A study across 13 countries has revealed that Australia is the most expensive when it comes to studying abroad. While an international student will bear a combined average cost of US $38,515 per year in Australia, Germany was found to be the cheapest with expenses coming up to US $6,285.
Though the study places the US in the second place, it does not include expenses of an international student studying in any Ivy League university.
The research was conducted by a global bank on cost of tuition fees and living expenses for international students. Data was collected on the basis of average tuition cost for international students in top 10 largest institutions in each country. Cost of living has been calculated taking into consideration inflation.
The US was second most expensive, with cost of tuition fees and living running up to $35,705. But overseas students in Ivy League universities could pay over two-thirds (67%) on top of this amount, with average total costs reaching $58,760 annually. UK was third with annual fees of $19,291 and living costs of $11,034.
In times when more students are looking for affordable study abroad options, the study suggests Germany as the cheapest with an annual tuition fee of $635 and expenses on cost of living at $5,650. In countries like Japan, Russia, China and Germany, annual cost of living exceeds annual tuition fees, and in some cases, cost of living is double tuition fees paid by foreign students.
According to the study, UAE is the fourth most expensive. UAE, Hong Kong and Singapore are emerging as premier emerging market destinations, the study stated.
But the regional director for IDP Education, South Asia, Harmeet Pental, claimed the comparison has to be done between two likes. "Though cost of tuition fees and cost of living will be enough to determine total expenditure, it has to take in to account factors like scholarships and benefits students get which make costs affordable."
He added that various countries have their share of affordable institutions and most expensive institutions, and that it is unfair to make comparisons. "It also depends on period of education. Undergraduate and post-graduate programmes in all these countries are not of the same duration," he added. The agency provides assistance for study abroad options.
The research was conducted by HSBC.