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The MOST expensive countries to study abroad
Have a few thousand dollars to spare? Here are some of the most expensive countries to study in.
Leading international banking and investment firm HSBC Group has recently conducted a research to study global trends in higher education to understand the average cost of pursuing education abroad.
As part of its research, the global bank analysed publicly available data about higher education and related costs in thirteen major countries and territories around the world.
The HSBC team compared average annual fees and annual cost of living in the 13 major study abroad destinations.
In the study, 'fees' represent the average tuition cost for international students based on the top 10 largest institutions in each relevant country; this information was sourced from individual institution data.
Meanwhile, figures for cost of living (living expenses) were sourced from HESA Global Education Rankings 2010 and compared with Expatitsan.co.uk and HSBC Studying Abroad Research conducted in October 2012.
All figures mentioned in the report are in US dollars and HSBC followed the conversion exchange rate as on July 17, 2013.
The final results of the study were released on Tuesday, August 13.
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13. Germany
The least expensive country to study abroad as per HSBC's research is Germany.
While the annual tuition fee work to about $635, students spend almost ten times their cost of education to live in this country.
Annual fees: $635
Annual cost of living: $5,650
Total annual cost: $6,285
12. Spain
Next up is Spain where the annual cost of living in the country is almost six times the cost of education.
Annual fees: $1,002
Annual cost of living: $6,004
Total annual cost: $7,006
11. Taiwan
With the annual cost of education at about $8,257, Taiwan comes in at number 11.
Education in Taiwan comprises a combination of the American and Chinese academic systems, which appeals to international students.
Annual fees: $3,270
Annual cost of living: $4,987
Total annual cost: $8,257
10. China
Not far from Taiwan is China.
Because of its several student-friendly education policies, studying in China has become relatively cheaper as compared to the UK and USA.
Annual fees: $3,983
Annual cost of living: $4,783
Total annual cost: $8,766
9. Russsia
Russia is a favourable destination for students aspiring for a career in medicine, mathematics, science, and aerospace research in particular.
In spite of the living costs being twice as much your tuition fees, you can study in Russia for less than $10,000 a year.
Annual fees: $3,131
Annual cost of living: $6,310
Total annual cost: $9,441
8. Japan
With seven major public universities and over 700 different universities to choose from, international students including those from India are keen to pursue their higher education in Japan.
According to a report by Japan Student Services Organisation, more than 1,37,756 international students have been enrolled in Japanese universities in 2012.
Annual fees: $6,522
Annual cost of living: $12,642
Total annual cost: $19,164
7. Hong Kong
Hong Kong is ranked seventh in the list of expensive countries for higher education.
However, despite its surging costs of education, Hong Kong, is still considered a good destination by overseas applicants.
According to a report published by the New York Times in July last year, the University of Hong Kong and Chinese University of Hong Kong saw approximately 42 and 50 percent increase in the number of students for the academic year 2012-13 as compared to 2011-12.
Annual fees: $13,182
Annual cost of living: $9,261
Total annual cost: $22,443
6. Singapore
Singapore is ranked at number six. With low crime rates and high standard of living Singapore continues to attract the attention of international students every year.
The Singapore government had set a target of hosting 1,50,000 international students by 2015. But with the rising cost of education, it remains to be seen whether or not they will be able to get the numbers.
Annual fees: $14,885
Annual cost of living: $9,363
Total annual cost: $24,248
5. Canada
The North American country is the fifth most expensive country for higher education.
Canada has a relatively lower cost of living than most countries in Europe, Japan and Hong Kong. And this is attracting international students.
In 2013, Canada welcomed a record 1,00,000 international students, a sharp increase of 60 per cent from its 2004 figure.
Annual fees: $18,474
Annual cost of living: $7,537
Total annual cost: $26,011
4. United Arab Emirates
The United Arab Emirates is ranked fourth in the list of the most expensive countries for overseas students. The cost of studying in the UAE is equivalent to 51 per cent of GDP per person, the HSBC report stated.
Annual fees: $18,474
Annual cost of living: $7,537
Total annual cost: $26,011
3. United Kingdom
Third on the list is the United Kingdom.
Although its student-friendly culture and excellent quality of education interests students across the globe, the rising cost of education and recession has affected the intake significantly.
According to a report published by BBC in May 2013, UK witnessed a 46 per cent drop in student visas issued in 2013.
Also, it saw major decline in its annual intake of international students -- in 2012, only 1,53,000 international students came to the UK against 2,42,000 in 2011.
Annual fees: $19,291
Annual cost of living: $11,034
Total annual cost: $30,325
2. United States of America
The second most expensive country to study is the United States of America.
Once considered the most favourable destination for international aspirants, the falling rupee combined with rising accommodation and living costs may discourage students from taking up higher education in this country.
Annual fees: $25,226
Annual cost of living: $10,479
Total annual cost: $35,705
1. Australia
The most expensive country to pursue higher education, according to HSBC is Australia.
Very recently, in a poll conducted by the Lowy Institute and Australia India Institute in Melbourne, Australia, 75 percent Indian students had voted Australia as a favourable destination to study.
Annual fees: $25,375
Annual cost of living: $13,140
Total annual cost: $38,510