India Least Expensive Destination For Foreign Education: HSBC Survey

India has emerged as the least expensive foreign destination for university undergraduate students among 15 countries, as per a survey by HSBC. Australia, Singapore and USA are placed at the top three positions in the expenditure chart for overseas students.

In India, the average cost, including university fees and and the cost of living, of an undergraduate foreign student in India is $5,642, out of which, $581 is university fees.

The survey titled ‘The Value of Education: Springboard for success’ says that at $42,093 per annum, Australia is the most expensive destination for foreign education globally, followed by Singapore at $39,229 and USA at $36,564.

The report, which surveyed over 4,500 parents in 15 countries and territories, examines parents’ attitudes and behaviour towards children’s education around the world.

Sanjiv Sud, head of retail banking and wealth management, HSBC India, said: “The HSBC survey reasserts the perception that the quality of education is better overseas. However, the fact remains that the costs of international education are substantially higher.”

He added, “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.”

USA perceived to provide the highest quality of education
Indian parents believe that USA provides the highest quality of education. About 62% of Indian parents ranked USA in their top three destinations for quality education, the survey said. USA was followed by UK (54%) and Australia (47%) in terms of the quality of education.

India ranks 8^th in terms of the quality of education among the 15 countries. Only 5% of the total respondents put India in their top three preferred destinations.

More than four in five (85%) Indian parents would consider sending their child abroad for a better university education, according to the survey.

“If Indian parents want to send their children overseas for quality education, they must have a long-term plan to support the funding requirements,” said Sud.

He added, “Long-term savings products and cross-border fund transfer services would always be needed by parents willing to send their children overseas. HSBC’s expertise in financial products and its global footprint makes it the right bank for such aspirational parents and their children.”