Education in Cyprus is affordable and cheap with only a few thousand Euros a year. A Bachelor's student can expect a tuition fee of 3500 Euros a year. A student in the domain of business and computer can expect a tuition fee of 3540 Euros, approximately. Masters degrees can cost anywhere between 2500 Euros to 8000 Euros a year.
→  The cost of living will depend more on your spending habits. Living in Cyprus is comparatively cheaper. To give you an idea, the basic cost of a few amenities is listed below -
Rent in a shared flat - 332 Euros per month
Utilities - 44 Euros per month
Internet Subscription - 39 Euros per month
Transportation - 40 Euros per month
In all, you can expect to spend 400 Euros to 650 Euros per month on living expenses.