Is Studying Abroad Getting Costlier Every Year?

Students often dream about studying abroad. Every other student in the globe is drawn to go abroad for their higher education. However, not everyone has the means to set aside a sizeable sum of money for their education. Yes, studying overseas is becoming more expensive every year, and some of the economic factors contributing to this trend include rising inflation and the Indian rupee’s declining value relative to other currencies. It has hindered Indian students’ aspirations to pursue higher education overseas.

Every year, thousands of Indian students plan to study abroad in countries like the US, UK, Germany, Canada, and a host of others. However, many students change their plans, particularly those who had intended to study in the US, UK, or Australia, given the depreciating value of the rupee. According to some experts, education prices will double in the most populous countries while just slightly increasing in less populous countries.

Factors that drive up the price of studying abroad include:

The length of the stay

The length of your stay may increase the price of your education. The costs will increase the longer you stay there for your education. As a result, you should pick a course with a short term and decide if enrolling in it at this price is worthwhile. Additionally, find out if you will profit from this course in terms of employment or placements. Due to the rupee’s depreciation, you will pay more for goods when travelling abroad because you will have less money in your pocket.

Location

One of the key elements that will either drive up the price or drive it down is the location of your higher education. You should first choose a nation whose living expenses and tuition are within your means. Then, choose a location close to the university where transportation costs are at their lowest. It will be difficult because living expenses would be very high if the university is located in the middle of the city. Therefore, you should thoroughly research the area before applying to any university.

The course’s costs

Nobody can minimise the importance of the course fee as a significant influence. It is a fixed expense that you are obligated to pay. The typical tuition costs for studying in some of the most well-known locations range from Rs 15 to Rs 23 lakh.

Third-party suppliers versus direct enrolment

Direct enrollment entails handling all aspects of the admissions process on your own, without the aid of any outside contractors. Because of the removal of middlemen, some costs are reduced as a result. However, the cost of the application and visa must still be paid. Students participating in exchange programmes run by your university are another type of direct enrollment. On the other hand, third-party providers are the international education consultants who assist students with the application and documentation processes as well as provide guidance during the admissions process. They charge a commission, which raises the price of studying abroad. Students may also contact consultancies that offer their services free of charge to students.