The global demand for tertiary education is on the rise, with an increase in Global South to 70 000 institutions, while Global North remains at around 20 000. That is 90 000 tertiary institutions, according to (HESA). With this demand comes competitive price increases.
Very few students are privileged enough to attend universities with full scholarships or bursaries in place. The reality is that most will have to rely on study loans or parental support to achieve an undergraduate or postgraduate degree. This will have young adults entering the workforce deep in debt.
Rising cost of tuition for international students year on year
University student fees and all the extras could see tertiary education costing into the thousands every year and even hundreds of thousands during the course of tertiary studies.
According to the Education Data Initiative, education has risen 747.8% since 1963.
Being ex-pats living abroad, or as some like to be called 'global citizens', the world is your oyster, and your children will likely attend a university abroad. This will, of course, lead to you paying international tuition fees for your studies. Because you live abroad, you might no longer be eligible for cheaper university education in your home country.
For international students, universities could charge as much as double for tuition in countries like Canada, the US, Australia, and New Zealand, compared to Chile, Belgium, France, Israel, Japan, Korea, Greece, Norway and Spain, which do not discriminate between national and international students.
Examples of average fees per country for an undergraduate degree.
|
|
University tuition for an international student |
Living expenses for an international student |
|
Australia |
Up to $45 000 |
Up to $5 000 |
|
Canada |
Up to $45 000 |
Up to $17 800 |
|
Germany |
Up to $35 000 |
$14 000 |
|
UK |
Up to $43 000 |
$21 7000 |
|
Dubai |
Up to $32 000 |
Up to $45 000 |
|
China |
Up to $46 000 |
$14 600 |
|
Sweden |
Up to £39 000 |
$18 400 |
|
Singapore |
Up to $ 17 000 |
Up to $17 000 |
|
Hong Kong |
Up to $1$16 500 |
Up to $ 18 000 |
Types of education fees to pay
When planning for education, remember that tuition is only a part of the costs to be considered. There are things like textbooks, accommodation, travel, supplemental or enrichment courses, membership fees etc.
- Course fees – These are the cost of a student's courses. Usually, each semester subject has a fee that adds up to the yearly cost.
- Student registration fee – Universities and other tertiary institutes charge this annual administration fee.
- Textbook costs – Textbooks needed can add up to the thousands, especially if imported.
- Living costs – This is the cost of student or private accommodation for the duration of the study period. In many countries, this could be almost as much as the actual tuition. This is important if students do not live near the campus or live abroad. Don't forget the cost of food and basic necessities.
- University Extracurricular Activity Fees – There are fees if a student wants to participate in any clubs, or sports or join gym.
- Research – Many postgraduate degrees require extensive research and case studies. This could get expensive, paying for access to research facilities, private collections, or entrance fees.
- Travel costs home – This could include regional trips home or international airfare.
- International travel/medical insurance – this policy will cover private medical fees, procedures, and hospitalisation when abroad and cover any flight cancellations.
What is an education savings plan?
An education savings plan is a long-term investment account to save money for your children's future tertiary education.
Through cautious financial planning and time management, as well as dependable financial advice, deVere can make arrangements that will not consume all of your disposable income but will give you the peace of mind you want for your children's future. With plans put in place, the decision of whether to move up and progress onto higher education can be left down to ability, determination, and choice rather than financial restrictions holding your children back.
Your financial advisor can help with the best education savings solutions for your family so that you can give your children the gift of knowledge.