Tips for Those Travelling Outside of the UK to Study - study abroad image

Tips for Those Travelling Outside of the UK to Study

Increasing tuition fees have resulted in a number of students from the UK considering pursuing higher education outside of the country. Some look upon the opportunity as an adventure whereas others hope it will add value to their resumes. No matter what the reason, many students turn to financial prudence to make life easier when they’re overseas.

Tips for Those Travelling Outside of the UK to Study - study abroad image

Is Studying Overseas More Cost-Effective?

The cost of studying in countries such as the U.S., Canada and Australia is no longer much higher than studying in the UK, which gives even more students an impetus to test waters outside of the country. According to a 2015 survey conducted by HSBC, a student who opts to study in Canada over the UK would end up spending just around £100 more per year, and this accounts for two return flights each year.

If the choice of country is the U.S. or Australia, a student’s annual expenditure would increase by around £4,000. The study also shows that Germany is among the most cost-effective study destinations, with annual costs at around £4,200 per year. France is next on the list, where you may have to spend around £5,300 per year.

Paying Tuition Fees

Policies and instructions surrounding payment of tuition fees may vary from one university to another, so this aspect requires particular attention. Researching government regulations of the country where you plan to study is vital because some follow more red tape than others. For instance, wire transfers to some countries in Southeast Asia may take several days to process. It is also crucial that you know of any restrictions that are in place.

When it comes to paying tuition fees, turning to your local bank to process an overseas money transfer is one way to go. However, currency exchange rates play a significant role in how much you end up paying, so consider looking at what specialist money transfer companies have to offer. For instance, World First and TransferWise, two UK-based international fund transfer specialists, give you access to bank-beating rates consistently.

Since exchange rates remain volatile, keep your budget slightly flexible. Online currency trackers give you easy means to determine how different currencies perform against the British pound. When exchange rates work in favour of the pound, it makes sense to purchase a larger sum. Alternatively, you may use hedging tools such as forward contracts and market orders.

Funding Your Way Through

Studying outside of the UK, depending on where you plan to go, comes at a cost. Even if you benefit through reduced tuition fees, scholarships or bursaries, you will still need to account for accommodation and day-to-day costs. Fortunately, the UK government may come to the rescue via travel grants and loans depending on the programme you enrol for and your need. The process may vary based on where you live, so research your alternatives accordingly.

Some of your other options for funding include funding from universities in the UK, the Erasmus programme, the UNESCO Fellowship Bank global scholarship scheme, Commonwealth scholarships, BUTEX scholarships and Fulbright Awards.

Conclusion

How much money you may require to study outside of the UK? This basically depends on the country where the university is located, although the cost of living might vary from one city to another as well. While you need to pay attention to aspects such as the college you select and security, plan your finances well in advance to avoid or tide through any unforeseeable roadblocks.