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Education Loan

Finding budget-friendly student accommodation overseas

31 Jan 2025 by Team FinFIRST
student dormitory
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Finding student accommodation while managing your studies can be a challenging task, especially for Indian students going abroad. Yet, it’s extremely important to secure a comfortable living space that fits your budget during this new journey.

With this guide, learn how to navigate the various options available for student housing so that you can make informed decisions.

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Types of student accommodation

There are three main types of student residence that you can opt for as an international student –

1. Student dormitory

Mostly provided within the premises of universities, a student dormitory is one of the most popular and convenient choices for Indian students abroad. These dormitories offer a community living experience, with shared facilities promoting social interactions and security. This makes them a good option for Indian students going abroad for the first time. However, do keep in mind that while these dorms are generally more affordable, they may have limited privacy.

2. Private rental

If you don’t want your privacy to be breached, renting a private place like an apartment would be the best option for you. However, this option tends to be pricier, and you will need to manage responsibilities like cooking, cleaning, laundry, and more alongside your studies. Most students prefer this after their first year as they become aware of the location and their living expenses.

3. Shared living space

This option serves as a middle ground between dormitories and private rentals since you are surrounded by a limited number of roommates. By sharing a place with other students, you can enjoy a more personal space at a lower cost than renting alone. Sharing accommodation also teaches students about responsibilities and helps them develop essential life skills.

Factors to consider when choosing accommodation
 

When searching for student accommodation, keep the following factors in mind –

  1. Location – You are sent to study overseas at a university, and thus, it's important to minimise commuting time and costs. Look for neighbourhoods with convenient access to public transport, department stores, and other amenities.
  2. Cost – Set a budget and stick to it. You need to figure out what things are essential to you. Factor in not just rent, but also utilities, internet, and other essentials. Research about average prices in your chosen city to ensure you're not overspending. You can determine your cost of living by using our personalised monthly expense calculator https://www.firstuni.in/cost-of-living-calculator.
  3. Safety – Prioritise safety when selecting your accommodation. You don’t want a life where stress regarding your safety may affect your studies. Consult locals and fellow students in universities to know more about the neighbourhood.

Practical budgeting tips
 

To manage your accommodation expenses effectively, consider these practical tips –

1. Create a detailed budget

Outline all your expected expenses, including rent, utilities, groceries, and leisure activities. This will provide a clear picture of your financial situation.

2. Explore financing options

If you're concerned about covering your living expenses, consider obtaining an education loan. IDFC FIRST Bank Education Loan offers the best solutions for students, with flexible repayment options to ease financial strain.

3. Plan your accommodation costs

Include your housing costs in your overall education budget. This will give you a clear picture of your total expenses, allowing you to make informed decisions about where to live.

Benefits of IDFC FIRST Bank Education Loan
 

If you want to make studying overseas more affordable, opting for an IDFC FIRST Bank Education Loan can be the perfect solution. Some of the ways in which it can support your international education include –

  1. Comprehensive coverage – The education loan covers not only tuition fees but also essential living expenses, including accommodation costs, travel, and insurance.
  2. Huge loan amount – You can access loans up to ₹1.5 crore, providing ample funds to cover various living arrangements, from shared apartments to university dormitories.
  3. Flexible repayment – Enjoy flexible repayment options and the ability to finance up to 100% of your education, allowing you to manage finances effectively while settling and adjusting to your new lifestyle.
  4. Quick disbursement – With a streamlined application process, IDFC FIRST Bank ensures prompt loan disbursement, enabling students to pay for accommodation and other immediate needs without delays.
  5. Quick approval process – The IDFC FIRST Bank offers an end-to-end digitised application process, reducing the turnaround time for loan and sanctioning.

Conclusion
 

Finding affordable student accommodation abroad doesn't have to be overwhelming. By understanding the types of accommodation available and considering essential factors such as location, cost, and safety, you can secure a comfortable living space that meets your requirements. Remember to budget wisely and seek financial aid from the IDFC FIRST Bank Education Loan to ensure a smooth transition to studying overseas.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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