalese rupees) to cover their undergraduate education cost. Postgraduate courses will cost a minimum of 15 lakhs.

Bangladeshi students must have a minimum of 9.5 Lakhs (Bangladeshi taka) for UG courses. PG courses will cost a minimum of 10 lakhs.

Sri Lankan students must have 21 Lakhs (Sri Lankan rupee) for their undergraduate education in Ireland. For postgraduate courses, it would cost 24 lakhs, minimum.

Ireland has good connectivity to some of the biggest businesses and industries globally. This is mostly because of the presence of big companies like Google, Facebook, Microsoft and more. In fact, Dublin is considered to be a perfect place for entrepreneurs and engineers since it’s becoming a hub of technological innovations and their tax laws are favourable to businesses. All types of industries – be it retail, food, manufacturing, health, transport or pharma – can be found in Ireland.

New Zealand

New Zealand is famous for its indigenous people and kiwi culture; it’s also a splendid place for education. New Zealand has several top international universities that are popular among Indian students. The country has a vast international student community and it maintains a close-knit ambience. People in New Zealand love to travel worldwide so they welcome outsiders who love to visit their country. The country has a lot of adventure spots alongside several woodlands and parks. Students can choose an active lifestyle in the country through several recreation facilities.

Here’s the cost of studying abroad for Indian students:

• Cost of living: Living expenses in NZ could be high, ranging from 7 to 8 Lakhs per year. The cost is expected to go up to INR 10 lakhs in the year 2022. However, following a simple lifestyle and avoiding binge expenses should help you manage your finances better. Knowing the locals in the country can help students understand the tactics of surviving on a small budget.
• Cost of studying undergraduate courses: It would cost approximately INR 6 lakhs for undergraduate courses.
• Cost of studying postgraduate courses: Postgraduate courses will cost approximately 7 lakhs per annum.

It would cost a minimum of 9 lakhs (Nepalese rupees) for Nepalese students for a year of undergraduate study. Postgraduate courses will cost around 11 lakhs.

A minimum of 7 lakhs (Bangladeshi Taka) is required for Bangladeshi students for their undergraduate course, for a year. Postgraduate courses will cost a minimum of 8 lakhs.

Sri Lankan students need to spend a minimum of 16 lakhs (Sri Lankan rupee) for undergraduate courses and postgraduate courses will cost a minimum of 18 lakhs.

Check out the info graphic on cost of studying in New Zealand.

Budget management

Ways to manage your money and overcome financial challenges while studying abroad from India

1. Figure out what are the other expenses, besides your tuition and living expenses. If you find some unnecessary expenses, stop those or try to consciously reduce it.
2. Know the locals living in your surroundings. Understand the way people live their lives in the region. Thorough knowledge of the locals and communities will help you communicate with them easily and find survival tips during difficult times. This will also help you understand what to buy, and what not to, and therefore making you efficient in managing your budget.
3. Find the cheapest way you can commute from one point to another. Facilities like student pass and international student ID card go a long way in helping you manage your transport expenses.
4. Sort out your money exchange options. It’s better to open a bank account in the country you are moving to so that you can save a lot of time and unnecessary international fees.

To manage your study abroad budget, you can look for scholarships too

Is it possible to get a full scholarship to study abroad? Whether yes or no, any amount received as part of scholarships will help you manage the cost of studying abroad from India.

1. Merit-based scholarships – these scholarships are awarded to students based on their academic records, which also include students’ athletic and artistic talents and any other extra-curricular activity records that they may have.  
2. Need-based scholarships – need-based scholarships are open to highly meritorious students who want to study overseas, but don’t have means to sponsor their education cost. Some US institutions offer ‘need-blind’ admissions that promise fully funded education for students from poor socio-economic backgrounds.
3. Specific scholarships – there are several destination-specific, programme-specific and subject-specific scholarships open for international students in countries abroad.

Now that you know how much money you must have to fund your dream, you can decide on which destination is best for you. Use our course matcher tool to shortlist courses and universities and get your applications filed. Learn more about the course matcher before you try it out.

If you are stuck at any point, reach out to our counsellors and we’ll help you. Our counsellors will guide you in selecting the right course and university and help you send over your applications. Learn more on how they can help you. Good luck with your higher studies!

Editor’s note: This article was originally published in July 2018. We have included up-to-date information and made it comprehensive.