Had it not been for the high costs, countless more students would have pursued their education abroad. However, the lure of studying in a world-class environment, the multiple opportunities to earn, and a robust professional network outweigh the cost involved. The experience is enriching and the cost is high, but through meticulous financial planning, one can ensure that dreams are not overshadowed by financial stress.
Other Expenses Beyond Tuition
When planning to study overseas, most people think it is just the tuition fees, but it is just one of the many expenses. Even before you take the flight you have to pay for health insurance, visa fees, and airfare, and not to forget the language proficiency tests. Expenditure continues even after moving to the study destination. Rent, utilities, and internet access for accommodation, then comes the food and groceries whose prices vary as per local inflation. After this comes the cost of transportation, which varies depending on whether you use public transportation or have a personal vehicle.
As your living and transportation are taken care of, next comes the daily expenditure on studying there. It includes lab fees, books, and software subscriptions. Along with this, one will have to keep aside money as emergency funds for healthcare, unexpected events, or travel. Each of these components must be accounted for to avoid surprises later. This financial elaboration is not to discourage you, but to assist you in better planning. These are the bare minimum components associated with studying overseas.
Let’s elaborate on this by taking a scenario. The Kapoor family from Mumbai, whose son, Aarav, decided to pursue a Master’s degree in Artificial Intelligence in Australia. His acceptance into a prestigious university was a moment of pride for the family, but it also brought some challenges. The Kapoor family soon realised that they would have to arrange money for tuition fees and other mandatory expenses such as health insurance and the cost of living. It became clear to them they would have to explore various financial solutions to support their son’s education.
Thankfully their son had applied for multiple scholarships and managed to secure one that partially reduced the tuition burden. Although it did not cover all expenses, it was able to ease the financial burden on the family.
The next option was to apply for an education loan. Aarav’s strong educational background and a scholarship from a reputed university were sufficient to secure a loan for higher education overseas. The family applied for an education loan that could cover the remaining costs. They evaluated several options and chose one with transparent terms and flexible repayment options that suited their long-term financial planning.
Managing the Daily Life Abroad
Once in Australia, Aarav efficiently managed his living expenses by following some steps. For example, he reduced the financial burden by opting for shared accommodation and splitting housing costs with roommates. He also used budgeting tools to track his expenses and ensure he stayed within his budget. Plus, he found a part-time job, which helped him cover his day-to-day expenses like food and transportation.
The option to work while studying is not designed to help students financially, but enable them to gain valuable experience. Since they assist an organisation in their daily work, they are paid for their time. Students who are planning to study overseas should do their financial planning independent of the option to work part-time. Moreover, they should never give a hint that they will meet their expenditure by working part-time, otherwise their study visa will not be approved.
Even with all the planning some unexpected costs may arise, such as the requirement to purchase additional academic materials. Parents should set aside some funds to meet such emergency requirements. Experienced study visa consultants in Chandigarh can help you with financial planning for studying overseas.
Emotional Challenges for Families
Sending a child overseas for education can be challenging both financially and emotionally. Parents have to come to terms that they will have to live far away from their child, who will be navigating through a new culture and facing the pressures of independent living. However, parents must always be emotionally available to their children.
Starting your financial planning early is important. When you are planning well in advance, it will enable you to explore funding options, set realistic budgets, and calculate costs. While you are considering different options, also develop an understanding of the exchange rates and inflation, which can have a considerable impact on financial planning. One can use a reliable financial tool to minimise these risks.
Scholarships reduce the financial burden, but not everyone will be able to bag it as they are limited in number and there is no guarantee that you will be able to be awarded scholarships for the competition is intense. A study loan is the safest and the most assured means of funding your child’s overseas education. The majority of educational institutions across the world will accept this source of funding.
Also Read: Aligning Financial Planning with Requirements for Studying in Australia
The Bottom Line
Sending a child abroad for higher education is a leap of faith, requiring emotional and financial readiness. While the cost can be daunting, access to the right resources, proper planning, and a resilient mindset can make this dream a reality. Families can turn their child’s overseas education into a success by addressing both the practical and emotional aspects.
