Education costs across the globe have been on the rise for years, and this trend is not set to shift anytime soon. However, the significance of education has not diminished in the slightest.
University and private school fees are expensive and saving for this is the primary goal of an education savings plan.
For many expats living in Europe, education for their children are government funded and free of charge, but English might not be the primary tuition language.
The only other option is to make use of private international schools that have UK, Aus, or US based English tuition. Private school fees are generally costly and not everyone can afford them.
Your children could potentially no longer qualify for subsidised university tuition in your home country and be considered international students, especially if studying outside of the EU. This might result in more expensive university fees.
Average fees of private schools and private universities
|
Berlin Brandenburg International school |
Universities in Germany |
|---|---|
| High school up to € 20 300 p.a. | Bachelor’s degree up to € 30 000 p.a. |
|
Australia International school - Hong Kong |
Universities in Hong Kong |
| High school £18 000 p.a. | Bachelor’s degree up to £16 800 p.a. |
|
St Benedict’s School London |
Universities in UK |
| High school £ 16 845 p.a. | Bachelor’s degree up to £ 16 000 p.a. |
|
International school of Madrid |
Universities in Spain |
| High school € 10 000 p.a. | Bachelor’s degree up to € 15 000 p.a. |
|
International school - Paris |
Universities in France |
| High school € 29 700 p.a. | Bachelor’s degree up to € 20 000 p.a. |
|
Barker Private school - Sydney |
Universities in Australia |
| High school £18 000 p.a. | Bachelor’s degree up to £ 13 500 p.a. |
|
British school of Amsterdam |
Universities in Netherlands |
| High school € 16 900 p.a. | Bachelor’s degree up to € 18 000 p.a. |
Remember that there are costs other than just tuition fees that need to be considered.
Costs could include:
- Tuition fees
- Admin/registration fees
- Textbooks
- Stationary
- Accommodation and living expenses
- Equipment
- Membership to societies or sports clubs
- Travel to school and back (international or local)
Average student living expenses in cities per month
|
Sydney |
Madrid |
Paris |
Hong Kong |
Berlin |
Amsterdam |
London |
|---|---|---|---|---|---|---|
| AUD 1 900 | € 1 100 | € 1 100 | HK$ 3 000 | € 1 100 | € 1 000 | £ 1 265 |
You also need to take into consideration that costs could double if you have two or more children.
The more affluent individuals should not be quick to judge saving for education fees. Expat packages abroad are usually very generous, but private school and university fees could eat up disposable income every month and leave very little left for savings or luxuries.
Contributing to an Education Savings Plan when your children are still infants, could help cover these private school and university fees whilst you are abroad.
“An investment in knowledge pays the best interest.” – Benjamin Franklin
deVere Education Savings Plans
Through cautious financial planning, time management as well as dependable financial advice, arrangements can be made that will not consume all your disposable income but, will give you the peace of mind you want for the future of your children.
The earlier you start saving, the more your savings will grow, and you can guarantee your children the best gift you could ever give them, an education, whether it covers private tuition or university education.
Speak to your deVere adviser today to assist in finding the right Education Savings Plan that suits your situation. Info@devere-group.com
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