HSBC’s new report compares the cost of studying outside the UK in a range of countries. The Erasmus programme, along with other schemes, continue to attract a large number of students hoping to spend a year abroad at another university. More than 20,000 do so every year.
With the June application deadline looming, the research looks at the cost of living, in addition to available funding and grants, at 15 universities outside the UK.
Indeed, choosing where to study can have big implications for your wallet, notes HSBC, as the cost of studying ranges significantly, from £4,000 to as much as £15,000 outside of Europe.
Poland is the most affordable, with the available funding (£9,353.27) for a third year at the University of Warsaw exceeding total costs (£4,119.16) by £5,234.11, giving some all-important extra cash to students wishing to travel around the country, visit home, or to help pay for books and other expenses.
In contrast, students heading to Australia could find themselves with a shortfall of £5,661.23, despite taking all available finance.
Oliver Cook, Head of Foreign Exchange at HSBC UK: “As students begin to look at options for studying abroad for the 2015/2016 academic year, it is worth researching all the available grants and exchange rates, to give them a better idea about how they might manage their money at home and abroad.
“International payment services can be used to send money overseas to and from your accounts or to pay bills. Making payments in the currency of your destination country means you can be certain of the exchange rate and of the exact amount you’re sending. By making the most of services like international payments and travel money, the financial side of studying abroad can become much easier to manage.”