Studying abroad is an expensive investment. Knowing how much a child is going to need to study abroad is impossible, since there could be emergencies that you have not foreseen, but there are a lot of things you need to take into account.
Your child will have expenses like:
- Day-to-day expenses
Your child may need to pay these expenses more than once. These don't take into consideration expenses that are only necessary once, like an application fee, a visa fee, airfare for a flight to and from the host country and travel costs while abroad.
It is very important that you make a calculation of how much your child will spend while abroad.
You may not be spot-on, but it will certainly give you a guideline of where to go. Some countries to study in may be too expensive, for example, while others may be just right. Some universities will have scholarships for incoming international students and some will offer loans. There may also be funding opportunities in the form of scholarships. Your student may want to start some sort of work-study program while he is abroad.
A part-time program can help your student pay for day-to-day expenses and may even help finance some traveling while he is abroad.
Banking is important, so make sure that your student either has a card that they can use from an account they can access, or perhaps they can open a bank account that can make wire transfers from your bank easy and not expensive.
Whatever the case, make sure to do a lot of research before you commit to anything in particular.