Very!
I’ve posted in the past about how going to university in the UK or Ireland can be significantly more economical (especially for the type of family that isn’t getting a lot of credit from FAFSA) than their American counterparts.
There’s a tough balance to be found when it comes to universities on the European mainland, especially in English-speaking programs. A number are cheaper, but not all of them have great international reputations. There’s really not much of a point to getting a degree abroad if it doesn’t have a solid standing in the rest of the world.
However, there are some exceptions, namely the ones we’ll discuss below. Also, no matter where you’re considering, a budget of around 1,000 euro per month is a useful starting point for living expenses, but your child’s spending habits will likely be different. As a rule, university towns are cheaper than big cities.
One quick thing – not everyone overseas takes a 529 plan or US Direct Federal Loans; that should be factored in. I’ll mention below any standouts in that regard.
Bocconi
Normally, we encourage students to look at public universities abroad; it just makes more financial sense. However, Bocconi University in Milan is private, and is still cheaper than the overwhelming majority of in-state public college choices in the United States. Tuition for its three year programs is around 14,000 euro per year.
Bocconi is focused on business and the social sciences, but is exceptionally career focused. Milan is the business capital of Rome, and Bocconi is really in-tune with the business community in Milan. Also, they welcome US direct loans and 529 plans, which is a big plus.
Universitat Autonoma de Barcelona and Universidad Autonoma de Madrid
When I’m asked what the best cities for students are in Europe, Barcelona and Madrid are constantly in my top five. Both are affordable compared to other cities in Europe, and both the Universitat Autónoma de Barcelona and the Universidad Autónoma de Madrid offer a number of English-language degree options. UAB is perhaps a little more generous with the offerings in English, but UAM is ranked ~200 in the world (according to some rankings, that’s ahead of Dartmouth and UC Irvine).
Both have very affordable tuition rates, which is a good thing, since Direct Loans and 529 plans only work at a handful of Spanish universities (of which the University of Navarra is perhaps the most famous.
University of Gothenburg and Stockholm School of Economics
It’s probably no surprise to see that Sweden is listed as a destination here, after all, the Nordic states are renowned for their public funding of, well, everything. Their universities are no different, and if you’re an EU citizen, you don’t have to pay for tuition. If you aren’t so lucky, tuition is still reasonable, at around 12,000 USD per year at the high end (for Stockholm School of Economics; the University of Gothenburg is around $10,000 per year). However, there are numerous scholarships available to help reduce this cost, and undergrad degrees in Sweden are (like Italy and Spain) just three years in duration.
Sweden is more of a mixed bag when it comes to 529 plans and Federal Loans; a few universities accept them, but only one of them (Uppsala) has a superb reputation abroad.
What About the UK and Ireland?
There are a number of great options available in the UK or Ireland for less than the likes of Oxbridge, St. Andrews, or anywhere in London. However, you’ve got to keep in mind that UK and Irish universities charge different rates for international tuition depending on what you want to study. If you want to study English literature, you will pay less than if you wanted to study biology. However, many can still be cheaper than an in-state public option.