If you thought college was expensive for parents in the United States, pity the families of the United Arab Emirates.
Parents in the Persian Gulf nation spend an average $18,360 per year toward their child’s college education. That compares with $14,678 in the U.S., according to HSBC’s annual report on the value of a college education.
The report surveyed more than 6,200 parents in 15 countries.
Across all countries, parents say they spend an average of $7,631 per year on their children’s college education.
The United Arab Emirates is one of only three countries where parents spend more than in the United States, largely because families in the UAE send their children to college abroad. The other two are Hong Kong (where the yearly average is $16,182) and Singapore ($15,623).
The 11 countries where parents spend less than parents in the U.S. are:
- Malaysia: $8,720 yearly average
- Taiwan: $8,188
- United Kingdom: $6,566
- Canada: $5,990
- China: $5,718
- France: $5,465
- Australia: $5,146
- Mexico: $3,807
- India: $3,211
- Indonesia: $2,655
- Egypt: $1,210
College isn’t just costing parents in the U.S., however — it’s also costing students.
In the U.S., HSBC found that 37 percent of students contribute toward the cost of their college education. That’s the second-highest rate among the 15 countries.
Canadian students are the only ones more likely to contribute to their college costs, with 39 percent doing so.
At the other end of the spectrum, children are least likely to contribute in Egypt (less than 1 percent) and India (1 percent), followed by Hong Kong (4 percent) and Singapore (5 percent).
CNN Money reports that in Hong Kong and Singapore, it’s a cultural expectation that parents provide their children with a college education.
If your children or anyone else you know is struggling with college loans, here’s how they can get help with student loan debt.
What’s your take on the news of how American parents’ college spending compares with that of parents in other countries? Share your thoughts below or over on our Facebook page.