How to choose between domestic and international colleges
As a parent, helping your child choose between domestic and international colleges can be extremely tough. Both have their own perks but differ largely in terms of cost.
A common financial fallacy is that international colleges are always more expensive than domestic. Take studying medicine as an example, it is far more expensive to pursue medicine in India from a private university than to study at a medical university in Russia, Bangladesh, or Ukraine.
Let’s find out what you need to consider as a parent when helping your child decide on their dream university.
Studying overseas vs Studying in your country
The main distinction between attending university overseas and studying in one’s native country is global exposure.
The opportunity to meet new people, learn life skills as well as budget. The potential for independence is tremendous, your child might be positioned in situations where they must work to meet their expenses.
But it can be costly as well, if you are planning to send your child abroad for higher education to countries like the USA, Canada, or Singapore from India then diversifying your savings is extremely important.
Rupee depreciation as well as the annual increase in tuition fees can affect the overall cost of living for international students. While the latter can impact your child in a domestic college, the former can have little impact on their lifestyle.
Why is it worthwhile to pick between Foreign and Domestic Universities?
There are numerous countries around the globe, each with its own set of traditions, beliefs, and principles. Most of these nations are much established and developed.
As a result, certain nations provide more advanced learning and education to outsiders than others. It might be challenging to pick between foreign and local institutions in today’s society.
International colleges offer a wealth of opportunities in terms of academic programs, internships, and a better lifestyle. Studying abroad is often a stepping stone for students who wish to settle in a different country, gain diverse experience or excel in a specific career path.
For instance, many Indian students prefer to move to the USA to pursue STEM courses because of the high level of exposure, and technological and research opportunities offered by US Universities that can uplift their career trajectories, unlike their domestic counterparts.
Overseas education enrolments doubled over the previous five years
Over the previous five years, the number of overseas college students enrolled doubled.
Although most overseas students (60.6 %) were enrolled in academic institutions in 2019/2020, the number enrolling in colleges (39.4 %) has been increasing.
The number of overseas college students has more than doubled in the previous five years, going from 60,318 students in 2015/2016 to almost 153,360 students in 2019/2020. Over the same period, the number of overseas university students grew from 168,606 students to 235,422 students.
In 2019/2020, universities accounted for 63.1 % of the total enrolments, while colleges accounted for 36.9 %. This included students across the globe.
In 2019, international college graduates led to an aggregate increase in graduates.
Focusing on graduates in the year 2019, approximately > less than 587,000 students cleared a certification from a governmental postsecondary school, which resulted in a 4.0 % increase over the previous year.
While university programs managed to develop the majority of graduates, the rise (+22,446 students) was mostly driven by graduate students from academic programs related to colleges (+19,692 students), who accounted for 87.7 % of the overall increase.
International students contributed the majority to this rise in fresh college graduates.
Close to 18,000 more international student graduates completed their certification at the college level, which accounted for 33.6% of graduates in 2018.
However, in 2019, the international student graduates count increased to 22,000 and from 18,000. The percentage of foreign student graduates increased from 18.0% to 21.1 % from 2018 to 2019.
Additional read: How to save your child from a student debt trap?
Statistics on student enrolments in Canada
Enrolment at Canadian public colleges and universities increased to about 2.2 million for the fifth straight academic year in the 2019/2020 school year, just before the commencement of the COVID-19 outbreak. The growth was primarily attributed to increased foreign student enrolment.
Enrolment of overseas students in higher education institutions increased by 13.7 percent (which accounted for +46,815 students) from 2018/2019 through 2019/2020, while enrollment of Canadian students decreased by 0.9 percent (which accounted for -16,005 students).
The COVID-19 outbreak forced the formal suspension of higher education institutions across Canada before the completion of the academic year of 2019/2020.
Stats about the college enrolments in Canada and provinces before the covid pandemic outbreak are as follows:
Factors to consider when choosing between domestic and International Colleges
1. Course over college
While international enrolments have increased tremendously and Indians are flocking to countries like the USA, Canada, and the UK. It’s important to pick a course over the college in this battle of domestic and international colleges.
Help your child analyze different universities based on the course they want to pursue as well the job prospects of studying that course.
2. Cost-benefit analyze
Doing a cost-benefit analysis before deciding the place of study or university is very important. This can help you determine whether sending your child to a specific country and spending lakhs on their education are worth it or not.
While thousands of students go abroad every year, it also comes at the cost of taking loans, mortgaging family property, and even selling your personal jewelry. So, help your child analyze which is the best country for them to pursue their dreams.
3. College fund their education
If your child is in school, then start saving! Whether your child is going to study abroad or domestically, this education fund will help them with tuition fees as well as the cost of living.
This kind of budgeting and financial planning gives your child flexibility in choosing between domestic and international colleges as well as the flexibility in choosing or switching courses. A small SIP today can help fund a part of your child’s education and ease your financial burden.
Let your child decide whether they want to study in a domestic vs international college by empowering them with financial stability with a college fund and freedom to choose their course.
Consult an expert advisor to get the right plan
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