Jan 13, 2017 09:00 AM EST By Chris Brandt, UniversityHerald Reporter

One research has named which countries in the world are the most affordable for students. The research included the tuition as well as the cost of living when they made the calculations. According to the research, the cheapest countries to study in are Germany, Sweden, Finland, South Africa, Taiwan, Denmark, Austria, Belgium, Spain, and Luxembourg. 

Using new data they obtained from Times Higher Education World University Rankings, the online money management service FairFX analyzed the tuition fees and the local cost of living of these universities to rank which university is good for students who are on a budget.

Germany

The analysis found out that the cheapest place in terms of tuition fee and cost of living is Germany. The average annual tuition fee in German is only around $407 while the annual cost of living is around $6800. That means a student in Germany only spends less than $8500 a year.

Sweden

The second country on the list is Sweden. Although students in Sweden only pay $15 a year (yes, you read it right), the cost of living is a bit higher than in Germany, which is around $8,200. So if the travel bug is leading you to Sweden, there's your data.

Finland

Third place is the innovative Finland which only charges its college students less than $110 a year while the cost of living is around $8800. If this still fits your budget and you want to experience how they do education in Finland, you can check your options further regarding what programs fit the degree you want to pursue.

South Africa

South Africa's tuition fee cost is almost similar to their annual cost of living giving us a clue that by South African standard, college cost in South Africa is expensive. Here's a breakdown of your expenses if you plan to study there: tuition fee is $4,884 while the cost of living is $4,823.

Taiwan and Denmark

In fifth place is Taiwan with their tuition fee cost at $3248 but the cost of living is quite high at $6500. Denmark in sixth place offers free college to its students but their cost of living will get you at almost $11,000 a year.

Austria and Belgium

In seventh and eighth place is Austria and Belgium respectively. In terms of tuition fee, Austria is cheap at around $800 but again living there will cost you a lot, specifically $9,387. Belgium's cost of living is also the reason why it's on number 8 with its cost of living at around $9600 and tuition fee at $900.

Spain and Luxembourg

To complete the top ten are Spain and Luxembourg. Spain's average tuition fee is $1,875 while the cost of living there is almost $10,000 per year. Luxembourg, on the other hand, charges an average of $413 in tuition fees with an annual cost of living at around $11,200.

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