The cost of a US education
While the cost of studying in America is steep, the long-term return on investment is high. Global companies, from Google and Microsoft to Bain and McKinsey, actively seek out graduates from top US institutions. For South African students with big career ambitions – locally or abroad – the hefty price tag is worth the opportunities that come with an international degree. Flexible Liberal Arts programmes offered by these universities are another big drawcard, as they provide essential workplace skills, such as critical thinking, collaboration, communication and creativity.
“The cost of studying at a US university varies based on the length of study, type of institution, and university ranking. This can range from about R250 000 per year for a two-year study programme, to well over R1-million per year for a four-year degree,” says Rebecca Pretorius, Country Manager at Crimson Education, who specialise in assisting local students with the process of applying to the world’s top-ranked universities.
Beyond tuition and housing costs, there are also other expenses to budget for; “University fees only cover the base cost. Students will need pocket money to purchase books, stationery, clothes and other essentials, once they have moved to the US. These all add up and can cost R80 000 or more a year. On top of this, it’s important to consider transport, health insurance, a cell phone contract and visa costs, which could add another R50 000,” says Pretorius.
For students looking to get their foot in the door at a US tertiary institution, a two-year college can serve as an academic bridge to a traditional four-year university and degree. Students graduate from a two-year college with an Associate’s Degree – the equivalent of two years’ worth of credits towards a Bachelor’s Degree. This provides a more affordable option for families who cannot afford all four years at a public or private university.
On the opposite end of the spectrum, Ivy League universities, like Harvard, Yale and Princeton and are the most expensive – in addition to being highly selective with admissions; “Attending private institutions can cost anywhere between R900 000 to R1.3-million per year for tuition and housing. While the cost is high, students will reap the benefits of world-class resources, powerful networks for employment opportunities, higher starting salaries and a head start on their career path,” says Pretorius.
Public universities like the University of California and the University of Michigan, charge significantly less than Ivy Leagues universities, with tuition fees starting from around R550 000, while still offering top facilities and resources, and international internship opportunities.
Irrespective of whether students are attending a private or public institution, the cost of education in the US is significant. For many families, access to financial support is a crucial deciding factor; “US universities offer different types of funding support to international students. ‘Need-blind’ universities consider applicants on merit regardless of whether they can afford the fees or not. Many other universities offer financial aid based on the contribution a student’s family can make towards university fees. Some universities also offer merit-based funding, in the form of scholarships or grants,” says Pretorius.
Crimson Education is the world’s leading US/UK university admissions consultancy. Their personalised mentoring approach has helped thousands of students gain admission into the Ivy League, Oxbridge, and other top universities around the world. Crimson’s university admissions and application counselling model connects students to the world’s best tutors and mentors to deliver individualised support to students to reach their personal education and career goals. Crimson hosts weekly events with expert speakers and regular SAT Masterclasses at schools around the country. For more information, visit www.crimsoneducation.org/za or reach out on [email protected].