Advance planning helps consolidate essential services like travel insurance, airport transfers, forex cards, and SIM connections. Students must also research what discounts are available in their destination.
New Delhi: Studying abroad is a dream for many Indian students, but without careful planning, it can become financially overwhelming. As per the Indian Student Mobility Report 2024, nearly 1.5 million Indian students are expected to pursue education overseas by 2025. With costs on the rise—ranging from tuition to housing, exams, and daily expenses—early and strategic financial planning has never been more essential.
Start Early, Save More
According to Saurabh Arora, Founder and CEO, University Living, the smartest financial decisions are made before applications begin. Ideally, students should start financial planning way before their intended intake. This means setting a savings target, understanding future costs, and involving parents or guardians in transparent financial discussions early on. Begin tracking expenses, exploring investment options like education savings plans or fixed deposits, and understanding the cost implications of different countries and courses.
Choose Destination & University Wisely
The ROI (Return on Investment) of your education depends heavily on the country and course you choose. Emerging study destinations like Germany, Portugal, France, Austria, and Malta are gaining traction for offering high-quality education at lower fees, often with public subsidies or minimal tuition. These regions also boast a lower cost of living compared to traditional markets like the US or UK. Students who prioritize ROI from the outset can avoid debt and graduate with greater financial stability.
Budgeting: The Cornerstone of Cost Management
Create a realistic budget from the start—one that includes tuition, rent, utilities, groceries, transport, and leisure. According to the Founder of University Living, students should use real-time tools to compare the cost of living in different cities. “For example, living in Berlin is significantly cheaper than in London. Early budgeting helps students avoid financial shocks later, especially in countries where currency fluctuation can impact outflows,” he said.
Maximise Scholarships & Alternative Aid
Apply for scholarships and grants as early as possible. Many scholarships/grants close months before university deadlines. Seek out country-specific, diversity-based, or even niche scholarships.
Book Accommodation in Advance
Housing is often the single largest expense, estimated at nearly 40–50 per cent of a student’s overall cost. According to the Indian Student Mobility Report 2024, Indian students are projected to spend over USD 17.3 billion on accommodation alone by 2025. Booking verified housing early through reliable platforms can save up to 30 per cent compared to last-minute rentals. Shared living, PBSAs (Purpose-Built Student Accommodations), or fully furnished student apartments offer cost efficiency and security. Look for housing with bills included to avoid unpredictable monthly charges.
Bundle Services to Avoid Hidden Expenses
Advance planning helps consolidate essential services like travel insurance, airport transfers, forex cards, and SIM connections. Pre-departure student packs offered by several platforms ensure all essentials are covered affordably, removing the need to source services at premium rates after landing.
Don’t Overlook Student Benefits
Research what student discounts are available in your destination. From subsidised public transport and meal cards to software, cinema, and museum discounts, these perks collectively save hundreds each year. Many airlines also offer student fares with extra baggage allowance if booked through the right channels.
Part-Time Work: A Safety Net, not a Crutch
Most countries allow international students to work part-time. While this can cover day-to-day costs, it shouldn’t be the primary funding source. Use early financial planning to cover major expenses and view part-time work as a buffer or savings tool for unplanned spending.
The path to studying abroad is paved with critical financial decisions. Starting early allows students and families to budget realistically, access better deals, and avoid debt traps. From choosing the right country and scholarships to locking in affordable housing and using AI-driven planning tools, students who plan ahead can significantly reduce the financial burden of going global. In a world where every rupee counts, early financial planning turns dreams into achievable, sustainable futures.
