Jakarta, 10 July 2024 - Studying abroad is increasingly popular among Indonesian students. According to UNESCO, 59,224 Indonesian students pursued education overseas in 2021, a 21% increase since 2017. This growing interest is partly encouraged by the variety of state-sponsored and privately-sponsored scholarships available, including LPDP, Beasiswa Indonesia Maju, Jardine Scholarship, Chevening, and more.
Despite this enthusiasm, the journey to studying abroad is not without its challenges. Significant considerations like hefty tuition fees and lengthy university application requirements are just some of the things that students must consider. Being aware of these early can help them make important decisions well in advance and prepare more thoroughly.
To help students decide whether studying abroad is the right choice for them, Wise, a global technology company building the best way to move and manage the world’s money, has compiled five of the most important things that students need to consider before deciding to study abroad.
Tuition is generally the largest expense students face when studying abroad. While different universities charge different costs, there is generally an average range of tuition costs in each country. For instance, universities in the United States have some of the highest tuition fees compared to other countries, while Germany offers free tuition at public universities for both local and international students. Below are the average annual tuition costs of public universities in some countries popular with Indonesian international students:
Apart from tuition, it’s also crucial to know the average living expenses in your destination country. These expenses include daily necessities, accommodation, transportation, and more. Although living expenses vary depending on the city and individual lifestyle, Wise has summarized the estimated annual living costs in countries popular among Indonesian international students:
It’s also crucial to consider the currency exchange rate fluctuations of the destination country. A sudden spike in exchange rate can significantly increase the cost of studying abroad.
“We always advise parents or student sponsors to use a fast, low-cost, transparent remittance platform like Wise to help reduce costs especially when exchange rates are high,” said Elian Ciptono, Country Manager for Wise Indonesia. “We use the mid-market exchange rate available on Google or Reuters, with no markup, and charge only a minimal fee upfront. This means more of the funds sent are preserved, avoiding unexpected cuts from conventional providers and ensuring students receive the full amount.”
Unlike universities in Indonesia, which typically only require school transcripts and a high school diploma, universities abroad generally require more documents and prerequisites. Different universities will have different requirements, but expect to have these documents ready when applying:
- Language proficiency test results, such as TOEFL, IELTS, SAT, or GMAT for English-speaking countries, or HSK for Mandarin-speaking countries
Preparing these requirements often takes months or years in advance so make sure to know these ahead of the application deadline.
Once you receive a Letter of Acceptance (LoA) from your desired university, you will need to apply for a student visa. A student visa often takes a longer processing time than a tourist visa, so it’s important to do your research early to avoid unexpected delays. You may also be required to provide Proof of Funds (PoF), a legal document that shows that you can cover the yearly tuition fee and living expenses while studying abroad. Therefore, make sure you know the process and administrative documents required by each country ahead of time.
By considering these five things before finalizing the decision, students can make informed decisions and prepare thoroughly before pursuing higher education abroad.
About Wise
Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.
One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.
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