Over the years, many people have asked us about the cost and budget for a study abroad. The cost of studying abroad is nearly impossible to answer as there is no straight answer to this. However, there are several factors to consider while budgeting for a study abroad. In this article, STUDY ABROAD CONGRESS, a leading study abroad journal in Nigeria, will cover the methods to budget for studying abroad and break it down in a way that is easy for our students to grasp.
Top 8 Things to Think About When Budgeting for a Study Abroad Program
- Application processing fee.
- Acceptance fee
- Visa fee
- Travel fee
- Tuition fee
- Accommodation fee
- Living expenses and transportation.
- Miscellaneous expenses
Application processing fee
The first thing on our list of considerations on how to budget for a study abroad is the application processing fee. Most countries, including Canada, charge fees to process admissions. Before budgeting, find out what your intended school charges for admission processing.
Acceptance fee
The acceptance fee is the second pick on our list of considerations on how to budget for a study abroad. When you are accepted into a foreign university, it is expected that you pay your acceptance fee immediately to demonstrate that you have accepted the admission offer and are ready to move forward with the rest of the process. Do research on the amount your preferred school charges for acceptance fees before budgeting.
Tuition fee
Tuition fees are the third item on our list of how to budget for a study abroad. When planning on studying abroad, this is the first thing to think about. Although most international schools don’t charge a tuition fee, they do charge a per semester administration fee. When budgeting for study abroad, you have to know the tuition fee for the course you intend to study after selecting your school and the length of time the course will take.
Visa fee
The cost of a visa is the fourth item on our list of how to budget for a study abroad. Following the receipt of your admission letter, the next step to take is applying for your student visa; the cost of this visa varies from country to country. Therefore, you have to do some research on the cost of the visa to the country of your destination.
Travel fee
Our next pick on how to budget for a study abroad is travel fees. Examine the price of different flight companies that fly to your destination. Although there will always be cheaper flights to any location in the world, it is best to book your flight a week or two ahead of time to get more discounts.
Accommodation Fee
The sixth consideration in our budget for a study abroad is accommodation. This is another key consideration when traveling for study. Many schools provide accommodation for their international students, but this is not free. Do research on the cost of off-campus accommodation in your destination country and compare the two before budgeting.
Living expenses and transportation
The seventh item on our list of budgets for a study abroad is living expenses and transportation. Before budgeting, study the typical monthly cost of living, including food and energy bills, in the area where you want to reside, as well as the cost of transportation from where you will be residing to your school.
Miscellaneous expenses
The last item on our list of budgets for a study abroad is miscellaneous expenses. Following your budget, you’ll need to set aside some money for any unanticipated circumstances that may arise. (Please note that this cash is not part of your pocket money.)
Budget for a Studying Abroad: Frequently Asked Questions
How much does studying abroad cost?
There is not a straight answer to this, as the cost of studying abroad varies from university to university and country to country.
Which country is the cheapest to study abroad in?
Germany is the cheapest country to study in as many of its universities are tuition-free institutions.
