Studying abroad requires intensive planning as you have to finalize your destination, course, and university and also accurately time the visa application process. There are numerous things to consider before embarking on your study abroad journey. One of the most important things that you have to keep in mind is the cost of your study abroad journey.

So, here are some expenses that you must know if you are planning to study overseas: 

1. Tuition fees and other administrative expenses

The tuition fees charged by the university will vary depending on the country and course. Some popular study-abroad destinations such as the US, the UK, Canada etc., are known for higher education costs. Whereas, Germany is one of the very few countries that charge low to no tuition fees. The admission process too will include some administrative fees that you must arrange. 

2. Travel expenses

Please remember that you have to consider three types of travel expenses. Firstly, the flight tickets that you have to book to fly to your study abroad destination. Secondly, you have to plan the costs to support your daily commute from the university to your accommodation. Studying abroad is an incredible life experience, and so is sightseeing. It would be helpful to set aside some amount for your trips which are essential to offer some breather from your rigorous coursework.

3. Accommodation 

On-campus, accommodation is one of the popular housing arrangements among study abroad students as it saves time and financial resources. However, this option may not always be available to you due to steep competition. So, ensure you arrange your accommodation before you reach your host country. Whether you choose on-campus or off-campus accommodation, ensure you set some amount aside for this.

4. Health and travel insurance

Most countries require you to have health and travel insurance when you study abroad. Whether mandatory or not, opting for health and travel insurance is a prudent choice. This will allow you to access the medical facilities without worrying about the exorbitant medical costs that you will have to incur otherwise. 

5. Phone bills 

Phone bills are unavoidable when you study abroad. You can connect with your kith and kin to stay in touch with them. Besides, you will need the internet for your studies too. So, ensure you consider this expense when you make your plan to study overseas.

6. Visa application fees

The visa application charges and study permit charges will depend on the study abroad destination. If you are planning to opt for a third-party consultant, you have to take into account the additional fees. Since they are experts in the field, you can opt for the services but also arrange for the cost. 

7. Living expenses and other ancillary expenses

If you are planning to study abroad, please remember that groceries and food will be part of recurring expenses. Apart from tuition fees, you also have to pay for study materials, equipment costs and learning devices, and more. 

So, these are some expenses that you have to keep in mind if you are planning to study abroad. Don’t let the lack of funds keep you from achieving your academic aspirations. You will be amazed to know that we at Avanse Financial Services offer education loans that cover the holistic cost of education, including travel expenses, accommodation costs, study material costs, living expenses, and more. If you have any doubts, please feel free to talk to us. We will be glad to hear you out and assist you on your academic journey. All the best.