According to the Bermuda Government’s Department of Statistics, in the year 2000 the median annual income of a person holding a doctorate degree was more than double that of a high school graduate. Those with a bachelor’s degree earned 63% more than high school grads. These numbers are mirrored in North America. The U.S. Census Bureau stated that in 2002 the average male college graduate, age 25-34, earned 65% more than the average male who completed only high school. For women the difference is 71%. The message is simple and should provide inspiration for students and parents who are struggling with the cost of a college or university overseas – education does pay.

The most affordable college and university option is Bermuda College. According to their website,
an associate degree’s programme is comprised of 60 credits. If a student took 4 courses per semester, each earning 3 credits, they could attain their associate degree in 2 1/2 years at a cost of approximately $7,575 including tuition and incidentals. For this and other reasons, many students attend Bermuda College for two years before completing their bachelor’s degree overseas. Be aware, the numbers jump dramatically at overseas colleges and universities.

According to www.wikipedia.org, a typical year's tuition at a U.S. public university for residents from out of the state is about $12,000+. At private schools you can expect to pay $15,000 and up for tuition and fees.

Keep in mind tuition and fees are only part of the equation. Students and parents must also budget for living expense and transportation. Students who are resident in Bermuda and travel to the U.S., Canada, or the U.K. for their college education can expect to pay anywhere from $6,000 to $12,000 per school year for room and board. The cost of airfare is added on to that.

Websites for prestigous Howard University and University of Connecticut, show total costs for tuition and fees, plus on-campus room and board currently top $29,000 per year for out-of-state students. Bermuda students must also factor in transportation.

Studying in Canada, with its favorable exchange rate is often the most affordable overseas option. The website www.studycanada.ca notes that the average cost for foreign students for one school year (8 months) in an Arts & Science programme is C$11,903 though rates can be much higher. In 2006, at Dalhousie in Nova Scotia, tuition and fees for the 8-month school year were approximately $14,000, with an additional $10,000+ spent on food and housing. Airfares to and from Dalhousie, books, supplies and incidentals were additional expenses.

As of September 2007, Bermuda students will enjoy “home” rate fees at U.K. universities which are typically £3,000 per annum. This represents a significant savings over past rates. Students and their families will still need to add on the rising cost of room and board in the U.K. as well as transportation expenses.