While strict financial planning / management is one way to manage costs while pursuing studies in an international university, it is extremely important for students hoping to study abroad to choose countries that have considerably lower cost of living than the others.
Let us explore some of the most affordable destinations, in terms of cost of living from lowest to highest for students wanting to study abroad:
As an emerging education destination, Germany has seen a 14 per cent increase in the number of international students from 2,82,201 to 3,21,569 between 2013 and 2015. Additionally, it has one of the best education infrastructure in the world and is also considered by many as one of the top countries to specialise in engineering and technology.
Despite being a central-European nation, the cost of living in Germany is quite low as compared to that in other European countries. Apart from little to no tuition fees for studying in German universities, the country has a lower cost of living than Denmark, Switzerland, and Luxembourg. According to the German Academic Exchange Service, international students spend an average of 725 euros on daily expenses, while German students spend 664 euros for their expenses.
Canada has been a favorite among international students for quite some time now. Apart from being one of the most peaceful, safe, and student friendly nations, Canada is also known for its low cost of living for students. International students typically spend anywhere between 20,000 to 30,000 Canadian dollars annually that covers their tuition as well as living expenses.
New Zealand has an excellent and flexible education system that suits the budget of every student. While the annual living expenses of international students are determined by the university chosen by them, the New Zealand government suggests that students have at least $15,000 to cover their expenses during their first year.
The United Kingdom
Just like New Zealand, the overall cost of living in the UK is determined by the place and/or university selected by a student. For example: University of Liverpool suggests that students have at least £5,500-7,000 to spend per year on cost of living (excluding college & tuition fees). Apart from that, the country's official website for international students suggests preparing a budget that includes college fees (including tuition), food, accommodation rent, travel, and other miscellaneous expenses.
No matter of where a student chooses to study, it is evident that planning well in advance and preparing a budget can go a long way in ensuring a comfortable and fruitful stay through the duration of the course.
Australia has one of the best cost of living in the world, with living and tuition costs significantly lower than USA as well as the UK. However, the Australian government still advises international students to prepare a budget for the duration of their stay in the country prior to enrolling in any university to manage their finances better. Students can also check if they are eligible for scholarships, which could help reduce their financial burden by a certain margin.
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