The US educational system is a holistic guide that makes children’s future ready, but an increasing education fee is proving too much for the college students, looking for better bargain overseas now.
As a fact, a growing number of college-bound students are already completing their bachelor’s degree in foreign lands. As reported, about 50,000 US students, rather than just studying abroad for a semester or two, are competing their courses in the UK, Canada, according to data from the Institute of International Education.
Benjamin Caldarelli, the co-founder of Princeton College Consulting, said that he has helped students find colleges outside the US. “You are going to see more and more of this,” he said indicating the changing pattern.
The cost of graduating in the US has been increasing continuously for decades. Notably, college education is now the second-largest expense an individual is likely to make in a lifetime.
The inflating expenses, thus, makes it out of reach for a lot of students, who want to pursue their desired courses. Over the last decade or so, tuition and fees jumped 44 per cent at four-year private colleges and by 55 per cent at four-year public schools.
The numbers imply that most children have to either rely upon debt or simply move out of the nation. Meanwhile, for those who decide to stick with the former option, seven out of 10 end up owning approximately $30,000 to their borrowers.
On the other hand, colleges in France and Switzerland offer low-cost tuition and the number of debt-ridden students is, thus, minute. Whereas, in nations like Germany and Sweden, students can attend universities for free.
Though acceptable, the costs differ across boards and not everyone can avail courses in nations like Germany, yet the tuition fee paid in the US as compared to that in London, would still differ by around $10,000 to $12,000.
Therefore, given the difference between the fee paid to graduate under the US educational system and any other board, a lot of students decide to save the potential amount and move abroad instead.
“Is cost causing students and their families to vote with their feet? That question is coming up more and more,” said Robert Franek, The Princeton Review’s editor-in-chief.
However, what most families ignore initially is the cost of traveling and putting up in a new country. As often found, the difference in the values of currencies and the bargaining power of money, also play an important role. For a person estimating the cost in USD, expenses in GBP may sound troubling.
The feasibility of such a plan, therefore, severely depends on a lot of factors that cannot be determined beforehand. Nonetheless, for the US education system to keep luring students, it is important to keep a check on the upper limit that students can afford to spend.