There are some factors that need to be considered to understand why these factors help to make the country the cheapest country for education and take admission into cheap universities. On the basis of these factors, you can make a decision to opt for a cheap study-abroad country. The factor was generally influenced by one another in relation to the other factors.
The factors are the cost of education (budget), Inflation and Deflation, Price relation to Basic items, and the price of fluctuation relationship of currency to other currency. Well, education is a prime factor in society for growth and prosperity, therefore it also depends on the concern of the political regime.
Taking quality education with a low budget in the cheapest country to study for Indian students requires an understanding of the relationship between the economy and the education sector. You can’t just go by checking one by one course and do an analysis with more than 1000 universities for the cheapest education in the world.
In short, that consumes time a lot, and just understanding these few factors will help someone to make a better decision. Although these are generally based on selected factors, not very scientific research, but much better than assumptions without facts. Let’s understand these factors:
Budget for education: every country annually spends a portion of its GDP on education. One can do research on the budget expenditure on the education sector. It is interesting to find despite the pandemic (Covid-19) the education budget gets low (11.0%-9.7%) and still comes as a third priority after health (16.5%-19.3) and is followed by the government (15.7%-16.6%) expenditure budget (according to the EFW and OECD CRS database report of 2019-20).
Like in India, the budget set to spend on education increased by 11.86% in budget 2022, which is nearly 6% of the GDP, (according to India today), and several reforms were included. Check for news articles or just search online.
Another example, according to the EFW (Education Finance Watch) and survey report of UIS & OECD data, in the higher income countries, Germany’s expenditure on the public sector is more than 75%, than private sector expenditure, which is only less than 25%. Compared to the USA, it is 5%-15% higher. Which makes Germany a cheaper country for education than the USA.
Inflation and Deflation: Inflation refers to the increase in the price of basic goods and services constantly for a period of time, and Deflation refers to the decrease in the value of goods and services constantly for a period of time. Which affect several other factors direct and indirect like the type of program, living expenses, medical expenses, transport expenses, etc.
So, check for the economic condition of the particular country and then decide. The current rate in the USA for inflation in the 4th month is 7.7% (according to trading economics). In terms of inflation, Japan has a relatively low inflation rate, which is 0.6% (according to World Population Review)
Price relation to Basic items: Inflation and deflation always fluctuate in any country, and it is hard to keep them stable, shifting to another country one keeps checking the inflation rate for basic items, and the history of the inflation rate of the country (3yrs-5yrs).
The price of fluctuation relationship of currency to other currency: currency is the surviving item in this era of the world. Currency value changes according to the reserve of the country’s central bank or through the import and export rate. Though one doesn’t need to be an economic analyst but smart. Like 1 EURO is equal to 1.03 USD, which gives you a good living expenditure.
According to the basis of the above factor, we determine some of the best top 10, cheapest countries to study abroad while keeping in mind the best country for education for Indian students and also the fact that the cheapest country to live for Indians.
In this Section, we included the best and cheapest places to study abroad, like Germany, Japan, Russia, Israel, etc. keeping in mind the above factors, also included the cheapest country for MBBS, best country for BBA, and some of the cheapest universities in the world.
This country offers the most researched detail courses, with a high employability rate, The degrees from German universities are recognized all over the world, still, it is amazing that Germany provides one of the cheapest education in the world. Like Germany Btech fees is less than 10L INR, The average tuition fee per semester is an average of 80,000 INR, and a cost of living is around 50,000 INR.
This is one of the cheapest countries to study in Europe, which provides one of the best education in the world, there are some cheapest universities to study for Indian students, and the daily average cost will occur more than 8000 USD annually.
Everyone considered Japan to be an expensive country to study, but actually is wrong. The average cost to live in Japan is approximately 400000 INR, including the cheapest tuition fees for international students. Japan provides one of the best and cheapest countries for MBBS and provides actual-based education.
This country is the place for the 12 renowned universities and a few research institutes in science, especially renowned for its high-quality product manufacturing around the world. The cost of studying in Switzerland is not more than 5LK INR.
Ireland is one of the cheapest European countries for masters degrees in the world, but a little expensive among the other cheapest places to study abroad. The average cost for tuition fees is between 10000ERU to 25000 ERU, which is above 20 LK INR. The total living expenses may carry 10,000 ERU.
The Indian student is always considered the best and cheapest country to study abroad. The reason is quite simple, it has fairly affordable tuition fees and diplomatic support. The education quality in Russia has received the gold medal for the engineering of the rocket, weapons, etc.
Do you know that the USA stole rocket technology from Russia and built a rocket for the moon landing? The minimum average cost of living in Russia is up to 9LK INR.
The cost of studying in Norway for tuition fee is free. But had to pay the nominal fee, which is still making it the most inexpensive or country of the cheapest universities in the world. Which is approximately 50,000 INR per semester, with access to other universities’ amenities.
Mexico is one of the cheapest countries in the world for education. Tuition fees in Mexico vary significantly, but the range of tuition fees is between 45,000 and 60,000 INR. On average, public universities charge tuition fees between 50K-100K INR. The living cost in Mexico is considered one of the cheapest countries in the world, could be approx 30k-60k INR.
Argentina is The safest and cheapest country in the world for education. The average tuition fee will be approx 400k INR annually. The living cost will be approx 300k INR. But still, there are some universities that provide the free cost of tuition for public universities.
The cost of living in Israel is about 5k-65K INR, which is a common evaluation. The cost of study may vary, the tuition fees for Israel university is approximately 20L INR. Which is cheaper than in other countries, but it is more expensive than in other cheapest countries in the world to study abroad.
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