BackIndia least, Australia most expensive education destination: HSBC report
Survey found that average annual cost of an undergraduate international student in India is $5,642 while in Australia it is $42,093
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New Delhi: India is least expensive foreign education destination for undergraduate students among 15 countries and Australia is the most expensive, a survey by the Hongkong and Shanghai Banking Corp. Ltd (HSBC) said Wednesday.
“India has emerged as the least expensive foreign destination for university under graduate students among a list of 15 countries. Australia, Singapore and USA occupy the top three positions (respectively) in the expenditure chart for overseas students," HSBC said in its survey titled The Value of Education: Springboard for Success.
The survey found that the average annual cost of an undergraduate international student in India is $5,642, including tuition fee and living cost. In Australia, it is almost seven and half times higher. “At $42,093 a year, Australia—a hugely popular destination for Asian students—is the most expensive option globally," the survey said.
In Singapore, the average annual expense for a foreign student is $39,229 and in US, it is $36,564. International undergraduate students in UK spend an average $35,045 a year, found the study.
But in terms of only course fees, the US is the most expensive destination for undergraduate students, who have to pay an average $24,914 per year to their respective colleges or universities, the survey said.
The US, UK, Australia and Singapore are the top education destinations for Indian students. Every year, over 100,000 students go abroad to pursue higher education.
For comparison, a foreign student spends at least $12,627 in Brazil, $10,729 in China and $9,460 in Mexico for their annual tuition and living cost, the survey found.
The survey “reasserts the perception that the quality of education is better overseas. However, the fact remains that the costs of international education are substantially higher," said Sanjiv Sud, head (retail banking and wealth management), HSBC India.
“Education costs are lower in emerging markets such as India because the state-run universities are heavily funded by the government and also, the cost of living for overseas students is lower here," Sud said in statement.
In terms of quality of education, Indian parents perceive that the US provides the highest quality of education. About 62% of Indian parents ranked US as their top destination, followed by UK (54%) and Australia (47%), the survey showed.
Overall, India was ranked 8th in terms of quality, ahead of countries like Malaysia, Indonesia, Brazil, Mexico, Taiwan and Turkey. The survey said that 85% Indian parents were in favour of sending their children abroad for a better university education.
The HSBC survey said that parents in India feel that overseas education leads to international work experience and also offers other benefits such as “openings to opportunities in life, instilling confidence, exposure to new ideas and income earning potential".
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