I think if one is really intelligent and is deserving, one should go for studies in abroad, specially for higher education.To start with, i would like to say that, as far as my experience is concerned, i can tell you all only about german universities because I have applied only in german universities for higher studies.
I am doing my Ph.D here.Now to begin with let me tell you how you can go about it.
1.you should have a good academic background.
2.you can also apply through DAAD(its an exchange programme with India through which students from india can come over here and undertake courses).
3.if you are a graduate, you can also persue your masters here.
For students who want to do their masters here, its better to first search the internet to see the beginning of the semester and also the fields that you want to opt for.Its easy to search by the internet(any search engines).Many german universities advertise from time to time.
For students who want to go for Ph.D its very necessary to first know what exactly you want to work on.You can search for open positions from the internet too.Max-planck research schools often advertise.But in addition to max planck there are a number of other universities here who are always ready to take intelligent and deserving students.
Now a bit about the living costs.Well if you are doing your PhD here, you get a good stipend which is enough to run your family also(if you are married).There is a lot of social security here.For finding an appartment, the international student office is also at your service.
If you´come here for your masters, you can stay at a very minimal amount in the student hostels which are also too good.And you can also look for some HIWI(as they call it)jobs which means student jobs in your university(lab)itself.
so dear friends what are you waiting for? if you have the calibre enough and the urge to have better and higher education, go ahead, the world is yours.And if you need any help you can mail me.
so till then....Tschüss(bye)
p.s.it is always good if you know a bit of german and that you can study by taking small crash courses here in germany.its very easy.