How Your Kid Can Go To College For (Next To) Nothing

But in Europe, many countries are helping students — including foreign students — cover the price tag. In Germany, for example, education is thought to be a right and not a privilege. Therefore, the government has been fully funding university costs since October 2014. More than 900 undergraduate and graduate degrees are offered in English at dozens of German universities that consistently place near the top of international rankings.

Many other countries also offer classes in English at incredibly low costs. Finland currently charges annual tuition fees that start at around $4,800 a year. International students in Norway typically pay no tuition fees at many institutions that include the University of Oslo, although the country’s cost of living is one of the highest in the world. In many cases Austria, too, offers tuition prices at only about $350 to $750 per semester. In France, foreign undergraduate students pay only a small fee of $208 per year for tuition at public universities. Public colleges in Iceland are free for American students.

The cost benefits are not as appealing at UK-based universities. At Oxford, for example, foreign students pay roughly $22,000 a year to study politics or history and $33,000 to study engineering or computer science. The University of St. Andrews, in Scotland, charges about $23,000 for most degrees for foreign students.

The good news is that it's possible to receive financial aid, whether need- and merit-based, from universities outside the United States, as well as federal aid from home. Indeed there are close to 1,000 foreign colleges and universities where Americans can use government financial aid, according to the Department of Education website.

But as with everything, there are pros and cons to getting a degree abroad.

"Getting a degree abroad can develop valuable skills because it pushes students to get out of their comfort zone to experience another culture, language, environment and education system," said Lindsay Calvert, who leads IIE’s Generation Study Abroad initiative. "Studying in another country is an important way for American students to get the international experience, language capabilities and cross-cultural communication skills necessary to succeed in careers in an increasingly global economy."

According to an IIE survey released in October 2017, among alumni who studied abroad for at least one academic year, 68 percent reported studying abroad contributing to a job offer or promotion, compared to just 43 percent of alumni who studied abroad for fewer than eight weeks.

When it comes to cons, not every teenager wants to be thousands of miles away from home. And there are cultural differences for American students overseas related to alcohol. In Europe, the drinking age in many countries is 18. Also in Europe, there generally is a greater onus on students to keep track of their schedules and deadlines. In addition, overseas universities don't look as closely at extracurricular activities when considering applicants as American universities do. They're more likely to place an emphasis on SAT/ACT scores as well as SAT subject tests and reference letters.

To find out more about programs in Germany, check in with the German Academic Exchange Service.

For general information about degree programs outside the United States, contact the Institute of International Education.