Could You Save Money with International Schooling?

Though it may not be everyone's first choice to go far away for college, international schooling is something people could consider, especially as the economy tightens and more schools close in the United States.

By Al Dickenson — April 26, 2023


Could You Save Money with International Schooling?

As young people get older, it is understandable that they may want to remove themselves from their nest. Whereas out-of-state colleges may cost more than in-state schools, international schooling can help students circumvent this issue. For students contemplating out-of-state colleges, attending college in a different country may provide a solution.

For example, in Germany, tuition for public universities was abandoned in 2014, according to a NerdWallet report from February. That is significantly less than the average $25-30,000 (or more, if room and board or other expenses are included) tuition rates of most public schools in the United States. Tuition rates in the States also continue to rise, whereas in other countries it does not.

There are various reasons why schooling abroad may save you money. One of the most prominent is a country's or city's cost of living. A location's cost of living can determine food, housing, and other common expenses. The United States, particularly certain areas, has one of the highest cost of living prices of anywhere in the world. While some of the southern, midwestern, and western states have a lower cost of living than coastal parts of the country, a better deal could be had elsewhere, even outside the nation. Consider how the cost of living may impact your decision to attend school away from home. If you are going to a school due to its location in a particular city atmosphere, like a bustling New York City feel, try attending school in some place like London, Tokyo, or Sydney.

This high cost of living is partially due to the U.S. dollar's high exchange rate, exceeded only by the British pound. However, by traveling and schooling in someplace like Germany, Canada, Japan, Italy, or Australia, where your dollar will go further, you can obtain an education of equal quality without the added debt.

This comes as the United Kingdom has seen the number of undergraduate students from the United States increase by nearly 50 percent over the last five years, reports the Universities and Colleges Admissions Service, which manages the public university admission system for the United Kingdom. More Americans now studying in France too. Those numbers have risen five percent over five years and overall jumped 50 percent between 2020 to 2021, according to the French government's agency Campus France, which promotes higher education to international students. Meanwhile, Google searches in the United States for "college abroad" have more than doubled since February 2021.

While some of this increased traffic may be due to the COVID-19 pandemic, where students are heading towards places with stricter or looser lockdown procedures, the other benefits are also worth mentioning.

That said, there are several other expenses to consider while living abroad, including visas, travel expenses, and healthcare.

While most countries welcome individuals dedicated to learning and educating themselves, many also have a limited number of student visas they provide. Additionally, given the instability in several world regions, safety and access could also present concerns for students considering studying abroad.

Travel is probably one of the most interesting benefits of college in another country. For example, suppose you decide to educate yourself in Austria, a member of the European Union. In that case, you will have access via rail, boat, road, and plane to all other E.U. members, allowing you to travel extensively during your free time. Only you can determine what adventures await you during your college life!

Finally, one of the most important considerations for living abroad is health insurance and care. Multiple countries have public healthcare, meaning most anyone can access it with little or no cost, but depending on where you live, the care may be subpar or only cover minor issues.

Though it may not be everyone's first choice to go far away for college, that could also be an added draw. International schooling is something people could consider, especially as the economy tightens and more schools close in the United States.

Al Dickenson

Al Dickenson

Al Dickenson graduated from Wisconsin Lutheran College with bachelor’s degrees in history, communication, and English. He currently serves as an editor for an international equine practitioners’ magazine in and around Milwaukee, Wisconsin, his hometown, where he lives with his wife.
Types of Investment Accounts
Types of Investment Accounts
April 26, 2023
This article outlines the main types of investment accounts. Put some thought into what your investment goals are and choose the best account for your purposes. Happy investing!
Introduction to the Stock Market Part III. The Stock Market and the Economy
Introduction to the Stock Market Part III. The Stock Market and the Economy
April 19, 2023
Understanding both the stock market and the economy more fully will also help you make better, more informed investment and economic decisions.
Investment Beginnings for College Students
Investment Beginnings for College Students
April 5, 2023
Understanding the various types of investments, ways to start investing, and the best path for you are choices that can help set you up for success.