15 Cheapest Countries to Live and Study

Published on October 9, 2017 at 6:47 am by Madison Morgan in Lists

The world is your oyster, so why not pick one of the cheapest countries to live and study to call your new home?

I’d like to think that if you look up the word “wanderlust,” you will find my picture beside it. For me, there’s nothing more fulfilling than setting out to explore a new place. I love learning about new cultures, touring historical sites, and tasting new cuisines. And as soon as I get back from one trip, I’m already ready to plan the next. I’ve been fortunate enough to have visited a number of countries around the globe, but I’ve also had unique opportunities to live and study in a few countries too. Nothing really compares to the experience of living and studying abroad since you get to experience a new place and culture fully. No matter where you go, that place will always be special to you after you’ve spent an extending amount of time there.

Living and studying abroad definitely does not come cheap, so you should do some research on the cheapest universities in the world for international students before you go. Some of the cheapest university tuition in the world can be found in places like India, Malaysia, and Taiwan, so that’s a good place to start your search. It gets even better than that though. There is a number of free universities in Europe for international students depending on whether you live within or outside the European Union. For example, Spain offers free higher education for any EU citizens, while it’s free for anyone in the Czech Republic as long as speaks the language. Don’t fret if you don’t speak anything but English since there are also numerous cheap universities in Europe that teach in English. If you’ve already finished an undergrad program, and you think that you missed out on a great opportunity, it’s not too late. Italy, France, and Spain are all contenders for the cheapest country to study for a masters degree. You can dig deeper into the educational programs in some of these countries with our list of the easiest and cheapest countries to study abroad. Economies change, so check out what the cheapest countries to live and study were just a few years ago, as well.

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The idea of studying abroad is really interesting and exciting. However, as the title of this article suggests, today we will be talking about the cheapest options you have for this specific purpose. Of course, we are not going to name just a few countries where it’s merely cheap to study because then your academic qualification might not be having the credibility in the international market. Instead, we will talk about the few countries where education and the cost of living are cheap, and where you do not have to compromise with your academic credibility. So basically we will be trying to combine the best of both worlds. To find the countries with low education costs and a reasonably cheap cost of living, we turned to websites such as Top Universities, MBA Crystal Ball, Masters Portal and World University Rankings as well as Google.

When it came down to ranking, we went with the cost of living index. In keeping with the theme of this article, which is inexpensive education and living, we figured the cost of living index is the way to go. We also made sure that all the countries that made it into the list had internationally recognized educational systems, but we could only rank them based on their cost of living. The cheaper a country is to live according to the latest cost of living index, the higher it has been placed on the list. You can find the most recent cost of living index at Numbeo. This index is relative to New York City, so basically for New York City, the index should be 100 (%). Now if a country has a cost of living index of 70(%) that means on average you will have to pay 30(%) less to live there compared to NYC.

Let’s dive right into the list of 15 cheapest countries to live and study.

15. Austria

Cost of living index: 78.98

Austria is an awesome place to study for EU students, but that does not mean it is terrible in terms of tuition fees for non-EU students. In fact, it is one of the cheapest countries in Europe for education for both EU and non-EU students. On average your tuition fees would be around €750 per semester, and your average cost of living would range somewhere between €650 to €950 per month. And yes, you can get your education in English in some of Europe’s finest universities.

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14. Italy

Cost of living index: 77.36

If you ever dreamed of going to some of the oldest universities in Europe, then you have to head for Italy. Home to some of the oldest institutions known, Italy is an excellent place for international students. The tuition fees are around €850 to €1000, and the cost of living in student cities is approximately €750. It’s a fairly affordable place to live and study with some interesting sightseeing opportunities.

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13. Germany

Cost of living index: 73.18

An interesting fact is that there are no tuition fees in Germany. If we were only considering cheapest places to study, Germany would have ranked much higher. However, we are also considering how cheap it is to live in Germany as well. This is why we had to rank Germany at the 13th spot in our list, due to a relatively high cost of living.

