Dreaming of studying overseas? Amazing! It’s a life-changing adventure. But let’s talk about something super important: money. Planning your finances well is key to making your dream a smooth reality. This guide will help you, students and parents, understand the costs involved and how to budget smartly. At Anannt, we’ve helped countless students navigate this, and we know that with a clear plan, you can confidently manage your study abroad finances.
What Does Studying Abroad Really Cost? Beyond the Application Form
When you think about the cost of studying abroad, tuition fees probably come to mind first. But there’s a bit more to it! Here’s a simple breakdown:
Tuition Fees: This is what you pay for your course. It’s usually the biggest chunk.
Living Expenses: Think rent, food, local travel, and your day-to-day needs.
One-Time Costs: Things like visa applications, flights, and initial setup when you arrive.
Other Essentials: Don’t forget health insurance, books, and course materials.
Knowing all these helps you build a realistic budget and is super important for your visa application, as you’ll need to show you have enough funds.
Cracking the Code: Tuition Fees Explained
Tuition fees can vary a LOT. Here’s why:
Country: Studying in the UK will have different fees than in Australia.
University: Famous or city-based universities might cost more.
Course: Medical or dental degrees are often the priciest because they need special facilities. For example, international undergraduate clinical programs in the UK can range from £30,000 to over £70,000 per year. In Australia, medical degrees for international students might be AUD 70,000 to AUD 97,700 annually.Other degrees in arts or engineering will have different fee scales.
Study Level: Bachelor’s, Master’s, or PhD programs all have different price tags.
Key Tip: Always check the university’s official website for the latest fee information for your specific course, as these can change.
Your Home Away From Home: Budgeting for Living Expenses
Living costs are your everyday expenses. These depend heavily on the city and your lifestyle.
Accommodation: This is a big one. University halls or private rentals are common options. London is generally pricier (£848 – £1,141+ per month for accommodation) than other UK cities like Manchester (~£578 – £788+ per month) Similarly, Sydney or Melbourne (AUD 500 – AUD 1,800+ for student housing) can be more expensive than smaller Australian towns.
Food & Groceries: Budget for cooking at home and occasional meals out. This could be around £160-£170 per month in the UK or AUD 300-500+ in Australia.
Local Transport: Getting around town costs money. Student passes can help!
Utilities & Personal Spends: Bills (if not in rent), phone, clothes, and social life add up.
Visa Alert! Governments have minimum living cost estimates for visa purposes. For the UK, it’s around £1,334/month in London and £1,023/month elsewhere. Australia expects students to show access to at least AUD 29,710 per year for living costs.
Don’t Forget These! Other Essential Costs
A few more costs to keep on your radar:
Visa Fees: UK student visa is about £490. Australia’s Subclass 500 visa is around AUD 1,808.
Health Insurance: Mandatory! In the UK, the Immigration Health Surcharge (IHS) is £776 per year.For Australia, Overseas Student Health Cover (OSHC) is needed (approx. AUD 500-700/year).
Flights: To your study destination and back.
Settling-In Costs: First month’s rent deposit, basic furnishings, etc.
Books & Materials: Varies by course.
Making Your Dream Happen: Funding Your Education
Paying for studies abroad might seem like a big mountain to climb, but there are ways to fund it:
Scholarships: Many universities and organizations offer them. They can be competitive, especially for full funding in fields like medicine. Check university websites for “international scholarships”.
Education Loans: Banks in India like ICICI Bank and SBI offer education loans for studies abroad, often covering tuition, living costs, and more. Loan amounts can go up to ₹3 crore for international studies.
Visa Money Matters: Showing Proof of Funds
This is crucial! For your student visa, you MUST prove you have enough money.
UK Student Visa: You need to show you can pay your first year’s tuition fees PLUS living costs (£1,334/month for London, £1,023/month outside, for up to 9 months). These funds must be in your (or your parents’) account for at least 28 consecutive days before you apply.
Australia Student Visa: You need to show funds for your first year’s tuition, living expenses (AUD 29,710/year for you), travel, and OSHC. If family is joining, you’ll need to show more.
Accepted proof often includes bank statements or education loan sanction letters.
Chart Your Course with Anannt: We’re Here to Help!
Feeling a bit overwhelmed by the numbers? Don’t worry! Financial planning is a big part of studying abroad, but it’s definitely manageable. At Anannt, we have a deep understanding of these financial requirements and have guided many students like you in creating solid financial plans. We believe that with the right information and support, you can confidently prepare for this exciting journey.
If you want to build a clear financial roadmap for your studies abroad, we’re here to help.
Reach out to us by filling out the sign-up form on our website.
Studying abroad is an incredible investment in your future. Yes, the financial planning takes effort, but with a clear budget and the right information, you can make it happen. Think of this as building a strong foundation for an amazing adventure.
IIM Bangalore has made history by launching its first-ever undergraduate degree programs, marking a significant milestone for one of India’s most prestigious business schools. The BSc (Hons) in Economics and BSc (Hons) in Data Science represent a groundbreaking opportunity for students to access world-class management education directly after Class 12.
This complete guide breaks down everything you need to know about these exciting new programs, from eligibility and the admission process to preparation strategies and financial aid.
