Thousands of Sri Lankan parents are willing to send their children overseas for higher education and they are not reluctant to paying more for their child’s education in an international university than in motherland.
According to UNESCO statistics, there are over19,000 Sri Lankan students in overseas for higher education and the most sought-after destinations are Australia, US, Malaysia, UK and India, key corridors where HSBC has a strong footprint.
On average students spend USD 34, 658 over the course of their degree to cover tuition fees, accommodation, bills and lifestyle costs and parents had to spend hefty sum of money towards this end.
In an interview with Sunday Times, HSBC official outlined details on the bank’s International Student Proposition (ISP) designed to meet the international banking needs of children who are ready to further their higher education overseas.
With the understanding that parents go through four distinct stages when considering the decision to send their children overseas, the I S P is designed to meet their needs every step of the way.
HSBC’s Global research studies (Value of Education)provide key insights into education trends and existing challenges faced by parents and students in funding overseas education that further enables the bank to help them plan better for the future
Leveraging international connectivity and capabilities, HSBC is the first bank in the market to offer a full range of banking services including setting up of an overseas account prior to travel, (as this feature is not offered by other banks presently) as their trusted financial partner and provide financial expertise to support ambitious students looking to further their education overseas and help them grow.
The HSBC ISP proposition helps to ease some of the burden when it comes to their banking needs. The proposition is designed to support students throughout their overseas education journey with many benefits.
. HSBC is well represented in the Top 5 educational corridors Australia, US, Malaysia, UK and India. Leveraging the bank’s global network with the local knowledge and expertise, we are able to facilitate a range of international banking services to help students during every stage of their overseas education life and beyond.
There is a huge funding gap. Around the world there is a shortfall of USD 18,320 between what parents say they contribute and what students say they spend.
On average students spend USD 34, 658 over the course of their degree to cover tuition fees, accommodation, bills and lifestyle costs