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Can you escape student debt by studying abroad?

For some young people in the UK, the idea of studying abroad is much more alluring than staying on home turf. They are excited by the thought of enjoying greater freedom, a new cultural experience, and possibly a touch more sunshine.

Mums and dads are more likely to be bought into the idea on a practical level, as studying overseas helps reduce the cost of further education. Recent research has revealed the UK to be one of the most expensive countries in the world to study for a degree.

Travel money company FAIRFX compiled a list of the cheapest and most expensive countries in the world to be a student, based on average annual tuition fees and living costs. India was the cheapest, with a yearly cost of just £3,629.62. Russia came a close second with an amount of £4,449.90, followed by Mexico, Spain, and Belgium.

Britain was one of the most expensive places to get a university degree, with an annual cost of £21,000. With the prospect of paying out £63,000 in tuition fees and living costs over the duration of a three-year university course, it’s no wonder that many students (and their parents) are unsure that a university degree is worth the investment.

For those who are adamant that further education is essential, studying abroad is one way to keep the debt incurred to a minimum, with lower tuition fees and reduced cost of living.

There may be changes on the horizon as Brexit comes into effect. However, while there is uncertainty over its impact on UK students in European universities, it’s safe to say that fees for British students will be the same as those paid by other EU students until the UK officially leaves. And that is expected to be at least two years after Article 50 is triggered.

After that point, we don’t know what will happen. Ultimately, EU countries will each have their own stance. In some, there is unlikely to be any change to fees, while other countries may impose a penalty on UK students wishing to attend their universities.

The impact of Brexit on the economy may also be a factor for students to consider. It is possible that the pound will continue to weaken against the euro. There’s clearly a lot to weigh up – but, at this moment in time, studying abroad is a rewarding option – both financially, and in experiential terms.

If you are considering a move abroad PSS International Removals can help. We are a family run company, providing friendly, professional and stress-free overseas moves. We have specialised in international removals for over 35 years. For useful articles and tips on moving to other countries and life as an expat, please like the PSS International Removals Facebook page and follow the Twitter profile.

Picture credit: Creative Commons, University Life 243, Francisco Osorio https://www.flickr.com/photos/francisco_osorio

Published March 3rd by PSS International Removals
Posted to Expat Blog

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