Cost of Living in Iceland for International Students 2022

Studying in Iceland is a great one but considering the cost of living in Iceland and the cost of studying in Iceland for International Students 2022 should never be neglected.

Iceland is a small and beautiful country located in the Northern Atlantic Ocean with its capital city at Reykjavik. Reykjavik is a very beautiful city characterized with beautiful structures such as the tallest structure in Iceland, the Hallgrimskirkija structure of an expressionist church.

What makes Education System in Iceland Exceptional?

The Iceland educational system is divided into four levels which are: playschool, compulsory, upper secondary and higher, and is similar to that of other Nordic countries.

Most institutions in Iceland are funded by states as there are very few private schools. Iceland is not a member of the European union, however it signed the Schengen agreement meaning that students studying in Iceland can move freely in Europe.

Iceland has a great educational system with a literacy rate of 99% hence, as an international student, you get to benefit a good education.

Higher education in Iceland has three levels:

  • Undergraduate level: This level consist of courses that takes about 4 years to complete.
  • Post-graduate level: This is the Master’s degree level. It usually takes between one to two years to complete a master’s degree.
  • Doctoral level: It usually takes about 3 to 4 years to complete a doctorate program.

Also, one of the best part of studying in Iceland is that you can choose to study in English as there are courses offered in english language.

Check also: Cost of living in U.K for International Students


How Does it Feels to Study in Iceland as an International Student?

Studying in Iceland feels so good. There are many reasons why an international student should study in Iceland and some of these reasons include;

  • State universities in Iceland are tuition free for everyone including international students, hence you do not have to worry about paying fees for studies.
  • The official language is Icelandic and students are mostly taught in Icelandic language. So you can learn the Icelandic language as a benefit. However, there are programs taught in english for international students.
  • The country is a safe place to live in as the crime rate is very low.
  • Iceland generally has a good educational system with good and standard universities.

Cost of Studying in Iceland for International Students 2022

Nevertheless, as an international student, it is important that you make a budget of the amount of money that will be able to finance you throughout your studies in Iceland.

When it comes to the cost of studying in Iceland as an international student, you must consider things like tuition fee and study materials.

How much does it cost to study in Iceland?

Public universities in Iceland are tuition-free for both citizens and foreign students. However, as a foreign student (international student), you need to pay a registration fee of $547.5.

Nevertheless, if you prefer to study in a private university instead, then you will be required to pay a tuition fee.

Tuition fees in a private university in Iceland cost about $3650 to $15,000. Examples of some universities in Iceland are:

  • Reykjavik university
  • Akureyri university
  • University of iceland
  • Iceland Academy of the Arts
  • Holar university college
  • Bifrost university

Cost of Living in Iceland for International Students 2022

Unfortunately, living in Iceland is a bit expensive. The cost of living in Iceland includes the cost of feeding, accommodation, and transportation.


Cost of Accomodation in Iceland for International Students

In Iceland, students usually prefer to live in the school dormitory or in a shared apartment. In Iceland, dorms are known as corridors.

The cost of any accomodation you choose to live in depends on your location, however If you opt for a dormitory, then the cost totally depends on the school you are studying in.

Renting an apartment in Iceland varies between $20 and $50. Also, offers over 1 million beds for students in Iceland and all over the world, hence you could apply for yours.

Cost Feeding in Iceland for International Students

Iceland is known to have a lot of cuisines and delicacies, hence international students are sure to try out new foods.

A typical fast food meal at McDonalds cost about $14. Therefore, you need about $400 per month for feeding in Iceland.

Examples of some food in Iceland and their prices:

  • Popular yellow cheese (1 kg) – $13
  • A bottle of wine ( mid range) – $18
  • A carton of milk ( 1 litre) – $1.40
  • A bottle of water – $20

Cost of Transportation in Iceland

There are a variety of transport system in Iceland. From buses to taxis to trains, there are so many options available to international students.

It does not matter if you have a particular destination or would just like to tour Reykjavik city, using a local transportation makes it a lot cheaper and the experience more fun.


Based on estimation, a student schooling in Iceland will need about $500 per month for transportation.

Cost of Upkeeping in Iceland for International Students

Everyone loves to look good, therefore upkeeping and maintenance cannot be left out of the list. Good clothing cannot be overemphasized.

A change of wardrobe would not be a bad idea at all as an international student, it is normal and ok to do away with old and worn out clothes.

About $100 to $200 dollars is good enough for a student’s monthly upkeeping and maintenance in Iceland.

Monthly Cost of Living in Iceland for International Students

Putting all every expenses, except tuition fee into consideration, an international student will need about $1700 to $3500 monthly to live well and survive in Iceland, including accomodation.

However, to make things much easier,  international students are allowed to work as part time  for a maximum of 20 hours a week.The daily wage is sure to go a long way in settling bills and other miscellaneous expenses.


The cost of living in Iceland can be fairly high depending on the country you are coming from. Therefore as an international student, it is important that you have enough funds and is financially buoyant.


Ensure you have access to finances that will be enough to fund your stay during your four years of study.

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