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Tuition fees at UK universities costing international students up to 20% less after Brexit

While many in the UK’s higher education sector were unhappy with the result of the European Union (EU) referendum in June, which saw the votes fall in favor of Brexit – that is not to say that there is no silver lining…

For international students from outside the EU, tuition fees at UK institutions will be up to one-fifth cheaper in the new academic year, according to research conducted by Western Union Business Solutions, a financial services provider.


Image via Times Higher Education

 

Based on the study, which analyzed tuition fee payments from the UK’s biggest international student markets, Malaysian students stand to gain the most from the falling pound, paying 22 percent (or nearly £2,700) less compared to last year.

Students from Singapore and the United States also get a good deal, paying 21 percent and 17 percent less, respectively.

The estimates were calculated based on £10,000 annual fees.

 

Western Union Business Solutions managing director for the UK and Europe, Tony Crivelli, told Times Higher Education that the study’s findings indicated that now is the time for international students to get a “world-class degree from a UK university for a much lower price”.

“It is also good news for universities here as the UK has been one of the most expensive places to study in the world, but now it is significantly cheaper than it has been for years.

“Students who are attracted to the UK by the cheaper cost this year will stay for three years on average to complete their degrees, and so the benefit will be felt for years to come,” he added.

Due to the fluctuating nature of currency exchange rates, however, Crivelli warned that there was “no guarantee that the exchange rates will remain this favorable for long”.

 

Conversely, costs have gone up for British students studying abroad due to a weakened pound.

According to a different study by Caxton FX, a foreign exchange provider, UK students studying in Australia will feel the worst pinch, as tuition fees have increased by 22 percent following Brexit.

Analyzing the fees posted up on each university’s website, the study found that those in Canada and the U.S. will have to fork out around 16 percent and 14 percent more respectively.

 


Image via Times Higher Education

Image via Flickr

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