MANY students who had planned to continue their tertiary studies abroad are reportedly shelving their plans due to the weak ringgit, which has made the cost of a three to four-year study out of their reach.

The costs, after the Covid-19 pandemic, had reportedly shot up by 20% – 10% on tuition fees with the other 10% to make up for the higher living cost as a result of the fall in the ringgit’s value.

A survey by The Malaysian Insight found that those students who still yearn to study abroad are now looking at dual-degree programmes where they would study one or two years in a locally before completing the remainder of their study overseas to cut costs.

C.K. Chiau, the founder of student placement company MyStudy, said the depreciation of the ringgit had impacted his business as parents now prefer their children to study locally.

“The tuition fees and living expenses are the two main costs parents are concerned with,” he said.

Chiau said the most popular overseas study destinations for Malaysian students are the United Kingdom, Australia, Ireland, and Germany – with Ireland becoming a favourite in the last 15 years.

Chiau said MyStudy, established in 2004, had also assisted thousands of students in finding places in universities in Singapore and Europe.

Financial planner Nicholas Chu however, would like to advise the parents to only send their children overseas if they could afford it.

At the top of their evaluation should be the tuition fees of the prospective university which varies between countries and institutions, he said.

He said studying accounting locally might cost between RM50,000 to RM100,000 for the three years of full-time study, while it could range from RM100,000 to RM200,000 in Australia and between RM300,000 to RM600,000 in the United States.

He added that while tuition fees are a prime consideration, one should not forget about the costs of living expenses, including accommodation, transportation, and meals.

Whether the school allows students to work part-time is also something they should consider, he said.

“Not every student can rely entirely on their parents’ support.”

Chiau said if parents want their children to have an overseas education, then they should have set up an education fund and had allocated 10% to 30% of the net income a year.

“Early planning and start is crucial,” he said. – December 18, 2023.