For many employers across the globe, a bachelor’s degree is one of the most basic requirements, especially if the position requires specialization in a certain field. Because of this, many people work to get an education, culminating in a bachelor’s degree. Some even strive to attain post-graduate degrees.
It is important to note that getting a bachelor’s diploma can be expensive. In fact, some countries have set up programs in which students can take out loans. Many students rack up thousands in debt with these programs though.
Now, those who are planning to get this diploma need to know the cost. Wondering how much money you will spend when you get a bachelor’s degree? Here’s what you need to know about the cost of higher education.
Important Factors That Can Affect The Cost Of Education
Before proceeding to the expenses students face, you might be curious as to why getting such diplomas can cost thousands. There are several major factors that contribute to the total fees. Some of them are listed below.
University And Degree Of Choice
One of the greatest reasons why a bachelor’s degree is expensive is the school. Private universities cost more than public ones. Moreover, premier private universities charge even more. Aside from this, the degree of your choice also plays a huge part in the cost. Some degrees have higher fees because of the facilities needed to complete the program.
Every semester or term students enroll in means that they are not only paying for the courses they take during that period, but also for miscellaneous fees and other charges by the school. So, the longer the student takes to finish the program, the more they have to spend on such expenses. In the long-run, this definitely contributes to the cost of a bachelor’s diploma.
Boarding And Living Expenses
Aside from school fees, individuals who chose schools far from their hometowns need to pay for lodging every month, especially if they fail to secure a slot in the school’s dormitory. Because of this, they will have to rent outside the campus. They would also have to spend on essentials such as food and utilities.
The Cost Of A Bachelor’s Degree Around The World
Now that you know what factors can contribute to the cost of a bachelor’s diploma, you can understand better how the rates are determined. In top universities throughout the world, a bachelor’s degree can cost around $1,300 to $57,642 in annual tuition fees. This applies for the school year 2019 to 2020.
In some countries, the average cost of higher education is $0, while some can reach $21,189. For those who apply for student loan programs, the cost can increase due to lower interest. This can drastically increase the total amount the student has to pay to clear their debt.
There are many factors that can affect the total amount spent on a bachelor’s diploma. The university you choose definitely contributes to the cost. With this guide, you can have an idea about the range you need to allot in order to obtain one.