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Australia, Singapore, USA are the costliest destinations for education

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Australia: Costliest destination for education

Australia, Singapore and USA has emerged as the most expensive destinations for international students to pursue higher education.

Meanwhile, India has emerged as the least expensive foreign destination for university undergraduate students among a list of 15 countries, according to a HSBC survey.

The average annual cost including university fees and living expenditure of an undergraduate international student in India is USD 5,642, of which USD 581 is university fees.

At USD 42,093 a year, Australia - a hugely popular destination for Asian students - is the most expensive option globally followed by Singapore at USD 39,229 and USA at USD 36,564. Overseas students need to spend on an average USD 35,045 a year for undergraduate studies and living in the UK, according to the survey.

The comparative yearly costs stand at USD 12,627 in Brazil, USD 10,729 in China and USD 9,460 in case of Mexico, the survey shows.

The report, which surveyed over 4,500 parents in 15 countries and territories, examines parents' attitudes and behaviour towards children's education around the world.

Sanjiv Sud, Head of Retail Banking and Wealth Management, HSBC India said: "The HSBC 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."

He added, "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."

USA perceived to provide the highest quality of education Indian parents perceive that USA provides the highest quality of education. About 62%t of Indian parents ranked USA in their top three destinations for quality education, the survey report shows.

Countries such as UK (54%) and Australia (47%) are ranked 2nd and 3rd in terms of quality education by Indian parents followed by their home country (46%), according to the survey. India however ranks 8th in terms of quality of education among the 15 countries with 5 percent of respondents putting the country in their top 3 preferred destinations.

The report also suggests that Indian parents with higher household incomes are more likely to regard the USA (69%) and the UK (67%) as providing the highest quality education compared with parents with lower household incomes: USA (55%) and UK (40%).

More than four in five (85%) Indian parents would consider sending their child abroad for a better university education, the survey shows.

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