The dream of pursuing higher education often involves financial considerations, particularly for international students considering leading countries as their study destination.
Aside from getting pulled by the charm of scenic views and world-class education offered in New Zealand, understanding the financial commitments associated with your study abroad journey is crucial for a well-informed decision. From tuition fees to accommodation and daily expenses, navigating the cost of studying in a foreign country requires insight and planning.
In this article, we'll explore the financial aspects of pursuing higher education in New Zealand and offer tips on how to offset some of your costs by incorporating part-time work, foreign education loans, etc. If you are planning your higher education journey in this country, then carefully read this article till the end!
Pursuing higher education in New Zealand allows learners to explore the field of their study within a bustling multicultural environment. Conversely, international students should also brace themselves for the financial obligations in the equation. Let's get started on that.
Even though the cost of education in New Zealand is like other OECD countries, the country's flexible education system and high quality of life make it a prime choice for international students.
New Zealand's qualifications are available to tailor to the needs of aspirants on various academic levels. However, some popular choices in higher education are bachelors and masters courses due to excellent research and career prospects. The cost of studying in New Zealand may vary depending on the institution, the type of course and how long you study for.
The tuition fee for a bachelor's degree ranges from NZD 20,000 to NZD 40,000 per year, and most of the courses in this program are completed in three years.
The cost for a master's degree ranges from NZD 20,000 to NZD 45,000 per year. The higher fees are mostly for fields like Medicine or Veterinary Science.
Other expenses such as food, transportation, and personal items should also be considered when estimating the cost of studying in New Zealand. So, let us proceed with their details ahead.
Just like the tuition fees, the cost of living is another mandatory expenditure that every study abroad aspirant must incur. Let's highlight all the necessary elements to see what living in New Zealand costs.
As an international student, the housing option you choose decides how much you will be required to spend. When you choose to live off-campus in a private house or shared flat, the rent will be typically paid fortnightly or weekly. However, on-campus accommodations necessitate payment for the entire year.
Here are some popular living options with indicative rent costs.
Halls of Residence (With Meals): NZD 346- NZD 484 per week
Homestays (With Meals): NZD 285 per week
Shared House: NZD 140 to NZD 293 per week
Studio Room: NZD 235 to NZD 370 per week
Living alone means you need at least NZD 80-120 per week for essential groceries. However, the range will differ if you often eat out daily or occasionally.
New Zealand offers flexible transport options, but most students choose public transport, such as buses, to travel. If you live closer to the campus, the transport cost will be minimized. However, students living further away will be charged up to NZD 37 per week.
If you choose the private housing option, the electricity costs around NZD 200-300 per month. However, the bill would be split if you live in a shared choice.
A prepaid plan in New Zealand costs around NZD 19 per month.
The tentative price for unlimited Wi-Fi in a shared house will be NZD 90 per month (when split between roommates.) However, this cost is included in the overall payment in homestays or halls of residence.
The leading Universities and Institutions in New Zealand arrange free or cost-effective events to help international students explore life beyond the classroom. According to one of the top universities in New Zealand, the University of Auckland, students must budget at least NZD 55 per week for entertainment purposes that may include activities such as watching a movie or dining out in their favorite restaurant. In their leisure time, they can also explore the popular and serene spots of the country for free.
To manage some of the cost of living, students can take advantage of a student visa in New Zealand. This visa facilitates academic pursuits and permits part-time work to international students. With a valid visa, they can typically work up to 20 hours per week during their studies and full-time during holidays..
If the cost of education overwhelms you, consider taking a study loan for New Zealand. The expert Loan Advisors at Élan Overseas Education Loans can help you find the best loan options to fund your higher education. Furthermore, our team assists students in every aspect of the application process and the provision of better loan terms and interest rates.
Through Élan Overseas Education Loans, you can acquire the key to the door for studying in New Zealand while effectively managing your financial resources. So, connect with our team today and understand the prerequisites of taking an overseas education loan.
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