Classifying countries which have a university ranked in the top 200 in the Times Higher Education World University Rankings, FairFX has aggregated data from a number of study abroad websites looking at each destination.
Studyabroaduniversities.com, which provided the data for Norway, said that despite the traditional high cost of living, it is possible for international students to live in Norway for between NOK2000 – NOK2500 a month (£158-£198).
“Higher tuition fees are making students consider their options when it comes to choosing a university”
This, it said, is partly due to having no tuition fees and that the cost of university accommodation is cheaper than private accommodation.
FairFX found that as a result, the an average annual cost is £2,188.
Russia and Luxembourg are named second and third cheapest on the list, with an average annual cost of £4,450 and £4,739, respectively.
The UK places 24th on the list, almost ten times more expensive than Norway, costing £21,000 annually.
The rankings are based on average annual tuition fees as well as living costs in each country.
“Higher tuition fees are making students consider their options when it comes to choosing a university,” said Darren Kilner, head of dealing at FairFX.
“With the investment costs so high, it’s no surprise that students are looking at cheaper ways of securing their university education and studying abroad is becoming a much more attractive option,” he added.
Australia is ranked the most expensive country to study in, with an average annual cost of £27,277.
South Korea is the second most expensive country with costs totalling £1,711 less than Australia, followed by Singapore’s £25,309 price tag.
Study in the US meanwhile was found to be more expensive than in the UK, costing £23,592 a year.
Exchange rate fluctuations over the past two years show how they can affect the affordability of each country.
New Zealand has seen the biggest change in cost since 2013, with the average annual cost dropping by £3,284.
On the other hand, Italy has seen an increase of £1,517 compared with two years before.
“When you’re looking to study or travel overseas, it’s not only about the base costs,” Kilner explained.
“You’ve also got to consider trends in exchange rates as this can often deliver you huge savings depending on the country that you’re planning to visit.”
“A significant drop in the exchange rate over the course of a year can mean that you get much more value for your money.”