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Australia, USA and UK are the three most expensive countries for foreign students, said a study by HSBC. The study was done on data available on higher education in 13 countries around the world. The study also found the cost of education was lower in Germany, with low tuition costs and cost of living.
According to the study, Australia is the most expensive country for overseas students with the combined annual average cost of university fees and living expenses at over $38,000 per year for international students.
The second most expensive country is USA, with the combined annual average cost of university fees and living expenses at over $35,000 for international students. However, overseas students in Ivy League universities could pay over two thirds (67%) on top of this amount, with average total costs reaching US$58,760 a year.
The UK was third most expensive overall with annual fees of $19,291 and living costs of $10,177.
International student costs in UAE, Singapore and Hong Kong are all above $20,000 per year, as a result of higher costs of living in these three premier emerging market destinations.
International students studying in Germany pay an average $635 for study costs and a further $5,650 in living costs, bringing the annual total to $6,285, a sixth of the cost of studying Australia, the study said.
Malik Sarwar, HSBC spokesperson said, ''Those who wish to educate their children overseas need to consider more factors than simply tuition fees, such as living costs, exchange rates and inflation in their estimates of total costs. On average, living expenses can comprise at least a third of total costs and parents need to budget for travels back home during school holidays. As such, there is a need for parents to ensure their children’s education forms an important part of their financial planning.”
| Average annual cost of studying abroad for international students | |||
| Country | Annual Fees | Annual Cost of Living | Annual Total |
| Australia | $25,375 | $13,140 | $38,516 |
| United States | $25,226 | $10,479 | $35,705 |
| United Aram Emirates | $21,371 | $6,004 | $27,375 |
| United Kingdom | $19,291 | $11,034 | $30,325 |
| Canada | $18,474 | $7,537 | $26,011 |
| Singapore | $14,885 | $9,363 | $24,248 |
| Hong Kong | $13,182 | $9,261 | $22,443 |
| Japan | $6,522 | $12,642 | $19,164 |
| Russia | $3,131 | $6,310 | $9,441 |
| China | $3,983 | $4,783 | $8,766 |
| Taiwan | $3,270 | $4,987 | $8,257 |
| Spain | $1,002 | $6,004 | $7,006 |
| Germany | $635 | $5,650 | $6,285 |
| in US$/per year | |||
