Considering studying abroad for cheaper tuition? Learn about the key costs to consider beyond tuition fees, including cost of living, exchange rates, healthcare fees, and more.
Questions Answered in this Article
- Why are more American students considering studying abroad?
- Cheaper tuition fees is one of the reasons why an increasing number of American students are considering studying abroad.
- What are the key costs of an international education that students should be aware of?
- Apart from tuition fees, students should be aware of the cost of living, exchange rates, healthcare fees, travel expenses, student visas or residency permits, and living costs.
- How does the cost of tuition vary when studying abroad?
- The cost of tuition can vary depending on the location, country, and type of institution you select. For instance, Germany eliminated tuition fees for all students, including international ones, in 2014. In contrast, at England’s prestigious Oxford University, international students pay approximately $53,900 annually.
- How does the cost of living differ when studying abroad?
- The cost of living can differ depending on the city and country you choose, affecting your basic expenses, such as housing and food. For instance, the average student in Norway must budget around $1,260 monthly for living expenses, while basic expenses in Portugal cost about half that amount.
- How can fluctuating exchange rates affect the cost of an international education?
- Fluctuating exchange rates can make it challenging to anticipate the full cost of your education. To account for changes in exchange rates, it’s advisable to build flexibility into your budget and consider studying in a country with a favorable exchange rate.
Key Costs to Consider When Studying Abroad for American Students
In 2011, a high school senior, Emma Freer, wasn’t attracted to the typical American campus culture of sororities, football games, and general course requirements, despite her parents’ ability to cover her in-state tuition. As a result, she chose to attend college abroad, graduating debt-free from Scotland’s University of St. Andrews in 2016 with a master’s degree in English and social anthropology. Freer feels that attending college abroad provided her with an excellent academic education and a second education in travel, living abroad, and being an outsider in a new culture. Consequently, she has no regrets about not attending school in the U.S.
Cheaper tuition is one of the reasons why an increasing number of American students are considering studying abroad. According to the Universities and Colleges Admissions Service, U.K. universities have seen a 49% increase in U.S. undergraduate applicants in the past five years. In addition, Campus France reports that the number of Americans studying in France has risen by 5% over the past five years and 50% from 2020 to 2021. Moreover, Google searches in the U.S. for “college abroad” have doubled since February 2021.
However, the affordability of college depends on more than just tuition. Students should know the critical costs of an international education before deciding to attend college abroad.
Tuition Fees: Understanding Variations by Location and Institution Type
According to Jennifer Viemont, the founder of Beyond the States, a company that assists American students in finding degree programs in Europe, tuition is the main attraction that catches people’s attention.
The cost of tuition when studying abroad can vary depending on the location, country, and type of institution you select. For instance, Germany eliminated tuition fees for all students, including international ones, in 2014. In contrast, international students pay approximately $53,900 annually at England’s prestigious Oxford University.
Some American students can utilize federal aid, such as loans, for international schools. Additionally, undergraduate degrees from international schools typically require three years instead of four, reducing students’ tuition and expenses by a full year.
Cost of Living: Basic Expenses to Budget for When Studying Abroad
Apart from tuition fees, the cost of living can differ depending on the city and country you choose, affecting your basic expenses, such as housing and food.
For instance, Norway provides free tuition to all students, regardless of origin. However, according to the University of Bergen, the average student there must budget around $1,260 monthly for living expenses.
On the other hand, basic expenses in Portugal cost about half that amount. According to the Institute of Applied Psychology in Lisbon (ISPA), students will need approximately $640 monthly to cover their expenses.
Exchange Rates: How They Can Impact Your Budget and What to Do About It
Jessica Sandberg, the dean of international enrollment at Duke Kunshan University, a partnership between Duke University in North Carolina and China’s Wuhan University, says that fluctuating exchange rates can make it challenging to anticipate the total cost of your education.
When Emma Freer attended St. Andrews, the exchange rate was not in her favor. She explains that despite working all summer to save money, the amount she deposited into her Scottish bank account was often almost half of what she had in dollars. Freer said tuition fees could fluctuate by a few hundred U.S. dollars, depending on when she paid her tuition.
To account for changes in exchange rates, it’s advisable to build flexibility into your budget. Additionally, consider studying in a country with a favorable exchange rate.
Other Costs to Consider When Studying Abroad: Healthcare Fees, Travel Expenses, and Visas
Additional expenses include healthcare fees, which are required in many countries and typically cost a few hundred dollars annually but offer generous coverage. Travel expenses should also be budgeted, including emergencies requiring last-minute flights home. Student visas or residency permits are also necessary for most countries and regions, which may require proof of financial means, such as savings, to cover the first year of tuition and living expenses. Living costs may be more flexible and individualized abroad, but it’s important to budget and make choices accordingly.
Summary
- More American students are considering studying abroad due to cheaper tuition fees.
- Key costs of an international education include tuition fees, cost of living, exchange rates, healthcare fees, travel expenses, student visas, residency permits, and living costs.
- The cost of tuition varies depending on the location, country, and type of institution selected.
- Cost of living can differ depending on the city and country chosen.
- Fluctuating exchange rates can make it challenging to anticipate the full cost of education.
- Students should consider building flexibility into their budget and studying in a country with a favorable exchange rate.
- Additional expenses include healthcare fees, travel expenses, and student visas or residency permits.
- Living costs may be more flexible and individualized abroad, but students should budget and make choices accordingly.
