Cost of education is one of the most important aspect which students and parents take into consideration when they have 2 options – India or abroad. HSBC has come up with a survey on The Value of Education: Costs Vs Quality. The survey states that India as emerges as one of the least expensive destination for undergraduate education among 15 nations and Australia, Singapore and USA tops the cost chart.
The report has surveyed over 4,500 parents in 15 countries and territories, examines parents’ attitudes and behavior towards children’s education around the world.
The average annual cost including university fees and living expenditure of an undergraduate international student in India is USD 5,642, of which USD 581 is university fees. At USD 42,093 a year, Australia – a hugely popular destination for Asian students – is the most expensive option globally followed by Singapore at USD 39,229 and USA at USD 36,564. Overseas students need to spend on an average USD 35,045 a year for undergraduate studies and living in the UK, according to the survey.
“Education costs are lower in emerging markets such as India because the state-run universities are heavily funded by the government and also the cost of living for overseas students is lower here.” – Sanjiv Sud, Head of Retail Banking and Wealth Management, HSBC India.
Quality wise USA tops the list globally. 4 out of 5 parents want their children to study abroad than in India mainly because of the quality of education, exposure and also from a perspective of securing a job out there.
For a parent to send their child abroad for further studies need considerable amount of savings, even though loans are available savings by parents plays a crucial role. A parent should start planing early – various savings products in the markets are available for the same. Will cover this in detail in another article soon.
Share your thoughts & insights.. Where do you want your child to study? India or Abroad?