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British students could save up to 50% on university costs by studying in Europe

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When university tuition fees controversially rose to £9000 in 2010, tution costs for British students soared by almost 180%. In the 2015 budget, it was announced that tuition fees would rise further, in line with the 2017-18 inflation, and continue to do so in the future. Now, more than ever, studying abroad in Europe is becoming a considerably cheaper option for British students, with a comprehensive survey by FairFX revealing that students could save up to 50% by opting to study elsewhere in Europe.

The study, based on FairFX's Study Abroad calculator, reveals that studying at a European university costs an average of £4431 per year, a fraction of the price of studying at British universities where the median cost is £18,760 per year. 

Credit: Pixabay on Pexels

University College London (UCL) tops the list as the most expensive university in Europe with the total cost comprised of £9,250 worth of tuition fees and £15,103 for average living costs. UCL is closely followed by the University of St Andrews and the University of Birmingham.

Europe is home to a number of world-class universities that offer British students the opportunity to complete a degree at a fraction of the cost they are obliged to pay in the UK. Italian universities are the cheapest place to study in Europe due to the availability of funding and scholarships which cover not only tuition fees but often living costs too. FairFX names Scuola Normale Superiore di Pisa and Scuola Superiore Sant’Anna as the least expensive European universities for 2018, followed by seven German universities, and one Swedish university.

 Source: Lorenzo Pacifico on Pexels 

Of the 10 most expensive universities in Europe, nine are based in the United Kingdom, making the option to study abroad ever more appealing to British students. While the quality of British universities is ranked highly, as evidenced by the Times Higher Education Ranking which places University of Oxford and University of Cambridge in first and second place, the average cost of a degree is significantly higher than its European equivalents.

With Brexit in the future, these calculations will be subject to review as the price for non-EU students is higher than their EU counterparts. The figures reveal that studying abroad is more than being immersed in a new culture, but could also produce considerable savings.

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