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A prominent concern for many prospective students is the cost of studying abroad. International students can expect to pay higher tuition fees than home students, so the cost of studying abroad is an important consideration when choosing where to go.

While studying abroad is an investment for your future, it is necessary to understand the types of costs you can expect and how to budget for this valuable, life-changing experience.

What will your tuition fees look like? How much money do you need to cover your everyday expenses while living and studying in your chosen destination? Most importantly, can you afford to study in your dream country?

In this article, we delve into the affordability of five top study destinations to help you make an informed decision based on tuition fees, accommodation costs and everyday expenses.

We've summarised the average cost of studying in the UK, Canada, the US, New Zealand and Australia in the table below. For easy comparison, we are presenting the costs in USD based on the exchange rate at the time of writing (July 2024).

Now, let's examine the detailed breakdown of the costs of studying in each of the five destinations.

United Kingdom

Average tuition fees:

GBP 22,200 per year (Undergraduate)

GBP 17,109 per year (Postgraduate)

Average accommodation cost:

On-campus accommodation

GBP 848 per month (London)

GBP 664 per month (Rest of UK)

Shared private accommodation

GBP 750 per month (London)

GBP 554 per month (Rest of UK)

These figures represent an average, so we recommend checking with individual universities to find specific course fees. The cost may differ depending on the subject you pursue and your year of enrolment.

Current UK student visa rules require international students planning to study in London to have a minimum of GBP 1,334 in their bank accounts for each month of their courses. Outside of the capital city, costs will be lower, with a required monthly budget of GBP 1,023.

International students studying in London are required to have more available funds because the cost of living in London is higher compared to other parts of the country.

So, if you are studying in London for a nine-month course, you will need GBP 12,006 to cover everyday expenses such as rent, utility bills, food, entertainment and transportation.

Overall, the UK has a hefty cost of living. Yet, UK residents also benefit from high wages. According to the latest statistics on , the UK ranks as the 16^th most expensive country for the cost of living in the world, with an average monthly income of around GBP 3,297.

UK universities with high acceptance rates

Canada

Average tuition fees:

CAD 36,100 per year (Undergraduate)

CAD 21,100 per year (Postgraduate)

Average accommodation cost:

CAD 750 per month (On-campus accommodation)

CAD 600 per month (Shared private accommodation)

While an international student must demonstrate they have no less than CAD 20,635 available in their bank accounts when applying for a Canadian student visa, you may need a larger budget depending on your study location, institution and the lifestyle you are looking for.

For example, the average monthly cost of shared private accommodation in Toronto is roughly CAD 700 to CAD 1,500, while your monthly rent can range from CAD 500 to CAD 1,200 per month in Montreal if you rent privately with flatmates.

These numbers can vary with factors such as the neighbourhood, the size and condition of the flat and the amenities included. Therefore, we recommend researching specific areas, properties and other living expenses before finalising your budget.

Canada is a more affordable option for studying abroad than other popular destinations like New Zealand and Australia. However, it is still considered one of the most expensive countries in the world. Non-Canadian citizens should be aware that health insurance can be costly and needs to be given priority consideration.

United States

Average tuition fees:

USD 33,000 per year (Undergraduate)

USD 32,500 per year (Postgraduate)

Average accommodation cost:

USD 850 per month (On-campus accommodation)

USD 800 per month (Shared private accommodation)

The United States is the most popular study destination among international students. Thanks to the sheer size of the USA, it can be challenging to provide an accurate review of its living costs. Your budget will vary with the state and city you choose to move to.

Living in desirable, densely populated large cities often means a higher cost of living. According to the , the renowned New York City is the third most expensive city in the world.

Los Angeles is another costly, much-loved American city: you can expect to pay up to USD 1,500 per month for a room in a shared apartment in the southern Californian city.

On the contrary, states like Iowa, Ohio and Indiana are examples of America's more affordable locations. Renting shared accommodation in Ohio will only cost you a monthly average of USD 400 to USD 800.

As you can see, the cost of studying in the US can vary widely. It is essential to adjust your budget based on the location of your chosen university and your desired quality of living when planning your finances for your study abroad journey to the States.

New Zealand

Average tuition fees:

NZD 22,750 per year (Undergraduate)

NZD 28,250 per year (Postgraduate)

Average accommodation cost:

NZD 1,640 per month (On-campus accommodation)

NZD 857 per month (Shared private accommodation)

New Zealand is far from inexpensive, but with its breathtaking natural scenery, world-class universities and high quality of living, your study abroad journey to New Zealand will surely be money well spent. 

As with most countries, major cities are usually more costly than small towns and rural areas. Auckland, Queenstown and Christchurch are among the most expensive cities in New Zealand.

In the , New Zealand is ranked the 11th happiest country globally. Despite its relatively high cost of living, New Zealand is undoubtedly desirable, especially for international students.

In March 2023, the number of student visa holders in New Zealand saw a compared with August 2022, making the country home to almost 34,000 international students. The large number of international students reflects the popularity of New Zealand as a global study destination.

When applying for a New Zealand student visa, international students must prove they have access to no less than NZD 1,250 every month to cover their living expenses while studying in New Zealand.

While this is the minimum amount you need to be eligible for the New Zealand student visa application, depending on your location and lifestyle, your study abroad budget may have to be larger than that. 

The University of Auckland recommends international students have at least NZD 380 to NZD 480 per week on top of their tuition fees to cover expenses such as accommodation, food, transportation, books, utility bills and entertainment.

The average rent in Auckland for shared private accommodation sits at an estimated NZD 800 to NZD 1,200 per month. Prices can vary depending on the neighbourhood, size and condition of the rental property.

Monthly groceries in Auckland cost an average of NZD 600 to NZD 800 for a single person. Your exact grocery cost will vary with your dietary preference and shopping habits.

Living in New Zealand can be costly, but you can work up to 20 hours per week on a student visa to offset your living costs. As of April 2024, the minimum wage in New Zealand is NZD 23.15 per hour, so working while studying can give you some decent extra spending allowance.

Australia

Average tuition fees:

AUD 32,500 per year (Undergraduate)

AUD 36,000 per year (Postgraduate)

Average accommodation cost:

AUD 836 per month (On-campus accommodation)

AUD 664 per month (Shared private accommodation)

As of February 2024, more than 700,000 international students have enrolled in educational programmes in Australia. The prestigious universities, high standard of living, beautiful weather and landscapes of the Land Down Under are just a few of the attractive qualities that make it a sought-after study destination.

Nevertheless, the high quality of life in Australia comes at a price. Worlddata.info suggests that Australia is the 9th-priciest country on the planet, making it the most expensive on this list, ahead of the UK, USA, Canada and New Zealand.

It may come as no surprise that Sydney is the costliest city in Australia, followed by Canberra and Brisbane. While the cost of living in Australia is steep, Australian residents enjoy an attractive average salary, hence the purchasing power that enables them to live comfortably.

To help with your study cost, you can work up to 48 hours a fortnight while studying on a student visa. There are no work restrictions during university holidays, so you can work as much as you want to reduce your financial stress.

Australian universities with high acceptance rates

Disclaimer: All figures in this article are indicative and correct at the time of writing. Since the economy can be subject to rapid, unexpected changes at any time, we always recommend that you do your research before booking any travel.