Working Malaysian parents spend 55% of their salaries to fund one child for a university degree, making the country the 5th most expensive in the world when it comes to getting a university education in relation to household income, a survey revealed
The survey, done by the London-based Expert Market, of 40 countries is based on tuition fees listed on the Quacquerelli Symmonds Top Universities for the academic year 2014 - 2015 and the 2013 Gallup Median Self-Reported Income.
Ironically, Malaysia registered the lowest tuition fee cost among the top 10 "most expensive places to send your kids to university"
"The country has around 20 universities and fees are competitive compared to the rest of the world. "However, domestically the average wage is still only RM2,052 (S$673) per month. This means without scholarships or loans, parents will lose over half their wages in tuition fees."
Tuition fees in Malaysia cost £11,875 (RM76,925 or S$25,200), according to a survey of tuition fees in 40 countries on the Quacquerelli Symmonds Top Universities for academic year 2014/2015 and the 2013 Gallup Median Self-Reported Income.
Meanwhile, in the recently tabled Budget 2016, Putrajaya has slashed fund allocations to public universities by RM2.4 billion, raising concerns that university tuition fees would be increased
However, Higher Education Minister Datuk Seri Idris Jusoh reportedly said public universities were not allowed to increase their fees for undergraduate degree programmes just because there was a decrease in allocation to the ministry, from this year's RM15.785 billion to RM13.378 billion next year in the national budget. He said 90% of public universities were still reliant on government funding and should make money by utilising their assets.themalaysianinsider.com
Other countries where varsity degree costs higher than Malaysia
Romania, where parents spend 86% of their salaries, Romania (86%), Estonia (76%) and Chile (73%).
However, the most expensive country for a university education is Hungary, which has one of the lowest household income. Parents there have to fork out a whopping 92% of their salaries just to fund a child’s degree.
On the other hand...
"The Britain is one of the very few in Europe that charges tuition fees at all. Norway, Greece, Poland and Ireland are among several EU states that offer a degree entirely free,” said Expert Market.thestar.com.my