Overseas Uni funds preparation

[JimmyLim]

Am sure there are some with kids that are or had studied overseas.

I have 2 kids, and both 17 and 20 now.

How much would that to save up for their total overseas university?
fees and everything else.

Still not sure where to send, but want to explore options.
Aust, UK, US, Japan, China?

pls share what you have and its pros and cons.

[sharonkhoo]

@JimmyLim Fees vary a lot depending on the country, and also can vary a lot within a country. For e.g., in the UK, fees for universities are set by the govt, but Oxbridge (and possibly a few other universities) have extra fees. Accommodation and living costs can vary widely from place to place, and depending on the type. There are also costs such as mandatory health insurance, visa application fees, etc. The differences are even greater in the US. I’m not so familiar with other countries, but I expect this will be the case too. Also bear in mind that some courses are only 3 years, but most seem to be 4 years now.

I suggest you approach from 2 ends - how much do you think you can save (and are willing to spend) given that you have 2 kids and will need to come up with fees etc. within a few years? And also look at a few universities that you might consider, and see what the current fees and costs are like (and you should bear in mind that costs usually go up).

As for which country to select, I think you should ask your children what they want to study, where they are keen to go, are they willing to study in a country where the main language is not English, etc. Their opinions will shape the choice.

Hope this helps.

[bbbay]

Would like to sidetrack and hear opinions from others. I have been thinking about whether it is worth the financial cost of studying overseas. I have had colleagues that returned from overseas Uni and we basically do the same jobs in the company. And there’s no different in our performance. I understand exposures is definitely one benefit from studying overseas, If one has scholarship or parents can afford it comfortably. By not able to afford it comfortably, let say after paying for the children overseas education, left with basic retirement sum amount or lesser for retirement.

Will an overseas university graduates able to perform better than local university graduates on jobs?

Will the child be happier studying overseas than studying in local Uni?

On the long run, Do companies pay more in salary to applicants that returned from prestigious overseas Uni, non prestigious overseas Uni? If companies do, the higher margin in salary over the child’s career, is enough to cover , or exceed the total costs of overseas university education. If can exceed, by how much?

Considering now local U will send our undergraduates for one semester of overseas exchange programme, is it still worth the costs to study entirely in overseas universities? Can’t this overseas exposures be accumulated progressively after graduates, such as working overseas?

[zac's mum]

@bbbay I don’t think there is a pay gap, but it’s probably easier for a graduate of a reputable university (local or foreign) to find a job in a market flooded with graduates.

If one is working in a technical job, there’s probably no difference in ability to do the job (between a local or overseas grad). However, in MNCs, and in networking roles, I often find that having studied or lived in xyz country before, sometimes immediately opens up a common topic of bonding with overseas clients/associates. This is the intangible aspect even though it may not immediately translate into bigger earnings into one’s pocket.

[sharonkhoo]

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[sharonkhoo]

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[sharonkhoo]

*@bbbay said in Overseas Uni funds preparation:

Would like to sidetrack and hear opinions from others. I have been thinking about whether it is worth the financial cost of studying overseas. I have had colleagues that returned from overseas Uni and we basically do the same jobs in the company. And there’s no different in our performance. I understand exposures is definitely one benefit from studying overseas, If one has scholarship or parents can afford it comfortably. By not able to afford it comfortably, let say after paying for the children overseas education, left with basic retirement sum amount or lesser for retirement.
On the long run, Do companies pay more in salary to applicants that returned from prestigious overseas Uni, non prestigious overseas Uni? If companies do, the higher margin in salary over the child’s career, is enough to cover , or exceed the total costs of overseas university education. If can exceed, by how much?*
I think that parents should not feel that they are obliged to pay for overseas university education, especially if the child is able to get a degree locally. I don’t think that the value of an overseas education in monetary terms justifies it - of course you hear of overseas grads who earn a lot, but many local grads do as well. What matters more, if you look at pay, is the person’s innate abilities and qualities. Beyond the initial years (and maybe not even the initial years), there is little, if any, difference in performance and, hence, pay.

Will an overseas university graduates able to perform better than local university graduates on jobs?
No - see above.

Will the child be happier studying overseas than studying in local Uni?
Hard to say - some are, some aren’t. Depends on the child, the university, the course… And many local university students have a great time in university too.

Considering now local U will send our undergraduates for one semester of overseas exchange programme, is it still worth the costs to study entirely in overseas universities? Can’t this overseas exposures be accumulated progressively after graduates, such as working overseas?
Yes, overseas exposure can be gained by other means. The age of the person (student vs working adult) may affect the experience. There are pros and cons for either approach. I don’t think either way can, or should be, regarded as a “best”, one-size-fits-all decision.

