How much does it cost to study in the US?

While the US remains the world’s most popular destination for international students, it’s also among the most expensive choices. However, although the headline costs of studying in the US may be daunting, often involving a string of five-digit numbers, it’s worth checking all the facts on fees and funding options before you make up your mind, as it may work out cheaper than you initially think.

In HSBC’s 2018 report, The Value of Education, the US again emerged among the top choices for parents considering university abroad for their child – but also one of the most expensive, with students spending an average of US$99,417 over the course of their degree.

With most undergraduate degrees at public universities costing $26,290 (according to student support organization College Board), for many prospective students attending university in the US may seem about as realistic as crashing at the White House while you look for a place to live.

But before you abandon all hope of spending your student years playing baseball, going to the drive-thru and generally carving out your own version of the American dream, be reassured: there may be a way.

Anyone familiar with the basic rules of averages will have realized that College Board’s estimate is likely to include significant variation in either direction – and this is true. At the very top-tier US universities (the majority of which are private non-profits), fees and living costs are likely to add up to around US$60,000 per year, but it’s also possible to study in the US at a much lower outlay.

Those seeking a more affordable option will find lower tuition fees at US universities within the public sector. These are typically run as state university systems – collections of colleges within a state, which share some administrative aspects while operating as separate institutions. Public universities in the US have two tuition fee rates: one for state residents and one for everyone else. The second (more expensive) category applies equally to applicants from other US states and from other countries. Private universities tend to be much smaller than public universities and have a more diverse student population (both from different states and different countries) due to the fact that tuition is the same price for all students. You can read more about how public and private US universities compare here.

According to College Board, published tuition fees for 2018/19 at state colleges are an average of US$10,230 for state residents, and $26,290 for everyone else. This compares to an average of $35,830 at private non-profit colleges. The cheapest options of all, however, are public-sector two-year colleges – also known as community, technical or city colleges – where average fees for 2018/19 are just $3,660.

Admittedly, you can’t complete a full degree at a two-year college, but you can gain an associate’s degree. This counts as the first half of a bachelor’s degree, which can then be completed by transferring to a university for an additional two or three years.

When transport and other living expenses are factored in, College Board estimates the following annual budgets for undergraduate students in 2018/19:

• $17,930 (community college)
• $25,890 (in-state students at a four-year public college)
• $41,950 (out-of-state students at a four-year public college)
• $52,500 (private non-profit four-year college)

While these averages provide a helpful overview of the broad range of study costs in the US, it’s worth remembering there remains significant variation in tuition fees charged by each type of institution. At the most prestigious public universities, for instance, fees may be just as high as those in the private sector. For instance, the University of Michigan (one of the highest-ranked public US universities in the QS World University Rankings®) estimates fees for new out-of-state students in fall/winter 2018/19 at $49,350, on top of additional costs of $11,534 for room and board, $1,048 for books and study supplies and $2,454 for personal and miscellaneous items. This adds up to a total annual cost of $64,386, or $70,356 for graduate students.