UK universities and education institutions will benefit from the ‘Brexit effect’ as studying in the UK is now much cheaper for international students, according to new research by Western Union Business Solutions (‘WUBS’). WUBS, a leader in global payment services, has analysed tuition fee payments data for the main overseas markets and found that tuition fees are up to a fifth (22.1%) cheaper than they were last year for some students. This will make studying in the UK much more affordable and more appealing to those coming to the UK for their degrees. This is expected to have a knock-on effect on UK universities competing for international students against leading academic centers in the U.S., Europe and Australia. Not only is the cost of tuition cheaper but it will also be much cheaper to live in the UK now as the cost of other essentials, such as food and accommodation, will also be significantly cheaper than they were pre-Brexit.

Studying in a UK university is very popular with students from across the world looking to further their education at a reputable institution. At present, some of the largest numbers of international students coming in to the UK to study are from China, India, Malaysia, Singapore, Saudi Arabia, America and Eurozone countries. In fact, the latest UCAS figures reveal that more EU students are studying in the UK this year than ever before, with nearly 27,000 starting in September, which is a new record for the UK[i]. As UK universities invoice students for tuition in pounds sterling, all of these students will find the cost has fallen this year due to how weak the pound is in comparison with their home currency.

Malaysian students will benefit from the biggest reduction as the Malaysian Ringgit has performed exceptionally well against the pound over the last year. Based on an average year’s tuition fee of £10,000, Malaysian students will find the cost of their tuition will be more than a fifth (22.1%) cheaper for them compared to September 2015. Likewise Singapore students will find their tuition costs them 20% less and American students just over 17% less.