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USA Among World’s Top Three Most Expensive Destinations For International Students

The United States is now the world’s second most expensive country for international students, according to new research from HSBC Group. The combined average annual cost of university fees and living expenses in the U.S. is over US$35,000. However, overseas students at Ivy League institutions can expect to pay far more, with total costs running in excess of US$58,000.

As part of its research, the global bank analysed publically available data on higher education in thirteen major countries and territories around the world. Perhaps surprisingly, it found that Germany scored lowest for international students with combined annual tuition and living costs of just US$6,285. Australia was the most expensive destination coming in at US$38,515. One of the main factors behind this was a notable strengthening of the Australian Dollar against the U.S. and other currencies. The U.K. placed third in the study at a little over US$30,000.

International student expenses in increasingly popular Asian study destinations such as the UAE, Singapore and Hong Kong were all above US$20,000 a year, mostly as a result of rising living costs.

Table: Average annual cost of Studying Abroad for International Students

Country   Annual Fees  

Annual Cost ofliving

  Annual Total
Australia   $25,375   $13,140   $38,516
United States   $25,226   $10,479   $35,705
United Kingdom   $19,291   $11,034   $30,325
United Arab Emirates   $21,371   $6,004   $27,375
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

     
 

Andrew Ireland, Head of Premier & Wealth, HSBC Bank USA, N.A., commented: “With the relationship between educational qualifications and lifetime earnings well established, the desire to pursue higher-education is increasing across the world. Planning for the cost will be a challenge for a large number of people and with many public programs that support students rolling back all over the world, it is inevitable that expenses will continue upwards.

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