I pursued master’s degrees in both Singapore and the United States, and tackling my student loan payments afterwards proved to be a challenging endeavor.
Despite living solo and attempting to cut costs by handling tasks independently, it still required two or three years to settle all my debts because of the exorbitant expenses associated with residing overseas.
Yet, I was more fortunate than many of the others.
A friend’s mother sold her property and used VND8 billion (USD$315,000) to fund his bachelor's degree in business administration in the United States. However, upon graduation, he went back to Vietnam where he only made VND15 million ($590) per month.
She protested, "This amount is lower than what we could have made by leasing the house. How on earth will we recoup our funds?"
Many see studying abroad as an investment but it does not always deliver the expected financial returns.
That being said, studying overseas presents benefits beyond mere economic advantages; it grants exposure to cutting-edge educational frameworks, contemporary ideologies, new linguistic capabilities, interpersonal competencies, and self-reliance.
Despite this, numerous individuals encounter difficulties post-graduation, such as severing ties with Vietnam, experiencing reverse culture shock, and facing hurdles in securing employment due to employers favoring candidates with prior work experience.
Vietnamese employers prioritize skills, experience and work attitudes over degrees or language proficiency.
Global credentials remain significant when they come from prestigious institutions or pertain to niche areas of study. However, qualifications obtained at less renowned colleges or in sectors where practical exposure is key, such as business management, frequently diminish in worth.
Actually, applicants who possess creativity, adaptability, and robust interpersonal skills frequently stand out from their rivals.
Despite being previously considered a high-value sector, the IT industry has faced difficulties since 2023 due to economic declines and widespread job cuts.
New graduates struggle to find jobs in Silicon Valley, America's technology and innovation hub.
Companies prefer hiring experienced workers or cutting costs by reducing recruitment.
This trend makes studying abroad a dubious investment, especially for those returning to Vietnam.
Securing residency after graduation has also become harder as the U.S., Australia and Canada have made visa policies stringent.
Since 2020 the U.S. has made the H-1B visa more competitive, prioritizing high-level STEM degree holders. Tighter OPT (temporary employment for international students in the U.S.) regulations have left people with less time for job searching.
Australia has also pared the list of skills it is looking for in immigrants, preferring specialized professions that need manpower.
These changes signal a global shift toward attracting top-tier professionals while reducing reliance on low-cost migrants.
Meanwhile, in Asia places like mainland China and Taiwan are gaining attention with affordable tuitions, attractive scholarships and rising education rankings.
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Two men walking down from the Library of Columbia University, New York. Illustration by Pexels |
Studying abroad in Asia is becoming a viable alternative for families looking for both quality education and affordable costs.
Countries like Germany, Italy, and Belgium are also suitable choices.
In Germany, public universities do not charge tuition fees, whereas Italy and Belgium offer institutions with relatively low tuition and living expenses.
In Germany, for example, administrative charges range from €100 to €350 ($105 to $370) each semester, while living expenses amount to approximately €850 ($890) monthly.
In Belgium, annual tuition fees vary between €800 and €4,000 ($840-$4,200 US), with monthly living costs approximately at €900 ($944).
These alternatives reduce the economic strain on Vietnamese households relative to expensive locations such as the United States, Australia, and the United Kingdom.
There is an increasing trend towards short-term international study programs, particularly among professionals in their thirties looking to enhance their careers and acquire fresh experiences.
These brief courses offered by renowned institutions enable students to swiftly gain expertise without the long-term obligations and steep tuition fees associated with standard degree programs.
Leading institutions such as Oxford, Harvard, Stanford, and UCLA along with those in Singapore and South Korea provide comprehensive programs focused on areas including business administration, tech innovation, financial studies, and self-improvement.
The costs for these programs vary between $1,000 and $3,000 per course.
Rather than venturing into significant expenses for overseas undergraduate studies, numerous families opt to focus on local education and subsequently allocate resources towards advanced degrees or brief international programs.
This approach reduces the financial pressure on them, and students have more time to gain practical experience and make informed decisions about studying abroad.
Living and studying abroad offer valuable experiences. They help you gain knowledge, see the world differently, understand new cultures, and build important life skills.
The challenges you face overseas also make you more resilient and better at dealing with problems.
Education is a lifelong journey, but studying abroad is a decision that demands careful thought.
You need to consider education and living costs, career goals and personal needs, as this choice will shape your future opportunities and long-term growth.
*Trinh Phuong Quan is an architect.
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