Do you have a plan to study abroad? Don’t you know how much will be spent in it? If yes, it is very important to know the answers to both these questions first. You can say that this is the first step towards foreign education. Actually, apart from tuition fees of college or university on studies abroad, there are many other expenses. If a person is thinking only about tuition fees for his children studying abroad, then later he can get a big shock when he will tell about other expenses.
Total expenses can be divided into two parts
Studying abroad (Study abroad) The expenses incurred on can be divided into two parts. The first part incurs expenses before going abroad. The other part incurs after going abroad. This makes it easier to estimate the total expenditure. However, for this you have to do a little calculation. But, when it comes to millions of rupees, what is the harm in doing a little calculation.
Expenditure starts with application fees
We talk about the expenses related to education first. The first expenditure in this is the application fee of the college. This average is $ 150 per university. However, there may be a slight difference according to the course. If you have planned to apply in 5 universities, then you will have to spend around $ 750. It will come around Rs 64,000 in the rupee. After the selection of the student is for admission, it comes to tuition fees. Tuition fees may vary from different colleges. This can range from Rs 15,000 lakh to Rs 45,000 lakh.
Big expenses come on purchasing health policy
Student’s health insurance is necessary for studying abroad. The student can buy it before going abroad or through its university. Buying health insurance in India costs an annual expenditure of Rs 20,000 to 50,000. On purchasing health policy through the university, one has to spend between 50,000 and 1 lakh rupees annually.
One month spending in America can be up to Rs 2.14 lakh
Now let’s talk about living, eating and other expenses during studies. This includes the expenses of rent, grocery, transportation, phone bills and semester coming home and going back abroad for studies. The cost of staying abroad for studies is different according to the country. The cost of living in a small town of America in a month is around $ 700, or 60,000 rupees, while in New York it is $ 2,500 i.e. 2.14 lakh rupees every month.
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Total expenditure increases due to weakness in rupee
Finally we talk about the exchange rate of dollars and rupee. The cost of studies abroad increases when the rupee weakens against the dollar. The reason for this is that the cost of abroad is in the currency of that country. Can understand this with the help of an example. Suppose a student wants to study in America. His tuition fee will be fixed in the dollar there. However, on the weak reading of the rupee against the dollar, you will have to spend more for the same dollar to pay the fees.