Planning your international education finances is crucial to a successful experience abroad. With rising costs and various financing options available, having a clear financial strategy can help you navigate expenses and avoid surprises. Here you will find a simple 3-step summary that can help you plan your study abroad trip well.

Step 1: Research the cost involved

Each country has different expenses and conversion rates to INR, so it is important to first research all the costs involved before estimating the total. This will help you have a clear picture of the total amount of money you will need. Here are the factors to consider when estimating your costs:

Standardized exams (GRE/ GMAT/ IELTS/ TOEFL)
Tuition fee
Accommodation (on campus or off campus)
The cost of living
Visa application
Insurance (travel/health and other)
Plane ticket
miscellaneous

Ankit Mehra, Co-Founder and CEO, GyanDhan says, “Start by checking the tuition fees on your chosen university’s website. For accommodation, explore online resources and student forums to assess housing costs in your destination. of study. Don’t overlook hidden expenses like travel insurance. , medical checks and visa-related fees Visit the country’s visa website and do a thorough online research to get a clear picture of all the costs involved.”

Step 2: Identify funding sources

Once you have an overview of the funds needed, start exploring the various channels to secure them.

Self-financing: Some students have the necessary funds so that they can self-finance their international education. If this is your situation, make sure you keep a clear record of all transactions and financial sources.

Education Loan: If self-financing is not an option, consider applying for an education loan. Says Mehra, “Since the loan can take time to process, it’s best to apply before you submit your visa application.”

Scholarships and Financial Aid: Many government programs and universities offer scholarships and financial aid. These can be either need based or merit based hence any average student can apply for them as well. For more information, check government portals or university websites for available scholarships and eligibility criteria.

Step 3: Develop your financial spending timeline

Once you have estimated your total expenses and secured the necessary funds, it is important to prepare a financial calendar. Make sure you budget for at least one year of living abroad and include an emergency fund.

Expenses before departure

This category covers costs such as English language proficiency tests, standardized exam fees, and other out-of-pocket expenses incurred prior to submitting your visa application. “Include the visa application fee, accommodation arrangements and any surcharges. Additionally, consider all the costs that led to your departure, such as medical checkups, travel insurance, education loan processing fees, and other formalities before you leave. These expenses usually start piling up 12 months before you leave,” says Mehra.

Post-departure expenses

On arrival in the host country, budget for essential expenses, including rent, utility bills and local transport. Don’t forget to factor in costs for necessities like laptops, cell phones, groceries, and other living expenses.

Says Mehra, “A solid financial plan is essential for a successful adventure abroad. While financial planning for international education can come with unexpected surprises, careful preparation can help you meet these challenges. Consider adding a buffer to your budget. for more flexibility. Take your time with your expenses and paperwork to avoid any mistakes. With thorough preparation, you can focus on your studies and fully enjoy the enriching experiences that come with an international education.”