Education is one great investment you can give to your child. Many parents start with their education savings plan as early as possible to ensure that they’ll be able to provide for their children’s education. Of course, the cost differs depending on whether your kid will go to a public or private school, college or university. But what about studying abroad?
In Australia, international students are provided with the Overseas Student Health Cover or OSHC. This covers basic medical and hospital-related costs.
The cost of studying abroad varies depending on several factors, particularly the cost of living in your destination. Consider costs such as airfare, student visa, travel and health insurance, food, accommodation, textbooks, entertainment, incidental expenses, as well as working while on exchange. In this article, let’s take a look at how much does it really cost to study overseas:
- If you are an exchange student, you will be required to pay tuition to your home institution. While in Australia, international students are provided with the Overseas Student Health Cover or OSHC. This covers basic medical and hospital-related costs. Prices differ depending on several factors and is a requirement for the student visa.
- There are host institutions that require students to pay a fee for Student Services or public transportation concessions.
- Australian citizens, permanent residents, as well as New Zealand citizens will have their student contribution at the Band 1 rate which is $396.81 per unit in 2017. For postgraduate domestic students on exchange, expect to pay fees under the Band 2 domestic student tuition rate at $1090 per unit (in 2017).
- For exchange courses, Australian citizens will still be eligible for FEE-HELP. On the other hand, permanent residents and New Zealand citizens need to pay their tuition up-front.
- As for the living arrangements, expect to pay AUD$17,400 to AUD$25,920 per year for shared accommodation outside of the campus.
- Should you decide to work while on exchange, make sure to know the work rights for international students as these differ from country to country. You can inquire about your visa restrictions at the embassy of your host country.
Studying abroad is a great opportunity to learn new things and be independent at the same time. The new environment, people, and culture will provide avenues for learning even outside the classroom. Do some research and save enough funds to prepare for the expenses when planning to study abroad.
Got other ideas on the costs of studying abroad and children’s education? Share your insights in the comments section.