With tuition and living expenses soaring, the financial viability of pursuing a degree at a prestigious overseas university is under scrutiny. A new study by UK-based Edumentors has revealed that the cost-to-earnings gap for graduates from elite institutions is alarmingly large, making the return on investment questionable for many students.
The study examined tuition fees, living expenses, and post-graduation starting salaries across top global universities. The University of Oxford, ranked second globally, charges an average tuition fee of $49,000 (Sh6.32m), with an additional $21,381 (Sh2.7m) in living costs, totaling $70,381 (Sh9m). Despite a 100% employment rate, the average starting salary for graduates is just $37,400 (Sh4.8m) per annum, indicating that financial returns may take years to materialize.
Columbia University presents an even steeper challenge, with tuition fees reaching $68,000 and total costs of $97,003. While 99.9% of graduates secure employment, their starting salaries of $55,190 make it a less attractive financial option for those prioritizing quick returns.
A similar trend is observed at the University of Cambridge, where the total cost stands at $62,400, and the starting salary is $37,300 (Sh4.8m). The university’s global reputation remains unmatched, yet students must strategically plan their financial future due to modest initial earnings.
Closer to home, Qatar University provides a more affordable alternative at $25,100 (Sh2.5m). However, despite a high employment rate of 98.6%, the starting salary is just $16,000 (Sh2m), reinforcing concerns about financial sustainability.
Despite these findings, the dream of studying abroad remains viable for many Kenyan students, thanks to scholarships from various organizations and foreign governments. The Aga Khan Foundation provides funding for students from developing countries, while the Yale Young African Scholars program offers partial scholarships to students from vulnerable backgrounds.
The UK government also supports Kenyan students through fully funded Chevening Scholarships and GREAT Scholarships, which provide opportunities for postgraduate studies. In Germany, the DAAD program offers 86 different scholarship programs, covering living expenses and tuition for Kenyan students pursuing undergraduate and postgraduate degrees.
While studying at a top global university carries prestige, students are advised to align their choices with career aspirations rather than just rankings. As Edumentors’ spokesperson emphasizes, students should prioritize institutions that offer strong industry connections, specialized programs, and practical career pathways, ensuring their investment pays off in the long run.
