A degree from a prestigious university in the US, UK, Canada, or Australia is often seen as a ticket to international careers, better salaries, and wider opportunities. However, this dream comes with a rapidly escalating cost, which can easily run into crores.
For many Indian parents today, preparing for their children’s foreign education has become as important as buying a house or building a retirement corpus.
But most families underestimate the true cost. They calculate tuition fees, but often forget accommodation, health insurance, travel, visa expenses, not to mention currency fluctuations, and rising education inflation. By the time the actual bills start coming in, the financial burden can become overwhelming.
Experts say this is exactly why planning early matters and explain the best way to fund your children’s dream.
Costs beyond tuition: What other expenses parents must think of
But tuition is only one part of the total expense.
Ancillary expenses such as accommodation, food, utilities, health insurance, visa fees, and travel can push up the total cost by another 40–60% above tuition fees alone, according to Swati Jain, CEO Wealth, Arihant Capital Markets.
“In countries like the US, UK, Canada, and Australia, undergraduate programmes can range anywhere between $25,000 and $60,000 per year, and that’s before adding living expenses, which can easily be another $10,000 to $20,000 annually,” says Sonal Kapoor, Global Chief Business Officer, Prodigy Finance.
Over a span of three- or four-years, the total cost can really add up for most middle-class families.
This is one reason why a lot of families are now starting to reconsider their strategies for planning overseas education, says Kapoor.
She explains that completing undergraduate studies in India and pursuing a postgraduate degree abroad prove to be a more financially sustainable route.
Postgraduate programmes are typically shorter, usually one or two years, and more closely linked to career outcomes. Tuition fees for many master’s programmes range between $30,000 and $70,000 in total, excluding living costs, according to Kapoor.
While that’s still expensive, the shorter duration reduces the financial burden significantly.
