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How much does it cost to send your children to a university abroad?

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by ValuePenguin

Studying at a university abroad offers students a great opportunity to gain foreign language skills, exposure to other cultures and even international work experience. With that said, studying overseas can be very expensive. We set out to determine about how much it would cost to send your child to some of the best universities outside of Singapore.

A recent report by HSBC indicates that approximately 45% of Singaporean parents would be willing to send their children abroad for university; however, it also states that only 33% of them know how much this education would cost. We wanted to get to the bottom of it.

HSBC’s report listed Australia, the United Kingdom, the United States, Canada, Japan, Germany, New Zealand, India, Switzerland, Hong Kong, and China as the top 10 international destinations for Singaporean students. With that in mind, we gathered tuition, room & board, fee, travel, and currency exchange data in order to estimate the cost of attending some of the best schools from each of these countries.

How Much Does it Cost: Cost Comparison of University Educations Around the World

The cost of studying at an international university can vary greatly based on the country and specific university that your child prefers. For example, attending schools in the United States and United Kingdom can cost several hundreds of thousands of dollars, making these countries the most expensive locations for Singaporean students to study abroad.

These universities tend to charge the highest tuition prices, especially in the United States, where tuition at some schools can reach as high as S$75,000 per year.

On the other hand, we estimate that the total cost of attending schools in Japan, Germany and India is less than S$100,000 over 4 years. Germany is particularly intriguing for students seeking to study overseas, as its universities do not charge tuition fees to local or international students.

It is important to note that we did not include the impact of scholarships in our analysis. Some schools in the United States and other countries offer very generous merit-based scholarships and need-based financial aid, which could greatly decrease the cost of attending one of these schools. Therefore, it is important to research individual schools and apply for admission and financial aid before making a final decision.

Also, while tuition in Japan and Germany is heavily subsidised by their respective governments, schools in these countries typically require very rigorous examinations, and often language fluency, for admission. This should not discourage well-prepared candidates, but is an important reminder to carefully review admissions requirements before applying.

How Universities in Singapore Compare?

For many students, the cost of attending a university in Singapore is much less expensive than many of the international options. For example, the National University of Singapore estimates that the total cost tuition and cost of living for its undergraduates ranges from approximately S$30,000 to S$50,000 per year of study, making a 4-year program more affordable than those of many international universities listed above.

How to Pay For Your Child’s Dream University

For some fortunate families, paying for the cost of their children’s university education is inconsequential. However, the total cost of tuition, travel and other related expenses is much more than many families can reasonably afford to pay. If studying abroad is imperative for your son or daughter, it is possible to take out student loans in order to finance their study abroad.

The total interest cost of loans varies based on the loan size and tenure. We strongly suggest that you compare rates before applying for a loan to help finance your child’s education.

When comparing student loans it is important to compare not only their interest rates, but also their processing fees, which can have a significant impact on the total cost of your loan. For example, many banks change processing fees of 2% to 3% of the total loan amount, which can amount to a significant cost for larger loans.

Additionally, it is important to find a loan with minimum monthly payments that you will be able to afford. For example, “interest-only” loans only require borrowers to pay interest payments (e.g. no principal payments) until the student has completed the degree program. This allows for much lower payments during the student’s years of study, which can be helpful as most students won’t be earning significant income during their studies.

However, these types of loans tend to be more expensive than loans that require full monthly payments throughout the loan tenure.

Ultimately, it is important to find a university and financing plan that works best for you and your family by considering a number of the factors that we’ve discussed.

For those of you that are considering paying for child’s university tuition, which schools would you consider? For those that have already sent your child abroad, how were you able to make this process more affordable?

This was first published at Value Penguin’s website, How Much Does it Cost to Send Your Children to a University Abroad?.

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Education

Asian Economies: History, Institutions and Structure tops Singapore’s non-fiction bestsellers list

The book Asian Economies: History, Institutions and Structure by Associate Professor Jamus Jerome Lim has topped non-fiction bestseller lists in Singapore, according to The Sunday Times on 13 October. Lim, an economist and member of Singapore’s 14th Parliament, presents an in-depth analysis of Asia’s major and emerging economies, weaving together history, geography, and institutional structures.

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Asian Economies: History, Institutions and Structure, authored by Associate Professor Jamus Jerome Lim, has been listed as the top-selling non-fiction book in Singapore, according to The Sunday Times’ bestseller compilation on 13 October.

The list, compiled from leading bookstores such as Kinokuniya, Epigram, Wardah Books, and Book Bar, highlights the book’s increasing popularity since its publication on 25 March 2024.

In the book, Lim, an Associate Professor of Economics at ESSEC Business School and a member of Singapore’s 14th Parliament, delivers an incisive analysis of the economies of Asia.

With a focus on the region’s three largest economies—China, India, and Japan—Lim contrasts these economic giants with the rapidly growing “Dragon economies” of East Asia and the resource-rich economies of West Asia.

His work is noted for offering a comprehensive approach that combines economic geography, institutional structures, and a comparative international perspective.

The book’s rise in popularity may be attributed to its unique angle. It fills a gap in existing literature by covering the broad spectrum of Asia’s economies, whereas most other books in the field focus on individual countries or specific regions.

