Everything you need to know: paying for overseas tuition

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1 overseas tuition

2 know: paying for overseas tuition Whether you end up at a technology institute in the US or a fine art college in Spain, studying abroad gives you a rare chance to learn new skills while immersing yourself in a new culture. The career prospects are equally appealing. International students are almost twice as likely to have a job one year after graduating, and their starting salaries are 25% higher than those who haven t studied abroad. Unsurprisingly, it s becoming an increasingly popular choice in the UK; 37% of students considered overseas study in 2014, up from 20% in You ll find everything you need to know about funding your overseas adventure in this practical guide. We ll cover all the financial and legal basics, including tuition fees, living costs, visas and the most effective ways to transfer money. How can I pay for overseas study? You ve got three main options, which are: university exchange programmes grants and scholarships paying fees directly. The most affordable path is to take part in an exchange programme, like the Europe-wide Erasmus Programme. The most affordable path is to take part in an exchange programme, like the Europe-wide Erasmus Programme. This scheme allows you to study in a participating country for three to 12 months, making up a part of the course you ve enrolled in at home. You don t have to pay the international university and home fees will be waived if you study for the full academic year (24 weeks). It also covers the extra costs of living overseas, with allowances ranging from 270 to 370 a month. Another option to consider is scholarships. You can, of course, apply for these from individual universities, but it s also worth investigating scholarships from organisations like the Fulbright Commission. If academics aren t your strong point, don t feel like this isn t an option for you. Plenty of programmes give scholarships based on musical or sporting talent as well.

3 In most cases, you won t be eligible for a loan from your home country for overseas study. However, when it comes to the fees, EU countries have to charge international students the same as domestic ones. EU nationals are also eligible for the same tuition-fee grants as home students. If you choose to fund yourself through work, bear in mind that the amount and sometimes nature of the work you can do with a student visa varies. To find out what kind of work you re allowed to do, contact the relevant embassy. What s the most cost-effective way to pay for tuition? If you re making regular tuition fee payments, you might want to consider organising a fixed payment plan with your broker. Tuition fees vary hugely between countries. According to a 2014 report from HSBC, Australia was the most expensive place in the world to go to university, with living and tuition costs averaging US$42,093 a year. In contrast, an Indian university education and living costs came out at only $5,642 a year. Wherever you re paying for tuition, it s a good idea to start thinking about: ➊ how to get the best exchange rate ➋ how to deal with exchange rate changes. You ll normally find the best exchange rate through a foreign exchange broker (also known as a forex or FX broker). Typically, they re the cheapest way to transfer money, saving you 3-4% on the exchange rate and charging lower fees than banks, if any. If you re making regular tuition fee payments, you might want to consider organising a fixed payment plan with your broker. This will lock in the exchange rate you re currently paying at for up to two years. It means that if the market is hit by a sudden currency fluctuation, you ll still be able to pay your fees. To see how this works in action, imagine you were studying at the University of Neuchâtel in Switzerland for a year. You re paying 790 Swiss francs for a term of tuition in euros, then on 15 January 2015 the value of the franc soars against the euro by up to 30%. Overnight, you re suddenly paying roughly 100 more a term, even though the fees haven t changed. Fixing your payment rates helps you avoid this kind of uncertainty.

4 How do I work out the cost of living overseas? Around half of all EU countries give maintenance support, but regardless of where you re studying you ll need to work out your budget before applying. Websites like Numbeo, which lists everyday prices from a kilo of potatoes to a monthly gym membership, will help you plan and budget effectively. For those planning to study in the UK, take a look at the International Student Calculator. It breaks down expenses and gives practical advice, like how to find work. Websites like Numbeo, which lists everyday prices from a kilo of potatoes to a monthly gym membership, will help you plan and budget effectively. You ll also need to prepare for those times when you need extra funds in a hurry. Forex brokers can help with this, transferring mainstream currencies within 24 hours. Do I need a visa, and if so how do I apply? If you re a European choosing to study in an EU country, you won t need a visa. If you re travelling to and from anywhere else, you ll need to check on your destination country s immigration site. The application process will usually follow these steps: ➊ Get proof of acceptance from the university. This will normally be provided when you have an unconditional offer of study. ➋ Check which type of visa you need with your university, and that you have all the relevant documents. ➌ Check you have space on your passport for the visa, and that you have enough time left on it. UK nationals going to Russia, for example, need to check their passport will still be valid six months after they re planning to leave Russia. ➍ Fill in the application form. Make absolutely sure any information you write here matches what s on your passport. Do bear in mind that lots of countries will charge for an application the cost in the US, for example, is $160. For more information on money transfer or moving abroad, have a browse through the rest of our guides. If you have any other questions, feel free to give us a call or send us an ; we d be happy to help.

5 Our guides In this series of comprehensive guides, you ll find everything you need to know about all areas of international money transfer. We ve designed them to provide clear answers to your money transfer questions, whether you re putting down a deposit on a beachfront villa in Antigua, packing up and moving across continents or paying for a Serengeti safari. They cover all the essentials, from the costs you ll need to account for to the processes you ll need to follow. in Portugal in Portugal in Spain in Spain in France in France transfer 101 transfer 101 for businesses overseas holidays to know: regular overseas payments overseas tuition transfer 101 transfer 101 for business know: paying for overseas holidays know: regular overseas payments know: paying for overseas tuition to know: purchasing property abroad to know: repatriating funds How to use The Money Cloud to know: automated online trading platforms to know: emigrating abroad know: purchasing property abroad know: repatriating funds How to use The Money Cloud know: automated online trading platforms know: emigrating abroad