Comparing the cost of Education for UK Students around the World

| Thursday, September 10th, 2015

Cost of International Undergrad Courses across the world

According to our research, there is a large range in the costs of an undergraduate education for a UK student if they choose to study at home or abroad. The current UK University rate of £9,000 per year can rise to as much as £30,000 in the US.

The table below summarises some of the top schools from around the world for international students. The amounts range from nearly £30,000 in the US to under £3,000 in China. Additionally, many countries have courses longer than 3 years, the US is typically 4 years, so that adds another 33% to the cost of the degree.


Cost of Undergraduate Degree for a UK Student


University Country Annual Tuition Cost (local) Annual Tuition Cost (GBP) Annual Money Transfer Saving Saving Over Full course

Nottingham

UK

9,000 GBP

£9,000

-

-

Nottingham Malaysia Campus

Malaysia

41,040 MYR

£6,387

£121

£364

Oxford

UK

9,000 GBP

£9,000

-

-

Cambridge

UK

9,000 GBP

£9,000

-

-

Harvard

USA

45,278 USD

£29,469

£619

£2,475

Yale

USA

45,800 USD

£29,809

£626

£2,504

MIT

USA

43,720 USD

£28,455

£598

£2,390

McGill

Canada

18,259 CAD

£8,932

£188

£750

National University of Singapore

Singapore

37,200 SGD

£17,186

£361

£1,083

The Australian National University

Australia

33,168 AUD

£15,409

£324

£971

Ecole Polytechnique

France

8,000 EUR

£5,848

£123

£368

University of Hong Kong

Hong Kong

146,000 HKD

£12,250

£257

£1,029

Seoul National University

Korea

6,000 USD

£3,905

£82

£328

Tsinghua University

China

26,000 RMB

£2,648

£48

£191

University of Amsterdam

Holland

9,000 EUR

£6,579

£138

£414

Sources: University Information, FXcompared Intelligence Research


Savings available for international payments to study abroad

Using only traditional bank methods to pay overseas tuition costs can add a significant cost of over per pupil per year – due to the poor exchange rates and fees.

Using specialist currency brokers could save parents the equivalent of over £600 per student per year which for a student who takes a four year course in the US for example, is a saving of over £2,500; that buys 5 flights, 50 textbooks or 1,000 beers!

Assumptions:

  • Payments made in two instalments per year (some schools offer three payments which would make the savings even more as smaller amounts have worse exchange rates and as well as the additional fees from a third payment)
  • No additional costs for living expenses such as rent, food or entertainment
  • Difference between bank and specialist provider rates and fees based on independent research conducted by FXcompared Intelligence of UK, US, Australian, Canadian and New Zealand banks and the leading currency brokers (virtually all of whom are on FXcompared) in August 2015

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