- July 15, 2021
- Posted by: Faith Ikade
- Category: Uncategorized
90% of Nigerian students are perplexed by this question. Thousands of Nigerian students look for any opportunity to pursue their ambition of studying abroad every day.
Given Nigeria’s economic problems, the decision to study abroad may appear daunting, with challenges such as homesickness and financial insecurity. Taking the first step toward studying abroad, on the other hand, is often one of the finest decisions a student can make. The exposure and experience can help you broaden your cultural perspectives, people skills, independence, and challenge you to learn, do, and grow continuously.
Unfortunately, many applicants are unable to turn their goal of studying abroad into a reality because they lack the essential financial considerations. Even if they achieve their goal, their ambition is frequently tarnished by the continual battle to remain afloat due to poor early planning. This brings us to a critical question:
What are the financial prerequisites for traveling internationally?
Education is a thriving business, particularly in industrialized countries. As a result, education hubs in nations like the United States, the United Kingdom, and Australia devote time, money, and people to recruit international students. This offers students who want to study abroad a leg up.
When considering studying abroad, one must first assess his or her budget. Creating a budget aids in determining the entire financial cost of international travel. Now, how do you calculate the financial cost? The financial cost is determined by the following factors:
- Program Type and Duration
Choosing a program type is critical to your budget when studying abroad. Undergraduate studies can run up to 3-4 years, making them more expensive overall than Postgraduate (1-2 year) degrees. It is essential to remember that the cost of studying abroad varies depending on the subject chosen. For example, a student who wants to study Medicine abroad is expected to pay twice as much as those studying political science.
Another factor is the student’s nationality. It is common knowledge that international students pay greater tuition than native students, regardless of the school. In most nations, private universities, schools, and polytechnics charge greater program fees than publicly-funded or government-funded institutions.
Nonetheless, many are scholarship-based, thus the expenditures incurred by the student, whether local or international, may not be prohibitively expensive in comparison to undergraduate program prices. Loans, grants, university scholarships, government scholarships, charity institution scholarships, and fellowships are some of the most popular types of financial help accessible to overseas students. Many of these instruments are sold with no commitment to pay interest or even return capital.
- International Passport
If you do not already have a passport, you must obtain one before applying for a student visa. Because processing periods vary by nation, you should begin the application procedure as soon as feasible. Passport applications in Nigeria can be submitted either online or in person. Those interested in the online application should start here.
- Evidence of Funds
A bank statement, often known as proof of funds, is a summary of your financial activities. The purpose of a bank statement for visa applications is to persuade the embassy that you are financially capable of traveling overseas. Having an amount in your account that does not correspond well may get you in hot water. Your source of income might be either grant or deny you visa.
- Student Visa
This is a critical moment for every kid. A lot of students make a lot of blunders at this point, which leads to a visa denial. To avoid squandering money, every student or agency must conduct extensive research.
Visa fees and processing times differ depending on the country of application and the nation sought. Budget for the application cost as well as additional immigration or consular-related fees like biometrics (fingerprints, photos), health exams, police verification, mailing and handling, and so on are to be conducted.
- Medical Expenses
It is suggested that a general medical check-up be performed before the trip (about 3 or 4 weeks before). As a result, you will receive tailored guidance. Taking into account the medical history (pregnancy, pre-existing diseases, etc.). You must confirm immunizations (covid, measles, polio, etc.), as well as submit to a blood test, urine test, dental exam, and chest x-ray.
- The exchange rate
Exchange rates vary around the world, with developed countries such as the United States, Canada, Germany, New Zealand, Singapore, South Korea, and Australia enjoying far more favorable rates than underdeveloped or developing countries such as India, Vietnam, Ghana, Brazil, Malaysia, Thailand, and so on. If you are from a developing nation, such as Nigeria, and want to study in a wealthy country, the currency rate will have a significant impact on your costs. This is why it is critical to stay current on our country’s shifting currency rate.
- Airline Tickets and Other Travel Expenses
The cost of air travel varies depending on the country, route, and season. In general, the sooner you purchase your aircraft tickets, the more money you may save on your trip expenditures. Consider purchasing travel insurance to protect yourself in the event of unforeseen events such as flight cancellations, luggage or passport loss, accidents, and so on.
Many nations, like New Zealand and Canada, require overseas students to get student insurance. Some colleges include student insurance costs in their program fees, while many do not. In this scenario, you’ll have to purchase it individually.
- Expenses for Preparation
If you are visiting a foreign nation for the first time, you will pay preparatory costs for clothing, accessories, devices, and so on. They may quickly add up if you’re not cautious, so budget for them throughout the planning phase.
- Costs of Living
Living expenditures differ from country to country and even within countries. You must plan a budget for Food, Transportation, Utilities, Rent, Internet and mobile connection, and Entertainment.
- Academic Materials (Books, Tools, Multimedia)
These may or may not be included in the program costs, so planning for them is essential.
- Emergency Funds
Many industrialized countries are going cashless, so you may not need to have a large amount of cash on hand. However, it is still a good idea to keep some on hand in case of an emergency.
In summary, it is difficult to save the necessary finances, especially when you have bills and tuition to pay on top of whatever money you make. There will be moments when it doesn’t seem worth it, but don’t give up. Every year, hundreds of thousands of individuals work their tails off to make international travel a reality, and you might be one of them.