UK the fourth most expensive country to study in for English students in 2012/13
Written in News & Updates on Friday, 05 April 2013 22:57

The UK is the fourth most expensive country for English university students to study in, according to a recent report by HSBC which looks into further education costs around the world.

The research found that, for English students, the UK falls only marginally behind Australia, USA and Canada in expense despite the additional cost of flights to these countries. Germany is the least expensive country, with one year of student living in the UK almost four times (3.7) higher than the cost of a year there. The costs of studying in the Netherlands, including fees and living expenses, is more than half that of studying in the UK

The average cost of tuition, living and accommodation for English students in the UK is £15,586 for this academic year (2012-13). The UK has drawn almost level with Canada in third place, as the introduction of the raised cap on tuition fees has seen its education costs rise 56%.. Canada's average combined cost this year including flights is £15,671 - less than £100 higher than the UK total, despite two return flights a year to Canada from the UK costing around £1,200.

James Yerkess, HSBC Head of FX, said: "Our UK-based International Banking Centre has been increasingly dealing with requests for assistance from parents whose children are heading overseas to study."While many people have focussed on English speaking destinations, our research shows that these are among the most expensive places for English students to study.With studying costs in Europe falling, the continent should be given serious consideration. Many universities offer courses taught in English, and the benefits of speaking another language may add to students' employability after graduation.”

Germany is the least expensive student destination for English students; with education over the past three years costing just £12,893. At current prices funding an entire degree in Germany costs less than a single year in a British university for English students. Germany also has the lowest living costs and has seen the biggest fall in overall cost this year of 5.47% thanks to favourable exchange rates and low inflation

Other European countries have experienced similar decreases, due to a fall of more than 7% in the value of the Euro, Danish Krone and Finnish Markka against the pound. The cost of studying in Denmark fell by 5.04% for English students in the past year.

Australia is the most expensive study destination. As well as the cost of flights for English students, exchange rates have added to costs here, with a 7% rise in the value of the Australian dollar against the pound.Students in Australia also have the most expensive living costs, which, at £8,201 in 2012-13 are almost £2,000 higher than any other destination giving Australia a total cost of £19,986.

Most Expensive Study Destinations for a Three Year Degree [ Costs 2012-13]

Australia £19,986.31

USA £19,609.97

Canada £15,670.79

UK £15,586.95

Netherlands £7,015.74

Sweden £6,938.50

Denmark £6,859.14

Norway £6,079.35

Finland £5,766.03

France £5,314.19

Germany £4,210.30

However, US costs rival those in Australia, with this year's total at £19,610. Inflation in tuition fees is around 8% as a result of US cuts to state budgets creating restrictions on study fee subsidies.

In addition university courses are typically 4 years in the US, meaning students undertake an extra year of expenditure, further increasing the cost of studying stateside