You are thinking of doing your Masters abroad and are unsure about how to finance your stay? Apart from tuition fees, living expenses are an important factor to consider. You may wonder how much does it cost to live in your preferred country. The living standards vary quite a lot, so we recommend you read more information about the specific country here. However, in this article we have summed up several factors that could have an influence on the costs of living.
First of all, find out whether you have to pay tuition fees abroad. Search for alternatives and carefully weigh all the pros and cons. In case tuition fees are too high, applying for a scholarship might be the solution for you. If you are looking at a European university, find out if it holds the ‘Erasmus Certificate of Higher Education’. If so, you are likely to receive financial support from the EU via its Erasmus+ programme.
Besides tuition fees, living expenses should be a major issue when planning your budget. Living expenses typically include rent, food, teaching material, public transport, travelling costs, leisure activities and the like. These are only some points, though. The amount of money you will need depends on several factors. First, your destination is a crucial factor. Studying in Wroclaw, for example, will be much more affordable than studying in London, due to lower rents and lower costs for food and leisure activities. Second, it is all about personal lifestyle preferences. Some attach more importance to the comfort of their home while others prefer high-quality food, and still others spend a lot of money on their travels abroad.
While planning your stay abroad, consider the costs to travel to your desired location. Moreover, study abroad is a unique experience. You will want to enjoy the local culture and probably travel around a bit. For that, you will need some extra money as well. Travel insurance is another important point to take care of. Don’t save at the wrong end, or, as the old British nautical saying goes, do not spoil the ship for a ha’porth of tar!
As indicated above, the costs for staying abroad strongly depend on the location and on yourself. However, there are several opportunities to finance postgraduate study abroad.