The weak ringgit has reportedly forced many students who had intended to pursue their tertiary studies abroad to abandon their plans, as the expense of a three to four-year degree has become prohibitively expensive.
Following the Covid-19 pandemic, the costs have reportedly increased by 20%-10% going toward expenses like tuition, and the remaining 10% was used to offset the higher cost of living brought on by the ringgit’s decline in value.
According to a survey, students who still have a strong desire to study abroad are now considering dual-degree programs where they would study one or two years locally before completing the remainder of their study overseas to cut costs.
The founder of the student placement company MyStudy, C.K. Chiau, stated that his company has been adversely affected by the ringgit’s depreciation because parents are now preferring their kids to pursue local education.
“The two primary expenses that parents worry about are living expenses and tuition fees,” he stated.
According to Chiau, Malaysian students tend to study abroad in the UK, Australia, Ireland, and Germany, with Ireland emerging as a favorite over the past 15 years.
MyStudy, which was founded in 2004, has also helped thousands of students secure admissions to colleges in Europe and Singapore.
Nicholas Chu, a financial planner, would like to suggest that parents send their kids abroad only if they can afford to.
At the top of their evaluation should be the tuition fees of the prospective university which varies between countries and institutions, he said.
The cost of a three-year, full-time accounting degree in the United States might be between RM300,000 and RM600,000, whereas in Australia, it could range from RM100,000 to RM200,000.
Although tuition fees are a major consideration, living expenses such as housing, food, and transportation should also be taken into account.
According to Chiau, parents should have established an education fund and contributed 10% to 30% of their net income annually if they wanted their kids to attend school abroad. This is because early planning and initiation are very important.
Hanis Izzatul, is a digital writer who writes about careers, lifestyle, and current trending content to engage Malay readers, informing them about the latest trends happening around. Hanis also are into arts, music, film, and gigs.
