Save Money and Time by Attending College Overseas

Smart Money has a piece that says you can save time and money by attending college overseas. The summary:

International tuition fees at top universities in the U.K. and Canada trim anywhere from a quarter to half the price of tuition at U.S. private universities and come neck-and-neck with tuition paid by out-of-state students. And, in many cases, these undergraduate programs are significantly shorter, saving students both time and money.

Here's one example of a person saving time and money by studying overseas:

Next year, Christopher Schuller, a native of Nashville, Tenn., will complete his law degree at Oxford University, and he'll qualify to take the New York State Bar exam. Assuming he passes, he'll become a practicing attorney at age 22. Schuller didn't skip grades in high school or overload on his college coursework. Instead, he chose to attend college in England where most undergraduate programs — including law school — are three years long and where students begin their major on the very first day of classes.

In addition to skipping four years of traditional undergrad education, Schuller saved big bucks. Tuition for U.S. students at Oxford costs about $20,000 per year — or $60,000 to get a law degree. If Schuller had attended the University of Chicago, which was his first choice in the U.S., he'd pay more than $93,000 for an undergraduate degree, and then have to pay for a three-year J.D. to boot.

Now, of course, college aid, scholarships, etc. play a part in this:

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.

So, if you're paying the entire bill yourself or if you're going to an expansive school in the U.S. with little assistance, studying overseas may be an option that can save you a good amount of money.

Anyone tried this?

Comments

[segfault]

OK, but the snippet from the article seems to ignore that the cost of living overseas is generally much higher thanks to the plummeting value of the dollar. So, $10,000 in spending money here will not go nearly as far in another country.

[Ryan]

Another think is the cost of plane tickets to and from the country. Everytime you return to the states, expect to drop $1000 minimum.

[plonkee]

If you want to be a lawyer, you could certainly do it more cheaply in England than in the US, simply because of the time factor (as described 3 years instead of 7). Otherwise, for most cost effectiveness you might be better off thinking of doing a masters in the UK as they only take 1 year rather than 2.

I imagine that you could also turn study abroad into a serious asset on your cv.

[Minimum Wage]

There are also non-pecuniary benefits to studying abroad. Bill O'Reilly did and he has touted overseas study as affording excellent intangible benefits (e.g. personal development, etc)

If the time and money savings are real, I expect a stampede.

[Raymond]

While an Oxford degree may be prestigious, I suspect American law firms and corporations still have a slight preference for a more recognizable traditional American advanced degree.

Studying and receiving a degree overseas may save you some money, but you might be missing out on the American name brand graduate education.

Correct me if you think I'm wrong because I'm just speculating on this one!

[Lola Lola]

A cheap law degree yes, but it's not a J.D. Most legal employers in this country want a lawyer with a J.D. and who is admitted to the bar. In England, you can get a GDL or a Bachelor of Laws (LLB). Cheaper yes, but not the same.

[greg]

You could get a Japanese government (Monbukagakusho) sponsored fellowship to study in Japan. The stipend is worth 1500 to 1900 USD a month and generally the tuition is waived. However, be prepared to learn Japanese, given that 99% of the courses are in Japanese and the English here isn't the best.

Although, you get paid to go to school if you can get the fellowship, there are a few caveats. (1) if you want to work for the Feds (US), you will need to have your degree certified. (2) you will have less contacts with your compatriots, which may or may not affect your job-hunting. (3) unless you go to a the more famous schools (e.g., University of Tokyo or Kyoto University), it may be somewhat difficult finding a position (i.e., job or postdoc) elsewhere. I'm pretty sure that it would be impossible to get a law/dental/medical degree here and transfer them to the US.

[MetaMommy]

My husband was born and raised in Ireland. Seemingly, the educational standards in their equivalent to high school are much higher than ours, on average. Essentially, students who don't take their exit exams, which take several days (20+ hours in my husband's experience), don't receive their high school diploma. That's why university students there aren't required to take the same basic 101 classes that students here take. The scores on your exit exams are the basis for admission to your university of choice; the better you did, the more likely you'll get accepted. If you were accepted, it follows that you must have done well in your exit exams, and as such you don't need to learn the basics of math, literature, and science. It's a much more restrictive system, and much more grade/numbers oriented. So while a student might save money, which I think is definitely possible, a degree there can be much more challenging.

[Suresh]

Getting a degree from England and other UK universities is a lot more grilling than what people think. It is a misconception that companies recruit or prefer only people with degrees from American universities. Does it mean that degrees from universities in the UK are inferior? That thinking shows the ignorance of the people. By the way, i did 2 MBA's in the UK and i know from practical experience how thorough and grilling they are.

Sorry if i ruffled any feather, but i just wanted to clear some misconceptions.

[JACK]

That only worked because he is practicing in a state like New York. Most, he'd be ineligible to sit for the bar exam.

[Peter]

Twenty thousand still sounds high to me. I attended a school in Russia for a mere $500 a semester.