Lekshmi Unnikrishnan, a computer science post-graduate student at the University of Arizona, US, is a regular 24-year-old. Along with studies, she works as a graduate assistant. She shares a flat with three of her friends, prefers cooking at home to eating out, uses the seasonal discount coupons from her university while shopping and avoids parties. Being a music buff, she attends music concerts, but only those where the entry is free.
Unnikrishnan is not a penny pincher. Faced with rising costs during the time of a global economic slowdown, she is merely cutting her expenses and trying to live within her means.
According to Naveen Chopra, of The Chopras, a foreign educational consultancy, students studying abroad incur expenses on three major accounts – tuition fees, living cost and entertainment. Of these, there is not much a student can do with regard to tuition fees, except try for a full scholarship.
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In case you don’t get a scholarship, try for an assistantship. “If we manage to find an assistantship of any kind, our entire tuition fee is waived off and we are paid a stipend every month too,” Unnikrishnan says.
Most foreign universities offer part-time jobs or assistantships, a good way of making money. There are three common kinds of assistantship. A Teaching Assistantship (TA) - this requires the graduate student to work as an assistant to a professor and help in managing undergrad classes. In a Research Assistantship, the graduate student gets to work under a professor for one of his research projects. And in a Graduate Assistantship (GA), the student works for a department within the university. In all three cases, students get a tuition waiver and a stipend.
In an RA, the professor pays the student from the grants he or she receives for the project from the government or research institution. In a TA and GA, the university department pays the student.
The second big expense is living cost. This can be reduced by living close to the university campus, in which case travelling time and cost is reduced considerably. Sharing a flat with three to four persons also helps. Seasonal discount coupons offered by universities and accepted at most stores also come in handy, Unnikrishnan says.
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The third big expense is entertainment. Most Western countries have the concept of plays or concerts that are held in public parks and are free. Students can enjoy these. Of if you are a film buff, go to movie halls which offer student discounts. You can also go to budget pubs or during happy hours to enjoy discounts on alcohol, if you must drink, Chopra says.
Medical contingencies could be another big expense. In countries like Australia, UK, Canada, Germany and New Zealand, the medical cost is built into the university fees. For students going to the US, the best option is to take medical insurance from an Indian company, as it works out much cheaper.
While it is advisable to avoid using debit or credit cards, there are some special students' cards that give discounts on travel and shopping. Students can look for such cards.
Axis Bank, is in the process of launching a travel currency card co-branded with ISIC (International Student Identity Card) on the MasterCard platform, said a spokesperson from the bank.
The ISIC Association is a member of the World Youth Student and Educational Travel Confederation (WYSE Travel Confederation), a not-for-profit organisation. The ISIC AssociationRs s main product is the ISIC card, the only internationally accepted proof of full-time student status. It is endorsed by organisations such as Unesco, the European Council of Culture and the Andean Community of Nations. The card is used by 4.5 million students in 120 countries every year and is recognised by universities, academic institutions, student organisations, national governments and ministries of education around the world.
With the ISIC Card, students can avail of an extensive range of discounts/benefits for bus/air/rail ticketing, hostels/hotels, restaurants, tourist attractions, departmental stores, shops etc, across the world, the spokesperson says.
The ISIC Travel Card, which will be a combined student identity card and travel card, will offer benefits like discounts on transport systems, restaurants, shops, tourist attractions; preferred exchange rates for loading on the card; secure access to cash at ATMs, convenience of use at all ATMs, and 20 per cent discount on travel insurance.