Study costs most in Australia

The FINANCIAL — Australia is the most expensive country for overseas students to study in, according to research from HSBC. The combined average cost of university fees and living expenses in Australia puts the average cost at more than USD38,000 per year for international students.

Today there are more than 3 million people in higher education in a foreign country. But as many countries reduce the levels of state subsidy, students and their families have to plan more carefully than ever to meet the cost of tuition and living expenses.

The USA is the second most expensive country for overseas students, with the combined average cost of university fees and living expenses putting the annual cost at more than USD35,000. The UK is third, with annual costs of more than USD30,000. Scientific and Cultural Organisation (UNESCO), these two popular destinations attract three in ten international students, according to the United Nations Education.

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But not all developed markets charge high fees. International students studying in Germany pay an average of just USD635 a year for tuition fees, plus a further USD5,650 in living costs. This makes an annual total of USD6,285, one sixth the cost of studying in Australia, according to HSBC Group. In Japan, while fees are relatively modest, high living costs push up the overall studying bill.

The research, which analysed available data on higher education in 13 countries, found that international student costs in UAE, Singapore and Hong Kong are all above USD20,000 a year.

“With rising affluence, particularly in developing markets, and an increasingly competitive workplace that demands quality skills and a global outlook, we expect appetite for international education to continue to grow," said Malik Sarwar, HSBC’s Global Head of Wealth Development. "Even though the market for higher education remains segmented and therefore mispriced at an international level, the cost is going up everywhere as government subsidies are rolled back," he added.

“Those who wish to educate their children overseas have to factor in tuition fees, living costs, exchange rates and inflation. There is a need for parents to ensure their children’s education forms an important part of their financial planning,” Sarwar added.