3 Tips To Budget For Your Study Abroad Expenses Amidst The Economic Slowdown And Currency Depreciation

Reading Time 5 minutes/Published 14-12-2022

Article Featured On: edugraph

Summary

The prospects of studying abroad for higher education attracts students universally
The allocation of finances for foreign education has been challenging for many students, especially amidst the recent economic distress and currency depreciation

The prospects of studying abroad for higher education attracts students universally. Destinations like the US, UK, Australia, Canada etc. are frequented every year as the hub for higher education by students worldwide. A degree earned from a prestigious foreign university adds substantial value to a student’s academic portfolio and contributes to an individual’s professional career too. But, one of the important aspects of studying abroad is the management of finances.

The allocation of finances for foreign education has been challenging for many students, especially amidst the recent economic distress and currency depreciation. Students aspiring to study abroad are further burdened by the depreciation of the rupee. However, experts think that with proper design and a hybrid learning paradigm, this setback can be overcome. Mentioned below are 3 of the essential tips to study abroad.

Tip 1: Proper knowledge of the country and the cost of living

Students must have proper knowledge and insight about the country they aspire to study in. The cost of living varies greatly between nations. Students should grasp the current currency exchange rates of the specific country as the cost of studying abroad will be impacted by this factor. It is wise to consider variables like the annual inflation rate for education in that nation, currency fluctuations, and annual increases in the cost of living when estimating the total amount needed.

According to some estimates, the two biggest expenses for students studying abroad are their tuition and living expenses. Experts predict that the decline in the value of the Indian rupee will have an impact on tuition costs, which are normally paid at the start of each semester. Students who have already paid their full tuition fees in advance at a lower exchange rate could be more concerned about the rising cost of living than they are about paying for their education.

Tip 2: Hybrid Programmes

A number of universities have started to offer hybrid programmes where they can complete a part of their degree in India with a partner and the rest overseas. Such programmes can be a smart choice in the current environment, where the rupee is weak and interest rates are high. The in-country component is typically in INR while the overseas component is in the foreign currency. The payment of course fee in INR initially and international currencies later, after the local currency has stabilised, is a great idea.

Moreover, the initial period of study is usually priced much lower than the overseas component hence you can save on both tuition fees and living expenses. Of course, it is important to assess the quality of the in-country programme and ensure that it is the same curriculum as the overseas degree and taught by international teachers – both of which will allow you to replicate the overseas study experience to a large extent.

Tip 3: International student scholarship programmes

Many reputed universities and educational institutions worldwide facilitate various student scholarship programmes, which can be a great way for students to finance their course fees. Many international colleges and universities award scholarships based on merit and academic excellence. Scholarship aspirants can check their eligibility based on their academic results and can apply for suitable scholarship programmes. It is a great idea to search thoroughly about the potential scholarship criteria of various international universities. Additionally, this will decrease the financial load for a student. Applying for several grants and scholarships at once is one of the best strategies to ensure a scholarship.

Foreign education introduces a student to a world of numerous opportunities. With the help of diligent planning, budgeting, and thorough research, an individual can avail the benefits of higher education imparted by famous international universities and colleges.

About the author: Abhinav Mital is the Founder of The WorldGrad, the world’s largest study abroad program platform. The WorldGrad aims to make high-quality overseas education more accessible to students through its range of hybrid programs, co-developed and delivered in partnership with globally ranked institutions. Through its program portfolio, The WorldGrad offers a personalised path to over 1,000 overseas degrees across key English-speaking destinations. Unlike most study abroad platforms, The WorldGrad allows students to complete a part of their overseas degree on their platform and finish the rest on-campus abroad. This will enable students to gain much-needed academic skills and save money and time. While it is best known for its two-tiered teaching model and unparalleled 1-1 learning support, the platform also provides other services like academic and financial counselling. The platform has helped 50,000 students in the last 12 months to realise their study abroad dreams in the coming years.