Program Overview
What IIM Bangalore Offers
IIM Bangalore’s undergraduate programs are designed as four-year, full-time residential courses that will commence in August 2026. The institute offers two distinct yet complementary programs:
BSc (Hons) in Economics (with a minor in Data Science and Business)
BSc (Hons) in Data Science (with a minor in Economics and Business)
Key Program Features
Duration: 4 years, full-time residential
Location: IIMB’s new Jigani campus (27 km from the main Bannerghatta Road campus)
Intake: 40 students per program (total 80 for 2026), scaling to 640 by 2031
Curriculum: Interdisciplinary approach with real-world applications, internships, and global exchange opportunities
Fee Structure: ₹8.5 lakh per annum
Financial Aid: At least 20% aggregate aid available to deserving students
Eligibility Criteria
Academic Requirements
Class 12 Qualification: Must have cleared Class 12 or equivalent from a recognized board.
Mathematics Requirement: Minimum 60% marks in Mathematics in Class 12 (mandatory subject).
Class 10 Requirement: Minimum 60% overall marks in Class 10.
Age Restrictions
General Category: Maximum 20 years as of August 1, 2025.
Reserved Categories: Maximum 22 years as of August 1, 2025.
The Admission Process
The selection process is a multi-stage journey designed to identify the most promising candidates.
Step 1: Application Phase
Timeline: September 2025
The application process opens in September 2025, giving students ample time to prepare and submit their applications for the inaugural batch.
Step 2: National-Level Entrance Test
Timeline: December 2025 (tentative)
The entrance test serves as the primary screening mechanism for the program.
Test Structure
Component
Details
Mode
Computer-based test at designated centers
Duration
90 minutes
Total Questions
60
Sections
4 sections covering different skill areas
Section-wise Breakdown
Section
Approximate Questions
Key Topics
Quantitative Aptitude & Data Interpretation
20
Arithmetic, algebra, geometry, data analysis, tables, charts
Verbal Ability & Reading Comprehension
20
Grammar, vocabulary, idioms, short passages, inference
Current affairs, history, economy, culture, politics, geography
Step 3: Personal Interview
Timeline: Early 2026
Shortlisted candidates from the entrance test will be invited for a personal interview, which forms the final component of the selection process.
Preparation Strategy
A focused approach is key to cracking the admission process.
For the Entrance Test
Quantitative Aptitude & Data Interpretation: Focus on fundamental concepts in arithmetic, algebra, and geometry. Practice interpreting various types of charts, tables, and economic data. Develop speed and accuracy in calculations.
Verbal Ability & Reading Comprehension: Build vocabulary through regular reading. Practice grammar rules and common idioms. Develop skills in quickly comprehending passages and drawing inferences.
Logical & Analytical Reasoning: Practice pattern recognition and series completion. Work on arrangement problems and logical deductions. Develop systematic approaches to complex reasoning questions.
General Awareness: Stay updated with current affairs, especially economic and political developments. Review basic concepts in history, geography, and culture. Focus on recent developments in business and technology.
For the Personal Interview
Academic Foundation: Be prepared to discuss your academic interests, especially in economics and data science.
Current Affairs: Stay informed about recent economic trends, policy changes, and technological developments.
Program Knowledge: Understand the unique features of IIM Bangalore’s undergraduate programs.
Career Goals: Articulate clear short-term and long-term career objectives.
Timeline Overview
Phase
Timeline
Action Required
Application Opens
September 2025
Submit application with required documents
Entrance Test
December 2025
Appear for national-level entrance test
Interview Process
Early 2026
Attend personal interview if shortlisted
Final Results
Mid-2026
Admission offers and acceptance
Program Commencement
August 2026
Join the inaugural batch
Financial Considerations
Fee Structure
Annual Fee: ₹8.5 lakh per annum
Total Program Cost: Approximately ₹34 lakh for 4 years (excluding living expenses)
Financial Aid
Coverage: At least 20% of students will receive financial aid.
Criteria: Merit-based and need-based assistance available.
Application: Financial aid applications are integrated into the admission process.
What Makes This Program Unique?
Interdisciplinary Approach: The programs offer a unique blend of economics, data science, and business management, preparing students for the evolving job market.
Industry Connections: Students benefit from IIM Bangalore’s extensive industry partnerships and placement support, ensuring strong career prospects upon graduation.
Global Exposure: The curriculum includes opportunities for international exchanges and exposure to global business practices.
NEP Alignment: The programs are designed to align with the National Education Policy (NEP) guidelines, emphasizing holistic and multidisciplinary education.
Tips for Success
Early Preparation: Start preparing for the entrance test well in advance. Focus on building strong fundamentals across all sections. Regular practice and mock tests are essential.
Stay Informed: Keep track of official announcements from IIM Bangalore. Monitor application deadlines and test dates. Stay updated with any changes in the admission process.
Holistic Development: Develop leadership skills and extracurricular interests. Build a strong academic foundation in mathematics and analytical thinking. Cultivate effective communication skills for the interview process.
Conclusion
IIM Bangalore’s undergraduate programs represent a revolutionary opportunity for students seeking world-class management education. With its interdisciplinary curriculum, prestigious brand value, and strong industry connections, these programs offer an excellent pathway to successful careers in economics, data science, and business management.
The competitive admission process requires thorough preparation, but the rewards are substantial. Students who successfully navigate the selection process will join an elite cohort at one of India’s most respected business schools, setting the foundation for exceptional career prospects in the rapidly evolving global economy.
The key to success lies in early preparation, consistent effort, and a clear understanding of the unique value proposition these programs offer. As IIM Bangalore embarks on this new chapter in undergraduate education, it presents an unparalleled opportunity for the next generation of business leaders and analytical thinkers.
Get in touch with us today!
For guidance and support on your application journey:
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