What is the average cost of studying in Australia vs UK vs Canada?
Posted on August 2, 2022
Why should you study overseas?
- The degrees from international institutions are highly valued.
- Australia, the UK, and Canada are some of the most popular destinations to study abroad.
- The universities offer a broad range of study fields for the students to choose the best for themselves.
- Planning your budget for overseas education is a crucial step.
- It allows you to completely concentrate on your studies without worrying about finances.
This enthusiasm for education abroad is understandable, as students who choose to study abroad have promising academic and personal growth. The quality of education and diversity, seen in international education is unparalleled. Unfortunately, this dream is tough to achieve without considering the costs of studying overseas. Truth be told, going abroad has considerable monetary expenses. Therefore, accounting for the expenses is essential.
The UK, Australia, and Canada have emerged to be the top three most desired countries for students looking to pursue studies in economics, finance, and earth sciences. The cost will vary depending upon the study program you select, the university you opt for, and your choice of subject.
As you read further, you will get an idea of the expenses of education in each of the countries. Mentioned below is the average cost of undergraduate and post-graduate degrees.
Tuition Fee in the UK vs Canada vs Australia
The detailed information about the tuition fee in the UK, Canada, and Australia is given in the table below:
|Cost of Studying in UK vs Canada vs Australia|
|Country||Undergraduate (in USD)||Post-Graduate (in USD)|
|The UK||10,000-19,000||12,500 -25,000|
*The amount is given in USD because the currency is most stable in the global economy.
From the above table, it is evident that the UK and Canada have relatively low cost of tuition fees compared to Australia for undergraduate and post-graduate studies.
Plan for Studying Abroad
Financial concerns should never inhibit you from taking the first step towards pursuing education overseas. You should commence the journey by searching for a suitable course, university, and college for yourself. This is where budgeting should factor in.
From tuition fees to the internet, housing to food, every aspect of life abroad should be taken into consideration to have peace of mind and financial stability. It leads to a better performance in your studies. Here’s how you can plan your budget for your international studies.
- The destination
The most influential factor when planning your budget for overseas education is the desired country and the cost of living there. This step is vital because the expenses will follow you outside the campus and the costs can increase beyond the given course fees. Therefore, a good budget will take into account the exchange rates, the country’s economy, the projected cost of living, and so on. While this process can seem complex, there is no dearth of services that will help you and your parents in every step of the process.
- Let your grades reduce costs
Applying for a scholarship often comes across as a cumbersome task for students. Scholarships would greatly benefit you. It is a tool made for only academically brilliant students, and thereby out of reach for students with ‘not good grades’. Thankfully, this is far from reality.
Nearly all established universities offer scholarships or grants based on merit. It would be wise for you to apply for such opportunities to reduce the overall expenses. You should try all the available study programs, thus you can exponentially increase your chances of a scholarship. Multiple online resources help you sort out comprehensive lists of scholarships.
- Financial tools for Studying Abroad
One of the most time-taking decisions in budgeting for international education comes after the planning is finished. Finance the budget while the foreign market is in a whimsical mood. Here are a few tools to consider help in planning the budget:
- Borrow overseas
A domestic loan provider from the country you plan to pursue your education is an effective financial method. By choosing a loan provider from the selected country, you can make sure that the loan is given and repaid in the same currency that it was borrowed in. It reduces the risk without the losses due to currency conversion.
- Explore university-tied lenders
Some universities associate with financial institutions to help their international students. The loans for education acquired in this manner are processed faster, have comparatively low-interest rates, and are protected from market volatility.
- Fixed-rate loans check uncertainties
Fixed-rate loans should be your preferred form of loan to study abroad. The fixed rates let you plan for the long-term without worrying about volatile market conditions. Variable-rate loans are not advised as the interest rates are beyond control.
- Get consultation service
You can opt to outsource the financial matters to educational services specializing in finances. They are usually directly in contact with the universities. These services have become a trusted method for financing international education worldwide.
Moving abroad for higher studies is one of the highly-coveted aspirations of a significant number of students. Due to the pandemic, the students have been making up for the delay of the past two years. Students from India crossed the one lakh marker in March 2022.
While budgeting for studying overseas can be a complex task, it consequently ensures a peaceful and more fulfilling stay in a foreign country. It allows you to experience the country to the fullest. And that makes it worth the effort.
Want to study abroad? Contact Y-Axis, the No.1 Overseas Study Consultant.
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