Calculate the Cost of Earning an Overseas Degree
U.S. federal financial aid may apply at international schools.
Bachelor's degrees at King's College London take three years, saving students an extra year of tuition and fees, says a representative from the school.
For students sick of the impenetrable financial aid processes and ever-increasing costs of an American college education, earning a degree abroad can look like an attractive alternative.
Myriad international colleges charge much less than the up to $50,000 that top-notch private U.S. colleges can charge per year. Some even extend free tuition to international students.
"Getting a degree abroad is much more affordable than at an American university," says Pam Joos, a university counselor for high school students at the Washington International School, a private school in the District of Columbia with an international focus.
The most popular destinations among 46,500-plus degree-seeking Americans abroad are the United Kingdom (where tuition averages $21,365 per year), followed by Canada ($16,746) and France ($247), according to the most recent data available from the Institute of International Education and cost data from the bank HSBC. Of those students, about 41 percent are pursuing master's degrees, says the IIE study.
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Here’s what U.S. students need to know about the cost and payoff of earning a degree abroad.
Some top international universities charge no tuition. Germany recently nixed public university tuition, meaning that all state-run universities in Germany are tuition-free, including the University of Munich, Ruprecht Karl University of Heidelberg and the University of Hamburg.
Another tuition-free European destination is Norway, which includes universities such as the University of Oslo and University of Bergen.
Among degree-seeking international students attending school in Norway, nearly three-quarters cited free tuition as a major reason for earning a degree there, according to a survey from the Norwegian Centre for International Cooperation in Education.
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Finland doesn't charge tuition to international students, but they still need to pay for living expenses, which can run from 700 to 900 euros per month – roughly $900 to $1,200, depending on currency exchange rates – according to Finland's Centre for International Mobility.
U.S. financial aid may apply. American students may be able to receive U.S. federal loans – although typically not grants – to study at an international college. The Department of Education has a list of international schools participating in its student loan program.
King's College London, where tuition runs around $25,000 per year, has its own federal school code on the Free Application for Federal Student Aid, says Chris Payne, who leads U.S. outreach and student recruitment for the university. Most American students at the school bring federal financial aid with them as part of their aid packages, he says.
Bachelor's degrees are earned in just three years as well, saving students an extra year of tuition and fees, says Payne.
King's College London also accepts the Common Application, as do an additional dozen or so schools in the United Kingdom, making applying more straightforward for U.S. high school students.
International students in Canada may use American financial aid and can also receive merit-based scholarships from Canadian schools, says Jennifer Humphries, vice president for membership, public policy and communications at the Canadian Bureau for International Education.
Consider the long-term investment. Tuition and fees may be cheaper up front at international schools, but that doesn't mean that attending college or earning a graduate degree abroad is a worthwhile investment for everyone.
Think about how employers will view a degree from an international institution, especially at the graduate-student level, says Allan Goodman, president and CEO at IIE. Some degrees don't cross borders as well as others, he says.
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"If you're only doing it purely for financial reasons or because you’d like to spend a year in Germany or Paris, that isn't going to help you find a job," says Goodman.
Students might find that a college in London requires that they know their major on day one or that a university in Berlin has very little to offer in terms of residential life. Living expenses in Norway might stretch a student's budget beyond recognition.
