Best and worst cities to get a university degree overseas
YOUNG Aussies are being caught out when studying abroad, stung by steep rental markets and unfavourable exchange rates. Here’s what you should watch out for.
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YOUNG Aussies are being caught out when studying abroad, stung by steep rental markets and unfavourable exchange rates.
In some popular destinations, students must earn more than twice the median Australian income to avoid dipping into savings or ending up in debt.
A year in New York, for example, averaged $76,140, research from international money transfer company WorldFirst revealed.
This included $46,950 in tuition fees, $19,670 in rent, $1500 in flights and $8020 in living expenses.
By comparison, the 2016 Census pegged the median Australian income at $662 a week or about $34,400 a year – including full-time, part-time and casual workers.
While the costs applied to Australian students in international degrees, those enrolled in an Australian university but spending just a semester or two on exchange did not typically pay extra for tuition.
Uni fees were charged at their Australian university rates and could be added to their HECS-HELP loan.
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WorldFirst head of foreign exchange Patrick Liddy said it was important for students heading abroad to plan their finances.
“Not only do you need to consider the cost of moving and spending (time) abroad, but many forget about the hidden costs of foreign exchange rates when transferring Australian dollars to foreign currencies, or paying for tuition costs or rent in the local currency,” he said.
“This is especially the case for popular exchange destinations, such as Europe, the US or UK, which have stronger currencies.”
Students hellbent on ticking off the rite of passage would do well to brush up on their French, as studying in Paris ($29,500) was half as expensive as New York.
It was less expensive to complete a degree in the City of Light than in Melbourne ($31,520 a year), where the cost of rent was almost triple ($14,780).
Liddy advised keeping an eye on fluctuating currency exchange rates, though.
“The Australian dollar dropped nearly 10 per cent (against the Euro) between July 2017 and May 2018,” he said.
“If this trend continues, studying abroad in Paris could easily cost 10 to 15 per cent ($2950 to $4425) more than initially calculated.”
Colleen Thornton studied for a semester at The State University of New York (SUNY) in 2012 while completing her Bachelor of International Tourism and Hotel Management through Griffith University.
She was able to defer university fees through HECS-HELP but spent about $10,000 for on-campus accommodation, flights and living expenses for half a year.
“In 2012 the Australian dollar was stronger than the US dollar so I was living like a queen,” she said.
Thornton, who now works in marketing and communications in the construction sector said the experience was definitely worth it despite the cost.
“It pushed me out of my comfort zone and helped with my confidence,” she said.
“I think in every interview when the employer looked at my resume (my time abroad) was a talking point and made me stand out from other candidates.”
Entree Recruitment general manager Megan Nicholson said as long as an overseas degree was recognised in Australia, it could work in a jobseeker’s favour.
“I love seeing candidates who have had different cultural experiences, as it shows they are open to challenges and new opportunities,” she said.
Hays managing director Nick Deligianni said although overseas degrees were not necessarily held in higher regard than local ones, time abroad could illustrate a jobseeker’s independence.
“(It can) build life experience and resilience, attributes that are highly regarded by prospective employers,” he said.
AVERAGE COST FOR AUSSIES TO STUDY ABROAD, PER YEAR
SOURCE: WorldFirst
New York $76,140
Tuition: $46,950
Rent: $19,670
Flights: $1500
Living: $8020
Los Angeles $75,990
Tuition: $50,440
Rent: $16,610
Flights: $1430
Living: $7510
London $45,720
Tuition: $26,750
Rent: $10,870
Flights: $1060
Living: $7040
Edinburgh $40,610
Tuition: $25,130
Rent: $8470
Flights: $1240
Living: $5770
Montreal $33,510
Tuition: $21,540
Rent: $4300
Flights: $1140
Living: $6530
Hong Kon g $33,980
Tuition: $21,630
Rent: $3060
Flights: $1340
Living: $7950
Melbourne $31,520
Tuition: $8980
Rent: $14,780
Flights: $240
Living: $7520
Paris $29,500
Tuition: $15,140
Rent: $5610
Flights: $1280
Living: $7470
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