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Cost of a year
What will a year really cost?
From the country guide: tuition, living costs and the visa fee, plus the money you must show. The part you lose if the visa is refused is marked.
In short: a first year in Iceland costs about EUR 23,000: tuition, twelve months of living costs and the visa fee. The visa also asks you to show EUR 22,800 before it is decided.
Last checked: 26 September 2026, against the official sources linked below.
A year in Iceland
| In ISK as published | In EUR | |
|---|---|---|
| Tuition, one year | ISK 100,000 | EUR 732 Public university, international student |
| Living costs, twelve months | ISK 2,970,864 | EUR 21,750 |
| Visa or permit feeNot refunded if the visa is refused | ISK 70,000 | EUR 512 |
| First year, all in | EUR 22,990 | |
| Money you must show for the visa | ISK 3,119,412 | EUR 22,840 Held in your account before you apply; most of it then pays your living costs |
If the exchange rate moves. Today 1 ISK = 0.00732 EUR (rate of 13 November 2026). A 10% move either way changes this first year by about EUR 2,300, and a whole three to four-year degree by roughly EUR 6,900 to EUR 9,200. Plan with a margin, and pay large sums when the rate suits you.
Worth knowing. Proof of funds is ISK 259,951 a month from 18 May 2026; the annual figure is our calculation for a one-year permit. visa_fee is the residence permit processing fee. Tuition is the University of Iceland registration fee; public universities may now charge non-EEA students tuition (law passed June 2026) but no amounts or start date are published. Work limit is 60% of full-time employment, not stated in hours. Post-study period cut from up to three years to up to 18 months on 8 July 2026. Living costs are Reykjavík’s minimum support level for one person, as the University of Iceland cites it.
The full Iceland guide, with every source →
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Leaves out flights, deposits and insurance unless the guide includes them. Currency: Rates by Exchange Rate API, 13 November 2026.
Questions
How much does it cost to study in Iceland for a year?
a first year in Iceland costs about EUR 23,000: tuition, twelve months of living costs and the visa fee. The visa also asks you to show EUR 22,800 before it is decided.
How much money do I need to show for a student visa in Iceland?
ISK 3,119,412 a year (about EUR 22,800), from the official source in the Iceland guide.