For students who are planning to study abroad and earn their degree overseas, cost is a major driver in their decisions they make to attend educational institutes in a foreign land. The institutions charging less in tuition and fees than other institutions are a major selling point for Indian students willing to study abroad.
But what students tend to forget is that they may accrue additional costs while studying overseas and these costs can be difficult to anticipate.
While predicting the costs for their study abroad journey, the students usually forget to add visa fees, the cost of trips back home and more such things. The unexpected bills that study abroad student rack up while earning their degree overseas come as a shock to families. It is, therefore, better to know what to expect in advance and prepare yourself accordingly.
1. Transportation Costs
The students studying far away from their hometown must plan for a slew of international flights. Those who plan to come home twice a year- for winter and summer break-will have to take minimum eight international flights over the course of an undergraduate programme that is typical of 4 years in the U.S., leaving aside the emergency trips. The duration of the course may vary in other study destinations and thus, the number of flights that get racked up. The cost of these trips can add up really fast, considering the average airfare.
Furthermore, the students who wish to explore their study destination and nearby places will have additional expenses to incur on airfares, rail passes, and bus tickets.
2. Living Costs
Depending on the choice of a study destination, living costs may be steeper than in home country.
Living expenses are an important consideration to be made while choosing a study destination as they can really add up to the whole budget.
In addition, the students should double-check if there are any restrictions on paid work in their study destination. For example, international students in Australia, who are on a valid student visa, are allowed to work for up to 20 hours per week while school is on, and there is no limit on the number of hours an international student can work during recognized vacations.
3. Exchange Rates
Quite unexpected, the fluctuation in currency can drastically affect the budget. While the exchange rate may also work in favor of the international students, there are equal chances for it to swing the opposite way. Also, the exchange rates even if favorable when starting a course can change any time during the course, thereby, affecting the complete budget of international students.
Some Final Words
For international students to prepare themselves for unpredictable currency exchange rates, the best approach is padding the budget. This will help them accommodate fluctuations in exchange rates as well as variations in expenses.
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