More American college students are leaving the United States for college than ever before.
A report published by the Institute of International Education shows that the amount of students studying abroad increased by 72 percent from 2000 to 2014. Another report shows that the number of students that choose to attend a four-year university in another country rose by 463 percent from 1975 to 2012.
Not shockingly, the reason why students are looking abroad for higher education is because of the huge difference in tuition costs.
Had we all had the courage to pack up and leave for somewhere overseas for a cheaper education, I’m sure we would have all done it. Now we have to pay the financial consequences.
Bloomberg Business told the story of Michael Ferrante, a recent graduate of Johns Hopkins University. Ferrante discovered how cheap studying abroad in Germany was. He reportedly spent only $500 on two semesters at a university in Berlin, compared to $27,000, with financial aid, at Johns Hopkins University.
The article helpfully points out that 40 colleges in Europe offer free bachelor’s degree and they’re even taught in English. Almost 100 other colleges ask for about $4,000 per year.
That’s a dream in comparison to our student debt bogged-down bank accounts.
There are some negative aspects to attending college abroad, however. American colleges have the perks of on-campus residence halls and dining facilities whereas most European schools do not. Depending on how much it costs to live around the university, an American student enrolled abroad could be spending more money than they would in the United States.
However, if you really enjoy traveling, this is the educational opportunity of a lifetime.