Studying abroad has always been a popular choice for students. The opportunity to experience a different culture while at college or university is, for some, an offer too good to turn down.
However, a recent study has revealed that more students than ever are considering going abroad to study, not necessarily for the experience, but for cost reasons.
A study of 750 students aged 16 and over found seven in 10 think the cost of higher education at home is ‘too high’.
And three in five are concerned Brexit could increase the cost of UK tuition fees even more.
Amid this, the poll commissioned by foreign exchange specialists Caxton found four in 10 believe studying overseas is likely to lead to a higher paid job upon graduation.
In comparison, just 14 per cent are confident studying in the UK would set them up for financial success in the future.
Edward Gott, head of premier clients at Caxton, said:
It’s clear that an education overseas can offer a wealth of benefits, bringing financial rewards as well as opportunities for significant cultural enrichment.
Although it might at first appear a daunting investment proposition, Brits can in fact save thousands of pounds by looking overseas to further their studies and reap the rewards as a result.
For those who do choose to go overseas to study, research found the USA was the most popular choice, followed by Spain and Germany.
But 54 per cent said exchange rates would play a part in deciding which country to study in, with 20 per cent more inclined to move abroad if the exchange rates were more beneficial towards the pound.
Researchers also polled 1,000 parents and found more than half would support their children should they decide to study abroad.
Almost half believe it would enable their kids to have ‘new and exciting experiences’, while 45 per cent think it would provide them with important life skills.
Despite this, 44 per cent of mums and dads admit they would be worried about financing their child’s studies overseas.
But should they decide to pursue further education abroad, parents would also most like to see their kids head to the United States.
Edward added:
Living in a foreign country presents a number of challenges – from making regular payments for tuition fees and living costs, to working out a savings plan and managing unexpected currency fluctuations.
We’re working closely with a number of our Premier clients who fund children at overseas universities, as well as retired or mature students looking to study abroad.
All clients like to budget and manage costs and we take time to understand their needs, hedge their specific currency exposure and set up the transfer of funds to work like clockwork.
It takes the headache away and allows them to focus on the fun stuff.
The top 10 countries UK students want to study in are:
1. USA
2. Spain
2. Germany
4. Italy
5. France
6. Australia
7. Canada
8. Japan
9. Netherlands
10. China
The top 10 countries parents want their kids to study in are:
1. USA
2. France
3. Spain
4. Germany
5. Canada
6. Australia
7. Netherlands
8. Switzerland
9. Japan
10. Italy
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Charlie Cocksedge is a journalist and sub-editor at UNILAD. He graduated from the University of Manchester with an MA in Creative Writing, where he learnt how to write in the third person, before getting his NCTJ. His work has also appeared in such places as The Guardian, PN Review and the bin.