[doodbug]

Sorry if I sound very aggressive here. I strongly feel that parents are not obliged to provide a child with overseas education, if that has a significant impact on one’s retirement funds. Don’t beat yourself over it or toil extra hard to provide this avenue to a child.

It’s a nice option for a child to have, for sure. If parents are able and willing to fund the option, and offer the option to the child, that kid is privileged. Nothing wrong with that.

There are also parents who can afford it, but choose not to offer the overseas option to the child. I don’t see anything wrong with this either. From an ROI point of view, very often, for a large number of jobs, it will not make make financial ROI sense. If a child is interested in practising medicine, joining the civil service, or working for a big four law firm in Singapore as a trainee - the overseas university is not going to get you higher pay in the public hospital or the polyclinic or in whichever ministry you work at, or at Rajah and Tann as a trainee etc.

Our local AUs have come very far in terms of international rankings, particularly NUS. You will not be disadvantaged applying for graduate schools with an NUS degree, vis-a-vis many other overseas universities.

But, these are all generalisations.

There is a group of parents too, who believe in non-material, intrinsic, enriching value of an overseas education and independent living. (I’m one of them.) Extended, multi-year studying overseas, is still somewhat different to a semester overseas. I’m thankful to God that we are able to offer our kids the option of funding their overseas education if they choose to study in the UK (thankfully they are not keen on expensive courses like Medicine). US is out of our budget and we told our kids frankly so.

It is also true that if you wish to work in the US or UK, an overseas degree would give you a bit more access to job searches and landing a job there. But most Singaporeans want to return to Singapore to work these days.

As a parent with a child overseas, you’d be surprised, it’s not all that easy to let go also hahaha. It’s a learning journey for me as well. Even as they soar, discover and explore abroad, they are better able to contextualise the preciousness of home and life in Singapore. It opens their minds and perspectives to a wide range of people, situations and experiences.

[doodbug]

Adding on my rant on overseas education - an overseas education, even to the top universities, is NOT a guarantee of career success - its not even a guarantee of a good first job placement.

Three or four years in university is quite some time - things can go awry, much as things can go well. It’s not a dissimilar story to getting into a top JC or top Sec School - it’s no guarantee of success. Generally, the conditions are there for you to excel and position yourself - how far each person goes and makes use of the various opportunities, is still down to the individual.

The segment of students/parents I am more empathetic towards is those who have tried hard but could not get into the local university for the course of their choice and have to look overseas. I can see why some parents who sell house / dig into retirement savings to see their child through say, Medicine overseas. - because they ahve all witnessed how hard the child has already tried, and the interest displayed, but for whatever reasons, did not manage to get a place in the local uni for a course or profession they are passionate about.

[Coolkidsrock2]

@doodbug said in Overseas Uni funds preparation:

Adding on my rant on overseas education - an overseas education, even to the top universities, is NOT a guarantee of career success - its not even a guarantee of a good first job placement.

Three or four years in university is quite some time - things can go awry, much as things can go well. It’s not a dissimilar story to getting into a top JC or top Sec School - it’s no guarantee of success. Generally, the conditions are there for you to excel and position yourself - how far each person goes and makes use of the various opportunities, is still down to the individual.

The segment of students/parents I am more empathetic towards is those who have tried hard but could not get into the local university for the course of their choice and have to look overseas. I can see why some parents who sell house / dig into retirement savings to see their child through say, Medicine overseas. - because they ahve all witnessed how hard the child has already tried, and the interest displayed, but for whatever reasons, did not manage to get a place in the local uni for a course or profession they are passionate about.

Agreed with you.

As a parent with a kid who completed both under-graduate and post-graduate studies both overseas and (still) trying to convince other kid to do under-graduate studies overseas, the considerations are more than cost/affordibility.

Am certain of my objectives and takeaways of the kids spending time overseas and have no regrets on the decision, i.e. kids studying overseas though they have a local offer.

The psychology of being away for an exchange program is different from being a full-time student. The opportunities that are available, eg summer school program, participation in research program / CCA / scholarship, internship, employment, etc, are also different.

Being a full-time student also means that they will have better possibility of developing deeper and more meaningful friendships with other international students.

From an ROI perspective, every candidate to a tip of triangle firm is equally (academically) sound, but for those are recruited, the costs can be recovered fairly quickly - this may mean child will have to live and work overseas though. Do note that this is not necessarily the intended outcome or what every child wants, hence may be a factor of consideration.

Personally feel that while the overseas education experience may open some doors, it is not a guarantee to anything. Rather, the personality and characteristics may play a bigger role.

For some kids whose personality may be more suited to be nearer home, given their proximity, Hong Kong, Japan may be an option.