According to Assoc Prof Lim, this was precisely his intention when he embarked on writing the book.

In a Facebook video posted in April, Assoc Prof Lim revealed that upon his return to Singapore and his role at ESSEC Business School, he found there was no existing textbook that covered the full range of economies in the region.

“Books on China or India or Japan were focused solely on those countries,” Lim explained, adding that broader texts were often confined to particular sub-regions like Southeast or West Asia.

Asian Economies takes a fresh, multifaceted approach, integrating historical, geographical, political, and institutional analyses to offer a clearer understanding of how these factors shape the economies of Asia.

The book also focuses not just on retrospective analyses but also on future prospects for the region, informed by empirical data and cutting-edge economic theory.

Lim’s professional background lends credibility to his insights.

With two decades of experience in global macroeconomics, he has held several prominent positions.

He was previously the Chief Economist at Thirdrock Group, a wealth advisory firm, and the Lead Economist at the Abu Dhabi Investment Authority, where he guided investment decisions for a multi-hundred billion-dollar portfolio.

Assoc Prof Lim has also worked as a Senior Economist at the World Bank, specialising in international trade and finance for economies across East and West Asia. His deep understanding of the region’s economies is reflected in the meticulous research and comparative analyses presented in the book.

Since its publication by Wiley, Asian Economies: History, Institutions and Structure has garnered positive reception not only among academics but also among general readers interested in understanding the complex dynamics of Asia’s economic landscape.

With its top ranking on the non-fiction lists, Lim’s book stands out as a valuable resource for students, scholars, and professionals alike, as well as anyone with an interest in understanding the forces driving Asia’s economies.

You can get copies from local bookstores, as well as order it online: https://amzn.asia/d/9zDc5CL

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Police investigate assault on Qihua Primary School student after video surfaces online

The police are investigating an assault on a Qihua Primary School student after a video showing the attack emerged online. A teenager is seen repeatedly hitting the boy, prompting concerns about student safety. This is the second bullying video to surface within a week, with a similar incident involving Bukit View Secondary School reported earlier.

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SINGAPORE: The police are investigating a case involving a student from Qihua Primary School, who was repeatedly attacked by a teenager.

The investigation was launched after a video of the incident emerged online, the authorities confirmed on 23 September.

According to a report by CNA, a formal complaint has been lodged with the police, and the investigation is ongoing.

The video, which lasts approximately 43 seconds, has been circulating on social media platforms such as WhatsApp and Telegram.

It shows a teenager, dressed in a black T-shirt and jeans, physically assaulting a smaller boy wearing a school uniform from Qihua Primary, located in Woodlands.

In the video, the victim is cornered in a stairwell, where the teenager punches, kicks, and hurls him to the ground.

The aggressor orders the boy to put his hands behind his back before delivering punches to his stomach.

At several points, the boy is grabbed by the neck and thrown to the floor, where he continues to endure kicks and punches.

Throughout the attack, the boy repeatedly says, “Sorry, sorry, I won’t do it again,” while being taunted by the teenager and another individual, who may have been filming the incident.

At one point, the teenager can be heard asking, “You want to fight? You sure?” as the victim, now in tears, continues apologizing and insisting he will not repeat his actions.

The exact timing of the incident remains unclear.

Video source: Telegram/sgfollowsall

Qihua Primary School has acknowledged the situation, confirming that it is under police investigation.

“The safety and well-being of our students is our priority. We have provided counselling to the affected students and are working closely with their parents to ensure the well-being of all involved,” the school stated.

They further emphasized the importance of students looking out for each other and reporting any incidents of bullying to their teachers.

Second Bullying Video Emerges Within a Week

This incident marks the second time a bullying video has surfaced online in a week.

A separate TikTok video, posted about a week ago, showed a student from Bukit View Secondary School being taunted and kicked to the ground by a group of teenagers.

Bukit View Secondary School’s principal, Jaswant Singh, told The Straits Times that the incident occurred in October 2023 outside of school premises and was not initially reported to the school. The parents of the victim have since lodged a police report.

Following the video’s circulation, the school immediately checked on the victim, who did not report any injuries.

Mr Singh emphasized the school’s serious stance on such behaviour, stating that the students involved would be counseled and face appropriate disciplinary actions.

The victim’s parents have since lodged a police report. The police have confirmed that investigations are ongoing regarding the bullying incident.

In response to a Parliamentary Question filed by Melvin Yong, Member of Parliament for Radin Mas SMC, in September 2022, the Education Minister noted that since 2013, the number of reported bullying incidents has remained consistent, with approximately two cases per 1,000 primary students and five cases per 1,000 secondary students each year.

He emphasised that the MOE takes a serious stance on bullying and collaborates with schools to send a clear message that hurtful behavior is unacceptable in any school environment.

Helplines

If you or someone you know is in need of support, the following helplines are available:

  • Samaritans of Singapore Hotline: 1767
  • Singapore Association for Mental Health: 1800-283-7019
  • Institute of Mental Health (24 hours): 6389-2222
  • Tinkle Friend (for primary school-aged children): 1800-274-4788

You can discover a directory of global helplines on this page.

If someone you are aware of is facing an imminent threat, please dial 24-hour emergency services.

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