Pursuing a college degree, regardless if it is a bachelor’s, master’s or PhD can be a costly investment for both students and parents.
Pursuing a college degree, regardless if it is a bachelor’s, master’s or PhD can be a costly investment for both students and parents. It is also undeniably a key stepping stone to a lifetime of gainful employment. As a parent, you can help your child by planning for their future.
According to current-day estimates in PayScale’s 2018 College ROI Report, a four-year degree from Princeton University will cost around US$240,000 (approx. RM954,960) for a four-year degree. For many preferred private universities abroad, this cost is similar. There is also the option to be closer to home instead. Malaysia offers Twinning programmes with many foreign universities. For example, Sunway University has partnerships with American and Australian universities such as Western Michigan and Victoria.
You can also choose to enrol at the Malaysia campus of some foreign universities such as Monash or University of Nottingham.
Yet to choose these could possibly ignore some of the intangible benets that an overseas education might afford. For example, an immersion in native Englishlanguage speaking societies, exposure to cultures other than their own, and the chance to be more independent as young adults. Although not all Malaysians will want to study abroad, an Anderson Market Analytics survey has indicated that more than 70% of students polled want to study overseas.
Irrespective of the choice of local or overseas education,being aware of the cost of higher education is one step in the right direction towards planning for your child’s future.
Data collated by USA Today indicates that the top 50 private universities raised their tuition by an average of 3.6% for the 2017-2018 school year. In the United States, Federal data shows that since 1990, the cost of education has been growing at a rate roughly twice that of overall consumer prices. Yet this rising cost is not limited to just the United States. For example, the United Kingdom has just last year passed new legislation allowing universities to raise fees annually. Australia has seen private education costs rise by as much as 61% over the last decade.