Top Money-Saving Hacks While Studying Abroad

Studying abroad can be one of the most rewarding experiences of your life. But it doesn’t come cheap. Between tuition fees, accommodation, insurance, and everyday expenses, managing your finances wisely is crucial. Luckily, there are smart ways to save money without cutting back on the experiences that make your time abroad unforgettable.

Here are some of the best money-saving hacks every international student should know.

The right education loan

Your study abroad journey starts with funding, and it’s often the single biggest financial decision you’ll make. Many students spend weeks visiting banks, only to end up accepting the first offer that seems “good enough.”

But when you do the math you find out how interest rates and loan terms vary widely, and even a small difference can save you lakhs over time.

Here is a simple example of how a difference of 1% interest compounds over time.

By securing a loan at 10% instead of 11%, the student saves nearly ₹11 lakh over 10 years. Just from a 1% lower rate.

That’s why it pays to compare before you commit. GradRight’s education loan tool helps you to get the lowest interest rates, repayment flexibility, and savings of ₹10 lakhs – ₹20 lakhs, all without ever physically visiting a bank.

Compare health insurance: Don’t just accept the default university plan

Most universities abroad require international students to have valid health insurance. What many students don’t realize is that the default university plan is often far more expensive than buying a private one, sometimes by hundreds of dollars each year.

In most cases, you can actually waive off your university’s default insurance if you show proof of an equivalent private policy. Doing so reduces your tuition fee, which also means you’ll need to borrow a smaller loan amount, and ultimately pay less interest over time.

When comparing plans, look beyond the price and pay attention to these key terms:

• Co-pay: This is the portion of a medical bill you pay yourself. For example, if your plan has a 10% co-pay and your hospital bill is $1,000, you pay $100 and the insurer covers the rest.
• Deductible: This is the amount you must pay out of pocket before your insurance coverage kicks in. A higher deductible usually means a lower premium, but more upfront costs in case of treatment.
• Coverage limits: Every plan has a cap on how much it will pay for certain treatments or per year. Check these carefully to avoid unexpected expenses later.
• Network hospitals: These are healthcare providers that have a direct billing tie-up with your insurer. Choosing a plan with a wide hospital network helps you access care more easily and avoid claim hassles.

With GradRight, you can compare early and understand what each plan includes, protect yourself from medical emergencies, and save up to ₹10 lakhs.

Pick the right housing

Rent is easily your biggest ongoing expense abroad after tuition fee, often accounting for 30–50% of your monthly budget. But housing is also where smart planning can save you the most.

Here’s what experienced students recommend:

• Start early: Prices shoot up close to intake months. Booking 2–3 months in advance can save up to 20%
• Live with flatmates: Shared housing not only cuts rent and utilities but also helps you adjust faster
• Explore student communities: Join Facebook or Reddit groups for your city or university; seniors often post verified housing leads
• Balance location and cost: Sometimes living 15 – 20 minutes away from campus, near public transport, is far cheaper than living right next to it

Also check if your university offers on-campus housing for the first semester. It can simplify your initial months while you look for cheaper off-campus options later.

Cook your own meals

While movies and television shows romanticise the idea of spending your evenings out almost every night, it’s actually quite harmful to your wallet. In most major student cities, a single restaurant meal can cost anywhere between ₹700 – ₹800.

Cooking at home, even just a few days a week, can save you thousands every month.

Here’s how to make it easier:

• Learn 5 – 6 easy recipes before you leave: One-pot pastas, lentil curries, or stir-fries.
• Invest in basic kitchen gear: A rice cooker is a life-saver).
• Shop at discount grocery stores like Aldi (Europe), Target (US), or Lidl (UK).
• Cook in batches and store meals: You’ll save both time and money.

Cooking isn’t just economical, it’s also healthier and a great way to connect with other students from different cultures.

Travel like a local

If you’re living abroad, you’ll probably want to explore  and you should. But travel expenses can add up quickly unless you plan smartly.

Here are a few tricks to make every trip affordable:

• Use student discounts: From local buses to museums, your student ID unlocks discounts almost everywhere.
• Book in advance: Trains, buses, and flights are often cheaper when booked early.
• Choose budget transport: In Europe, apps like FlixBus, BlaBlaCar, or Trainline help find low-cost routes. In the U.S., Megabus and Greyhound are great options.
• Travel overnight: Save on accommodation by traveling during the night for longer journeys.
• Split group costs: Sharing cabs, Airbnbs, or even data plans during group trips reduces individual expenses.

You don’t have to cut travel, just plan it better.

Refinance after graduation and save for the future

You’ve graduated. The job offers are rolling in. But along with that first salary slip comes your first education loan EMI and suddenly, reality feels a little heavier.

It’s a normal part of the post-study journey. Yet, what most graduates don’t realize is that this stage also brings a major financial opportunity – refinancing.

Refinancing simply means replacing your existing education loan with a new loan that offers better terms. Such as a lower interest rate, longer tenure, or even a different currency if you’re earning abroad. It’s one of the smartest ways to reduce your financial burden and save more of what you earn.

Through Refinancing with GradRight, you can explore multiple lenders who assess your improved financial standing and offer rates and terms designed for where you are now, not where you were as a student.

Here’s how it helps you take control of your finances after graduation:

• Reduce your interest rate by up to 6%: Even a small drop can save you lakhs over time. Many graduates qualify for lower rates once they have a stable income and better credit history.
• Free up collateral or your co-signer: By refinancing your existing loan, you can release the security or guarantor tied to your earlier loan — giving both you and your family more financial flexibility.
• Lower your EMIs: Refinancing can help you stretch your repayment tenure or get a lower rate, bringing down your monthly EMI and easing your cash flow.
• Switch currencies smartly: If you’re earning abroad, you can move your loan from INR to USD, or from INR to INR with a different lender, or even USD to USD if you already hold a foreign currency loan. This protects you from exchange rate risks and helps you repay in the same currency you earn.
• Build your credit faster: Refinancing with a US-based lender helps you establish a strong credit history abroad, opening doors to better financial opportunities later.

Conclusion

Studying abroad will always be a mix of excitement and expense. But once you learn where and how to save, managing your money becomes much easier than it seems.

It’s really about balance. Knowing when to spend, when to hold back, and how to make small choices that add up over time.

Plan early, stay mindful of your habits, and remember — you don’t have to cut corners to stay on budget. With a bit of awareness and some smart decisions, you can make the most of your time abroad without constantly worrying about money.

After all, the goal isn’t just to study overseas, it’s to enjoy the journey while you’re there.