While the number of international students worldwide continues to grow, the cost of studying abroad does not seem about to move down. Students’ favorite study destinations are indeed quite often the most expensive ones. According to an HSBC survey, though nearly 74% of parents would like their children to go study abroad, more than 50% wish they had started saving earlier. Spotlight on the cost of international university study.
International study costs across 15 countries
Australia is the most expensive study abroad destination. That's what a recent survey from HSBC bank on the cost of studying abroad shows. The 15 countries included in the ranking are also studied in the Value of Education - Springboard for success HSBC report, which analyzes the behavior of over 4,500 parents towards their children’s education.
The ranking of countries where international study is the most expensive is not only based on the comparison of the average tuition fees in the 10 largest universities in each country. It also takes into account the average cost of living in the cities where the best universities of each country are located. Thus, even if US higher education tuitions fees are beating all records, the cost of living in Australia is so high that the country ends up being a more expensive study location than the United States.
|
Rank |
Country |
Annual university costs (USD) |
Annual cost of living (USD) |
Annual total cost (USD) |
|
1 |
24,081 |
18,012 |
42,093 |
|
|
2 |
Singapore |
18,937 |
20,292 |
39,229 |
|
3 |
United States |
24,914 |
11,651 |
36,564 |
|
4 |
United Kingdom |
21,365 |
13,680 |
35,045 |
|
5 |
Hong Kong |
13,444 |
18,696 |
32,140 |
|
6 |
Canada |
16,746 |
13,201 |
29,947 |
|
7 |
France |
247 |
16,530 |
16,777 |
|
8 |
Malaysia |
2,453 |
10,488 |
12,941 |
|
9 |
Indonesia |
4,378 |
8,527 |
12,905 |
|
10 |
Brazil |
59 |
12,569 |
12,627 |
|
11 |
Taiwan |
3,338 |
8,573 |
11,911 |
|
12 |
Turkey |
1,276 |
10,089 |
11,365 |
|
13 |
China |
3,844 |
6,886 |
10,729 |
|
14 |
Mexico |
750 |
8,710 |
9,460 |
|
15 |
India |
581 |
5,062 |
5,624 |
Are high study abroad costs a quality guarantee?
The Value of Education study showed that more than half of the interviewed parents consider the United States as one of the three countries offering the best quality of education. The ranking of countries according to quality of university education seems to show that the more a country’s educational system is renowned, the more the cost of studying tends to be high. The highest rated countries are in fact in the top 5 of the most expensive destinations for foreign students...
1. USA
2. United Kingdom
3. Australia
4. Canada
5. China
6. France, Singapore
7. Hong Kong
8. India
9. Malaysia
10. Taiwan
11. Brasil, Indonesia, Turkey, Mexico.
To find out more about the cost of international study:
Take a look at the Value of education – Springboard for Success report.
Learn about the cost of living in a large number of cities worldwide on Expatistan.