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Around 30,000 U.S. students are overseas working on their degrees, according to Brian Whalen, president of the Forum on Education Abroad, and the majority of them are in the U.K. and Canada. "Although tuition in both countries is higher for U.S. students than residents, tuition and living costs combined tend to be more affordable there than at private universities here," says Whalen.
Typically, Whalen says, the cost for an American student going overseas is about the same as it would be if he or she attended a state school as an out-of-state resident. Consider that an out-of-state student at the University of Virginia or the University of Vermont would pay $13,000 a year, excluding room and board. For about the same amount, the student could attend McGill University, the University of Limerick in Ireland or the University of St. Andrews in Scotland. College is even more affordable in Australia, where the average tuition is $11,000, and in New Zealand the average is just below $9,500, according to the Institute of International Education.
Students who plan on studying in another country should still apply for U.S. federal assistance, according to Liam O'Dochartaigh, an associate professor and the director of international education at the University of Limerick, because only a few scholarships are available for international students. Almost all U.S. federal loans can be used to pay for tuition in another country.
Whit Miller, a New Jersey native, used a Sallie Mae and a Stafford loan to cover his expenses at the University of St. Andrews. After four years at the university, the 22-year-old graduated in June with two degrees -- a bachelor's and a master's in international studies and Arabic. His annual expenses for tuition and room and board totaled $22,000.
Once students have received their acceptance to a university abroad, they'll be notified as to whether they'll need a student visa or any specific paperwork. To obtain student visas, students typically have to visit the country's consulate in the United States to show their U.S. passport, their acceptance letter and either a letter from their parents or guardian or a copy of a bank statement that shows the student can support himself or herself while in college. (Some consulates accept this documentation by mail.)
Possible drawbacks to consider
Despite the advantages of studying abroad, there are some caveats. Students who would prefer to take courses in several different majors before they declare their major would be at a disadvantage since the liberal arts core education in other countries is nonexistent, according to Peggy Blumenthal, the executive vice president at the Institute of International Education.Students should also be aware that unless they go to a school that's recognized around the world -- and in the U.S. -- they could be at a disadvantage when they return to the United States.
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"If the student wants to work for a multinational company like Swiss Bank (now UBS) or British Petroleum, whose human-resources departments can analyze international degrees better than national companies, then going abroad is a good idea," Blumenthal says. But, if the student's goal is to work for an American company, his or her prospective employers could have questions about the student's degree and university, especially if the university is not well known.
"When you're taking into account the raw finances, you want to make sure that you're saving money to go to a top-notch school with a worldwide reputation, which is recognized everywhere, including the U.S.," says David Braverman, the vice president at Standard & Poor's Investment Advisory Service. "This is especially important if you're planning to return to the U.S. for an advanced degree or to pursue a career."
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This isn't a concern for Schuller, who says that Oxford law students are heavily recruited by British law firms and feels confident he'll be an attractive candidate for U.S. firms. "The internships are there for the taking," says Schuller. "This is the school of choice as far as career opportunities are concerned."
This article was reported and written by AnnaMaria Andriotis for SmartMoney.
Published Aug. 7, 2007
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