Introduction
Studying abroad is a dream for many students, offering the promise of cultural enrichment, diverse experiences, and high-quality education. However, the pursuit of this dream often comes with a significant financial burden. The breakdown in financing studying abroad is a growing concern for students and their families. In this article, we will explore the challenges associated with financing international education and discuss potential solutions to make studying abroad more accessible.
Cost of International Education
Tuition Fees: Tuition fees at foreign universities can be exorbitant, often much higher than what students would pay in their home countries usually ranging from 12,000,000 naira and above for countries like Canada, UK and Australia
Living Expenses: The cost of living in another country can be substantially higher than what students are accustomed to in their home country
UK: 9,216 pounds (other cities) and 10,116(London), that’s ranging from ₦10,000,000 to ₦12,000,000 over a duration of 9 months (Individual)
Canada: 10,000 CAD which carries the value of ₦8,000,000 in today’s market (Individual adult)
Australia: 3,752.1$ monthly for a family of four which is about ₦4,400,000
Visa and Documentation Costs:
Obtaining the necessary visas, permits, and travel documents can be a costly and time-consuming process. Here is a breakdown of the minimum cost of what to expect during visa application for Canada And UK
Canada
Visa: C$185 (114,788 naira)
Insurance C$720 (446,741 naira)
UK
Visa :$479 ( Ranging from 620,000 Naira)
the IHS :$930(1,200,000 Naira)
Conclusion
The breakdown in financing studying abroad is a genuine concern, but with careful planning, research, and determination, it is possible to overcome the financial challenges. Students should not give up on their dreams of international education due to financial constraints. By seeking out scholarships, managing expenses, and making informed financial decisions, they can make studying abroad a reality and enrich their lives through this valuable experience.
PLEASE NOTE: THE VALUES IN NAIRA ARE AS GIVEN BASED ON THE CURRENT EXCHANGE RATE FOR 26/10/2023