- Home » Expat News » Expat parents overseas saving money on UK private education due to sterling fall
Expat parents overseas saving money on UK private education due to sterling fall
| Published: | 7 Dec at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
Whilst British expat retirees on state pensions are struggling to deal with the drop in purchasing power caused by the plunging pound, expat parents with generous salaries in dollars or yen can buy cut-price British private education.
British private boarding schools are regarded as the world class gold standard for education, as are the top British universities, with parents all over the world competing for places. Given that sterling is now at a 34-year low, expat and overseas parents are now able to afford to send their kids to the UK without cutting back on their own lifestyles.
Boarding schools fees start at around 30k annually for children between five and seven years old, and the fees for university tuition plus living expenses come out at 20k annually over the three to four years of the average BA course. Sterling’s crash saves the average overseas family 15 per cent – a not inconsiderable sum over the years of education. Even better for wealthy overseas parents looking to live in the UK during their children’s years of education, the sterling exchange rate has been responsible for a fall in London house prices with, for example, a property in Chelsea now cheaper by 19 per cent than in 2014.
International parents have always believed the demands of the British education system give their children an advantage over those educated elsewhere in the world, and UK-based service providers are taking full advantage of the situation. Business is booming for companies which connect overseas students with UK-based education facilities, both at boarding school and university levels, although for every foreign or expat student placed there’s a place lost for a British child or student. Universities concerned that Brexit may mean a loss of European students are now looking to a brighter future due to international interest, with Chinese applications now accounting for a good percentage of available places.
British private boarding schools are regarded as the world class gold standard for education, as are the top British universities, with parents all over the world competing for places. Given that sterling is now at a 34-year low, expat and overseas parents are now able to afford to send their kids to the UK without cutting back on their own lifestyles.
Boarding schools fees start at around 30k annually for children between five and seven years old, and the fees for university tuition plus living expenses come out at 20k annually over the three to four years of the average BA course. Sterling’s crash saves the average overseas family 15 per cent – a not inconsiderable sum over the years of education. Even better for wealthy overseas parents looking to live in the UK during their children’s years of education, the sterling exchange rate has been responsible for a fall in London house prices with, for example, a property in Chelsea now cheaper by 19 per cent than in 2014.
International parents have always believed the demands of the British education system give their children an advantage over those educated elsewhere in the world, and UK-based service providers are taking full advantage of the situation. Business is booming for companies which connect overseas students with UK-based education facilities, both at boarding school and university levels, although for every foreign or expat student placed there’s a place lost for a British child or student. Universities concerned that Brexit may mean a loss of European students are now looking to a brighter future due to international interest, with Chinese applications now accounting for a good percentage of available places.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
