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Education abroad is a dream for students. Every other student in this world is allured to pursue higher education from a different nation. But not everyone is fortunate enough to arrange a great deal of money for their education. Well, yes, studying abroad is getting costlier with each passing year, and some of the economic reasons for the same can be rising inflation and the depreciating value of the Indian rupees in terms of other currencies. It has enfeebled the dreams of Indian students who wished to study abroad.
Every year, lakhs of Indian students plan their education to various study destinations like the US, United Kingdom, Germany, Canada, etc but a large number of students drop their plans, especially those who are planning to go to the US, UK, and Australia considering the falling value of rupees. Some experts have indicated that the costs of education in the most popular nations are going to be doubled and for less popular nations, it is going to increase by some fraction.
Factors that increase the abroad education cost
Duration of the stay
The duration of your stay can multiply your education costs. The more you stay in that place for your education, the more will be the expenses. So, you should choose a course with minimum duration and also compare if it is worth it to pursue this course for this much cost. Also check whether you will get any benefit in terms of jobs or placements after completing this course. Devaluation of rupees means you have less money in your hands when compared to other currencies and so things are going to cost you higher abroad.
The location of your higher education is one of the prime factors which will either increase the cost or decrease it. First of all, you should select a country whose living costs and university fees are in your budget. Then, you should select a place nearby the university where transportation costs are minimum. Well, this is not going to be easy because if the university is in the center of the city, then the living costs will also be very high. Therefore, before applying to any university, you should study the location well.
Fees of the course
Fees of the course is an important factor which nobody can minimize. It is the fixed cost that you have to pay compulsorily. The average tuition fees for studying in some of the popular destinations are given below:
the United States of America -
Private college - Rs 25–30 lakhs
Public college - Rs 15–23 lakhs
United Kingdom - Rs 8-18 lakhs
Undergraduate course - Rs 10-15 lakhs
Postgraduate course - Rs 8-20 lakhs
Undergraduate course - Rs 5-13 lakhs
Postgraduate course - Rs 10-25 lakhs
Undergraduate course - Rs 10-16 lakhs
Postgraduate course - Rs 12-18 lakhs
Direct enrollment vs the third-party providers
Direct enrollment means you carry out the whole admission process on your own without any external paid help. This results in the elimination of middlemen and thus, cutting down on some costs. But you still need to pay for the application and visa. Another form of direct enrollment is student exchange programs led by your university. On the other hand, third-party providers are the abroad education consultants who guide students throughout the admission process and carry out the documentation work on their behalf. They charge their commission and thus, it increases the cost of education abroad. Students can also approach consultancies that do not charge students for their services.
Scholarships do provide financial assistance but not all students are able to receive a scholarship. Also, not all scholarships provide full funding for your education abroad. Thus, it is suggested to every student to scrutinize their abroad education options very carefully and plan out the financial budget beforehand to select only those options which are in their budget.