42% parents would send their kids abroad for college. But it ain’t cheap.
Recent survey results show that this year there has been an increase in the percentage of parents that are considering sending their kids abroad for college. Parents need to keep in mind that this experience can be equal parts exciting and overwhelming. Sending your child to one of the most prestigious colleges or universities can be a great investment for parents.
Parents all over the globe from China, India, Hong Kong, Malaysia and UAE are enthusiastic about sending their kids abroad for study purposes. Most parents consider U.S. as the most desirable place to send their kids for higher education. Next in line are Australia and United Kingdom. However, it can become very expensive for most.
Present situation analysis
Parents considering sending their kids to US are in for quite a shock as tuition costs and other expenses are now becoming high. At first glance, the cost of sending your child abroad for higher education at prestigious schools might give heart attacks to some parents. Tuition fees are expected to be $11,000 a year for kids looking to apply to the US. An average shows that the total expense of tuition fee and living expense ranges around $33,000 a year.
Private institutions can be very expensive than state education. According to past analysis overseas, students pay more than their fair share. They pay double of what the American student pays as most schools fund their research through the costs of overseas students.
However, if you are bent on sending your child to the most exclusive institutes of the world then don’t let these ‘sticker prices’ deter you. Some tips that you can follow are mentioned below.
Ways to overcome financial problems
Parents and students need to make a budget in order to determine how they chose to pay for college overseas. Several scholarship programs are available for overseas students that these students can opt for to get some financial relief.
Different counsellors can be hired to help in the budgeting process as they can provide their expertise and help devise a realistic budget. Also, current or former students can be contacted to help in the budget-making process as they have first-hand knowledge regarding the expenses that one may occur. Also always keep something extra for unforeseen expenses.