Welcome to HSBC Study Abroad Resource Centre

Many parents want their children to study abroad so they get the best education and a successful start to their career.

However, studying abroad can be expensive and it requires careful considerations and financial planning. Here at the HSBC Study Abroad Resource Centre, you will find useful information to assist you in making the right educational planning and financing choices for your children.

What you need to know

Cost of Studying Abroad?

When you are planning for education overseas for your child, the first step to consider is a budget that will work for the whole family.

How much is needed to study in Australia, Canada, the UK or the US?

Studying abroad can be expensive and planning ahead ensures finances are in order. The chosen school or university will be able to provide a good budget estimate.

Cost Estimation for International Students – Undergraduate Programmes
(2006-2007)

Studying in Australia (in AUD)

* University of Melbourne
Tuition & Fees: AUD 18,950 - 39,750
Room & Board: AUD 7,800 - 16,000
Books & Supplies: AUD 615

* University of Sydney
Tuition & Fees: AUD 17,136 - 39,072
Room & Board: AUD 18,72
Books & Supplies: AUD 220 - 660


Studying in Canada (in CAD)

* The University of British Columbia
Tuition & Fees: CAD 17,577 - 21,149
Room & Board: CAD 6,600 - 7,600
Books & Supplies: CAD 900 - 1,500

* University of Toronto
Tuition & Fees: CAD 16,766 - 22,105
Room & Board: CAD 7,000 - 11,778
Books & Supplies: CAD 1,528


Studying in UK (in GBP)

* The University of Cambridge
Tuition & Fees: GBP 12,254 - 25,704
Room & Board: GBP 6,750
Books & Supplies: included above

* University College London
Tuition & Fees: GBP 10,920 - 14,300
Room & Board: GBP 9,120
Books & Supplies: GBP 800


Studying in US (in USD)

* Stanford University
Tuition & Fees: USD 32,994
Room & Board: USD 10,367
Books & Supplies: USD 1,290

* University of Southern California
Tuition & Fees: USD 33,31
Room & Board: USD 10,144
Books & Supplies: USD 750

Preparation

With the increasing cost of an overseas education, the need for an early savings and investment plan has never been more important.

Planning Early

Nowadays, many parents consider overseas education for their children to ensure they have the best possible education and exposure. Studying abroad can be quite expensive and tuition fees can vary depending on the school and the chosen academic programme. Selected university and school websites can provide tuition fee information as well as local cost of living estimates that include books, club fees, housing utilities, food, entertainment, etc. Please bear in mind that these are only estimates and will vary from person to person.

As studying abroad is usually more expensive that a local education, planning and saving when a child is very young will certainly help.


Finding the right university and taking the English Proficiency Test

Finding the right university and location is important and the application process can be lengthy, so you should start early.

Considerations may include the education system, the climate, time difference and environment. English Proficiency Tests may also be required to study in Australia, Canada, the UK and the US. For example, TOEFL (Test of English as a Foreign Language™), organised by the Educational Testing Service (ETS), measures the ability of non-native English speakers to use and understand English. Some US universities also require Scholastic Assessment Tests (SATs) as an additional test for English. There is also the IELTS (International English Language Testing System). This is co-organised by the University of Cambridge ESOL Examinations, International Development Project and the British Council, and is used most commonly for Australian universities.

	Study in Australia	Study in Canada	Study in UK	Study in US
English Proficiency Tests	TOEFL	TOEFL	TOEFL	TOEFL
	IELTS		Standford Test	SAT – I is required for almost all undergraduate programmes in the US
			ELTS	SAT – II is required by a few universities in the US for specific courses

Visa Application

A visa is needed for studying aboard. To find out how to obtain the appropriate documents, contact the visa section at the embassy of the destination country. Visa applications can take some time to prepare, so enquiries should begin about a year before departure. A passport should have at least six months validity at the time of moving abroad.

	Study in Australia	Study in Canada	Study in UK	Study in US
Visa application	Form 157A	Temporary Resident Visa as well as a Study Persmit	VAF 1 – Non - settlement	F – 1
More information on student visa in	www.immi. gov.au/students	www.cic. gc.ca/ english/offices/	www.fco. gov.uk	www.educationusa. state.gov
Documents required for a Student Visa
Letter of acceptance from the school/university	X	X	X	X
Evidence of funds to pay tuition fees and living expenses	X	X	X	X
Passport (valid for at least 6 months after proposed date of entry)	X	X	X	X
Passport size photos	4	2	1	1
Interview with Visa Officer	X	X	Under special circumstances	First time applicant
Personal statement (e.g. education goal)	--	X	Optional	--
Transcript / Certificate	X	X	X	X
Medical Check	X	X	--	--

Moving away from home for the first time

When moving away from home for the first time, there are many expenses to consider: a rental security deposit, new household items, and telephone, cable, and Internet connection fees plus ongoing costs. There are "need-to-have" costs that include rent, tuition, utilities, transportation etc., and "nice-to-have" costs that include entertainment, clothing, etc. One-time expenses such as moving costs, books, etc., also need to be factored in.

How we can help you

Opening an Overseas Bank Account

Open an overseas bank account before leaving to study abroad. Contact us now.

Studying

When studying abroad, it's important to have easy and convenient access to banking services in order to manage daily financial needs.

Things to Bring

A checklist of some of the more essential items to bring along when studying abroad includes: a business suit (for presentations and job interviews), mobile phone, adaptors, medicine, winter clothes, digital camera, laptop with wireless connection and cash for opening bank accounts.


Housing needs

Finding the right place to live can be difficult if universities do not offer accommodation. If this is the case, a search will have to be made for off-campus options, home stay, apartment rental or guest house facilities, etc. Usually universities have an accommodation office to help with this. Costs vary greatly from country to country, depending on the location and the time of year.


Day-to-day banking needs

Most likely there will be enough to take care of when school begins without the added burden of worrying about day-to-day banking needs. That's why it makes sense to set up a bank account in the overseas country of study before arrival. By doing this, there will be more time to concentrate on settling in. HSBC can provide assistance in opening an overseas bank account for day-to-day transaction needs in the local currency, as well as arranging other financial services to facilitate the move.



HSBC’s International Network

With the HSBC global network, cash withdrawals can be made from our extensive world-wide network of ATMs. With our credit cards, purchases can made all over the globe.

Click here to locate the HSBC branches / ATM machines in your destination country.

For access to money from home, there are a few options to choose from:
- Internet Transfers
- Traveller's Cheques
- Bank Drafts
- Telegraphic Transfers

Beyond Studying

After graduation, what's next?

After graduating from university, it can be overwhelming to be faced with thousands of dollars of debt due to study expenses. HSBC can set up a re-payment schedule that is best suited to each individual's requirements. Debts can be paid off with savings, a personal loan or line of credit, especially if the debt carries a higher interest rate than savings. Graduation is also a good time for a financial health check and to set short and long term goals.

Changing your banking options when you start working

Upon graduating, student privileges come to an end. With a job and regular income, it is time to plan for the future, whether you're buying a car, a house or even starting a family.

Visit your local HSBC website for banking solutions that suit your needs.


Starting a career or building a business

One of the best information sources for prospective jobs is the university career centre as companies will often visit to recruit students on campus. If you are interested in the financial services industry, visit HSBC Careers for job opportunities, as well as Student Help for CV advice and interview tips.

Information about starting a business can be accessed at Starting Your Own Business which includes information on the range of services available at HSBC around the world to help a business grow.