12. Taiwan

Cost of living index: 66.80

If you are thinking about studying in Asia, then Taiwan is a good option for you. As you can see, the cost of living is relatively low in Taiwan, and tuition fees for undergrad programs range between $3,000 up to $4,000 a year, which is comparable with the other entries in the list. However, Taiwan pulls ahead when it comes to cost of living, which is about $2,300 a year.

11. Spain

Cost of living index: 60.64

After Taiwan, we have another European country on our list of cheapest countries to live and study. Spain is a beautiful and culturally rich country with friendly people. It also has some of the finest universities in Europe as well. The tuition fees are affordable, and as you can see, the cost of living index is very attractive as well. On top of that, you will have the opportunity to brush-up on your Spanish for free.

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10. Argentina

Cost of living index: 56.80

At number 10 on our list of cheapest countries to live and study, we have Argentina and not because it is the second largest country in South America, but for the fact that you can technically study for free at any state-funded university. As the cost of living index would suggest, the living expenses are not so bad either.

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9. Portugal

Cost of living index: 54.63

Portugal has 5 universities in the World University Rankings, which is quite the feat for a relatively small country like Portugal. On top of that, the cost of living in Portugal is very affordable as seen from the index. However, the tuition fees average around $1000, which is why we had to rank Portugal at this position.

8. Lithuania

Cost of living index: 51.93

We are halfway through our list of cheapest countries to live and study, and at number 8 we have Lithuania. The country is among the cheapest countries to live in all of Europe. Although the tuition fees can go as high as $3,200, the cost of living makes up for it. Lithuania welcomes about three thousand foreign students each year, among which many are English speakers.

7. Hungary

Cost of living index: 47.19

How do €500 a month for housing, food, traveling, entertainment, and social activities sound? If it sounds just right for you, then what are you waiting for? Hungary is probably the best destination for you. This beautiful Eastern European country has a lot to offer to a foreign student in terms of education and culture.

6. South Africa

Cost of living index: 46.45

South Africa is already well known for its beautiful landscapes and cultural diversity, but we are interested in South Africa for different reasons. Apparently, the highest ranked university in South Africa holds a respectable position in the above mentioned University Rankings list. All in all South Africa is an excellent place for students on a budget.

5. Russia

Cost of living index: 44.48

It has not been very long since the iron curtain lifted and the world’s biggest country opened its doors to the world. But, we are very thankful that it did. Education in Russia is comparatively good, and as you can see, the country has a pretty affordable cost of living as well.

4. Poland

Cost of living index: 43.50

The final country from Europe to be mentioned in our list of cheapest countries to live and study is also one of the cheapest countries to live in, in Europe. Apart from that, Poland has quite a few highly regarded universities as well. So if you wish to study in Europe, but you are on a rather tight budget, this is the best place for you to go.

3. Malaysia

Cost of living index: 43.31

Malaysia has been trying to position itself as Asia’s education hub for quite some time now. It’s definitely one of the cheapest countries to live for students. It offers affordable accommodation facilities for a very low cost. However, the tuition fees a bit higher, but the low cost of living makes up for it.

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2. Mexico

Cost of living index: 36.28

The runner-up on our list of cheapest countries to live and study is Mexico. The cost of living in Mexico is pretty cheap as you can see, and it is the most visited country in Latin America. If you love colorful places, then you cannot go wrong with Mexico. And of course, Mexican universities are highly regarded worldwide, for example, the highest ranking university from Mexico, Universidad Nacional Autónoma de México (UNAM) is ranked at 128th position in the world. There are several other universities in Mexico that hold a world ranking as well.

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1. India

Cost of living index: 27.48

At the very top of our list, we have India, the emerging economic giant of Asia. India has a diverse and colorful culture that attracts a lot of visitors from all four corners of the world. When it comes to education, the highest ranking University from India is the Indian Institute of Science (IISc), which holds the 152nd position in the world ranking, and there are several universities that hold a world ranking as well. As you can see, it is the cheapest country to live in our list as well.

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This wraps it up for our list of cheapest countries to live and study, now go out and explore the world.