Tuition Costs
The benefits of higher education are tremendous. In the U.K., for example, workers with a degree typically will earn 47% more in their lifetime than those who stopped studying at A-levels-an extra £160,000, according to figures released in 2007 by the U.K. Department for Innovation, Universities and Skills.
However, the cost of sending your child to university in the U.K. continues to rise. Tuition fees currently average £3,225 per year but are likely to rise despite fierce student opposition. Accommodation costs an average of £2,580 per year, the National Union of Students reports. It is no surprise that students who entered U.K. universities in September 2009 are expected to leave with debts of more than £23,000 each, the majority of which will be in the form of a student loan from the government-run Student Loans Company.
Access to higher education and the associated cost differ around the world. In India, for instance, although the government heavily subsidises higher education, it is still out of reach for most students. At the top of the pyramid is a degree from the prestigious IIMs (Indian Institutes of Management), which can cost more than a million rupees (more than £13,000).
