You’re probably thinking that education in Singapore is expensive – and you’re right AND wrong. Yes, it’s expensive. But do you know what’s even more expensive than a degree at a local university? Well, here’s a big clue – “I want to study overseas!”
Let’s be honest. We WANT our kids to study close to home because we want to see our lovely children every day. Well… that and one other reason – studying in Singapore is much cheaper! Cost is always an issue. Even with government subsidies (MOE tuition grant), paying up to $15,000 for one of your kids to attend National University of Singapore (NUS) is no joke.
However, that’s nothing compared to what you’ll be paying per year if you give into your kid’s demands to study overseas when Singapore already has two of the top universities in the world.
Here’s an infographic that’ll show you just how good of a financial deal studying at National University of Singapore (NUS) is compared to globally ranked universities abroad:
The Price of a Good Education Is… High
As you can see from the numbers above, the cost to attend some of the world’s best universities is quite high – and that’s without factoring expenses such as travel, utility bills, insurance, clothing, or personal expenses.
At least in Singapore, you can save money on accommodation and food, as your child will probably still be living in your flat/condo.
Unless you want to send your child to Tsinghua University (close to Singapore in terms of the total annual cost), but you’ll probably have to buy a gas mask and filter so your child can deal with Beijing’s smog.
I’m not saying I’m against young Singaporeans going abroad to expand their worldly knowledge. But it’s possible to study abroad for a semester or two while studying at a local university like NUS.
In any case, if the cost to send your child to a local university is too much, you can always try taking out an education loan to cover tuition fees and other expenses. Thankfully, you can visit MoneySmart to find the best education loan deals available.
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