Education in India for foreign candidates is the least expensive while Australia is the costliest, according to an HSBC report.
Among
15 countries surveyed, education costs in India as a foreign
destination are lesser than those in Turkey, China and Mexico.
According
to the report, the average annual cost including university fees and
living expenditure of an undergraduate international student in India is
around $5,642 per annum, while for Australia it is as high as $42,093 a
year.
Interestingly,
India ranks 8th in terms of quality of education among the 15 countries
surveyed with 5 per cent of respondents putting the country in their
top 3 preferred destinations.
According
to HSBC's latest survey - The Value of Education: Springboard for
success - Australia, Singapore, and USA occupy the top three positions
in the expenditure chart for overseas students.
At
$42,093 a year, Australia - a hugely popular destination for Asian
students - is the most expensive option globally followed by Singapore
at $39,229 and the USA at $36,564.
Moreover,
overseas students need to spend on an average $35,045 a year for
undergraduate studies and living in the UK, the survey said, adding that
the comparative yearly costs stand at $12,627 in Brazil, $10,729 in
China and $9,460 in case of Mexico.
"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," HSBC India Head of Retail
Banking and Wealth Management Sanjiv Sud said.
Countries
such as UK (54 per cent) and Australia (47 per cent) are ranked 2nd and
3rd in terms of quality education by Indian parents followed by their
home country (46 per cent), the report said.
The
report, which surveyed over 4,500 parents in 15 countries and
territories, examines parents' attitudes towards children's education
around the world.
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