Students wanting to study overseas, particularly in Australia, either need to have been able to have saved a lot or at least able to maintain two jobs to be able to afford paying for their tuition costs and other expenses. According to a new research HSBC, Australia ranks the list of most expensive countries for overseas students, followed by the United States, United Arab Emirates and the United Kingdom. Canada is cheaper.

Students eyeing to study in Australia ought to be able to shell out $25,375 annually to cover their education-related needs, which among others include tuition costs as well as cost of living.

Although it is cheaper to study in Canada compared to Australia, the country which ranks the cheapest for international students is Germany, where students only need to shell out $635 to meet their education-related needs.

Australia Tops List of Nations Where it is Costly to Study, Canada is Cheaper

The top 13 countries so far international students prefer to study at:

Country

Annual student fees (US$ per year)

Australia

$25,375

United States

$25,226

United Arab Emirates

$21,371

United Kingdom

$19,291

Canada

$18,474

Singapore

$14,885

Hong Kong

$13,182

Japan

$6,522

China

$3,983

Taiwan

$3,270

Russia

$3,131

Spain

$1,002

Germany

$635

"Families with these aspirations need to plan ahead," Betty Miao, executive vice president, retail banking and wealth management of HSBC Bank Canada, said in a statement. "The good thing about education planning is that it is predictable. Children's education needs are tightly constrained to a defined number of years. It is the annual cost that is the main variable depending on the country chosen for your child's higher education."

Other factors to consider besides tuition fees and living costs were a country's exchange and inflation rates.

"On average, living expenses can comprise at least a third of total costs and parents need to budget for travel home during school holidays," Ms Miao said. "As such, there is a need for parents to ensure their children's education forms an important part of their financial planning."

Latest statistics from the Citizenship and Immigration Canada showed the country received 100,000 international students in 2013, a jump of 60 per cent from 2004.

In a list compiled by International Students Guide, among the cheapest universities in Canada for international students include:

  • Winnipeg University
  • Manitoba University
  • University of Calgary
  • Mount Royal University
  • Concordia University College of Alberta
  • University of Regina
  • McGill University
  • Memorial University