Deciding whether you would like to continue your education in the U.S. or jump on the next plane and go anywhere else in the world is a huge decision. You might want to learn a new language, explore a new culture or even try new foods! When you weigh in your finances, take these points into account.
1- No Loans? No Problem.
Most schools in Europe are free. Yes, completely free. France, Germany, the Netherlands, and Italy have schools where students do not pay tuition. These countries also house worldwide institutions like the Sorbonne, Technische Universität München,the university of Amsterdam or the Milan Polytechnic. In the Middle East and India, there is a similar pattern of free education. Unfortunately, that is not the case in the US.
Students come from all over the world to the U.S. in order to study in its internationally acknowledged universities. After all, it is the American dream. Since the U.S. is a new country compared to Europe or Asia, there is much more opportunity to work with after graduation and rates of unemployment are much lower in the U.S. than in Europe.
3- Living Expenses
Your cost of living will really depend on the city you are living in. Generally speaking, according to latest statistics, eating in the U.S. is cheap given the highly industrialized food sector. However, it might be cheaper to eat healthier meals in Europe, South Asia, Africa and the Middle East. Australia and the U.K. on the other hand, seem to record higher living expenses than the U.S.
The U.S. spends billions of dollars on healthcare every year and Americans have to spend a good amount of money to ensure their health. The healthcare system however differs in other countries like European countries or Canada where the cost of seeing a doctor is far less and health issues do not mean that you go bankrupt. However, the healthcare quality in the U.S., if you have the money and resources, is one of the best worldwide.
It is much cheaper to travel abroad if you are in Europe as all European countries are connected through rail, and Europe is closer to Africa and Asia. Everyday transportation is cheaper in some , but not all, European countries, Africa and the Middle East. For instance, it costs about $2 to take a cab in Beirut, while it will cost you 15$ for the same distance in New Jersey.
Whether you decide to study in the U.S. or abroad, it is important to weigh in the different factors that will not make your wallet cry. Studying in either the U.S. or internationally has its pros and cons and depends on what your ambitions are.