Despite Being Most Expensive, US Top Choice For Higher Education: Survey

The US is the top choice for Indian parents who would consider sending their children abroad for university education, despite the country being the most expensive destination. 

This is according to a report from global banking major HSBC. 

The report is based on a global survey of 6,241 parents in 15 counties. Of the parents surveyed, 58 per cent rated the US as one of their top three destinations from a list of 50 countries, says the report.

"Students and parents consider a university education in the USA as a good investment because they have access to the largest choice of excellent colleges and universities, said Allan Goodman, president at Institute of International Education.

After the US, the Australia and the UK emerged as the top destinations.  "For parents in India, the top three countries where they are most likely to send their child to university are the USA, Australia and the UK," the report said. 

S Ramakrishnan, head of retail banking and wealth management at HSBC India said, "An international university education for their child is a highly desirable ambition for many parents. However, it comes at higher costs, with living expenses and air fares on top of tuition fees. 

"Early planning and regular saving can help parents overcome these financial barriers and unlock the extra opportunities they wish for their child." 

The US is also the most expensive destination, with the average annual tuition fees for international university students there being as high as $33,215 per year, the report said.  

The US is followed by Canada ($30,518), UK ($29,656) and Australia ($26,136) as other expensive destinations.