Students who want to pursue higher education in Australia will have to dish out `23.61 lakh per year (US$38,516), making it the most expensive country for overseas students according to a research survey by UK-based global banking giant HSBC.
The average university fee in Australia is $25,375 per year and cost of living is $13,140, resulting in a combined average cost that is higher than the USA, United Kingdom and other countries, the research says.
The USA is the second most expensive country for overseas students, with the average cost of university fees at $25,226 and living expenses at $10,479, putting the average annual cost at $35,705 for international students. However, overseas students in Ivy League universities could pay over two thirds (67 per cent) on top of this amount, with average total costs reaching $58,760 a year.
The UK was third most expensive overall with annual fees of $19,291 and living costs of $10,177. International student costs in UAE, Singapore and Hong Kong are all above $20,000 per year, as a result of higher costs of living in these three premier emerging market destinations, the research study states.
International students studying in Germany pay an average $635 for study costs and a further $5,650 in living costs, bringing the annual total to $6,285, a sixth of the cost of studying Australia.
Malik Sarwar, Global Head of Wealth Development, HSBC, said: “With rising affluence, particularly in developing markets and an increasingly competitive workplace, we expect appetite for international education to continue to grow.
Even though the market for higher education remains segmented and therefore mispriced at an international level, it is inevitable that the cost is going up everywhere. Provisioning for the cost will be a challenge for families with these aspirations so they need to plan ahead.”
The research was compiled from data in 13 countries around the world. Fees represent the average tuition cost for international students based on the top 10 largest institutions in each relevant country (sourced from individual institution data). Cost of living sourced from Higher Education Strategy Associates (HESA) Global Education Rankings 2010, Expatistan and HSBC Studying Abroad Research (October 2012).