Gain for parents with kids studying in UK
Published on: Sunday, June 26, 2016
PETALING JAYA: Parents with children studying in Britain are glad because the pound has weakened following Brexit. The ringgit closed at RM5.66 to the pound Friday, a drop of 4.67pc compared to a month ago when it was RM6.03.Parent Action Group for Education Malaysia chairman Datin Noor Azimah Abdul Rahman said tuition fees would be more affordable. "For parents who couldn't afford it initially, they may change their minds now," she said.
ADVERTISEMENT
A parent, who asked to be identified only as Auntie Chris, has a son studying biotechnology at Imperial College London, and said: "We are liquidating our accounts to take advantage of the drop in the pound, which is great news."She said her son, who is in his second year, planned to pursue his master's in Britain after graduation but had put his plan on hold due to the strong pound."We asked him to work first, after graduating, due to the financial constraints but with the pound dropping significantly, going for his master's may be back on the table," she said.Another parent, Azura Abdullah, said she did not expect her son's tuition fees to increase any time soon.
ADVERTISEMENT
Her son is a second-year law student at University of Exeter.Some parents were fearful of Britain's exit from the European Union. Despite the weakened pound, Azura felt the price of goods may increase in the short term because Britain could no longer leverage on EU trade deals, which could increase the cost of living there for her son. "But we hope to offset this with the lower currency rate as the pound will devalue in the short to middle term," Azura added. Chris said she was worried that Britain's decision may affect job prospects for Malaysians over there.
ADVERTISEMENT
"If Britain goes into recession, it will affect job prospects for new graduates," she said, adding that immigration controls may also be tightened following Brexit. Chief Executive Officer and Provost of the University of Nottingham Malaysia campus Prof Christine Ennew said parents should expect cheaper education."Students should be able to do more with their money in the UK, at least in the short term, say over the next couple of years," she said. Prof Ennew admitted that there could be some concerns over the issuing of student visas."However, Boris Johnson, one of the leading figures in the Brexit camp, has always been very supportive of international students and this should give some reassurance that the visa regime will not necessarily become harder for students from outside the EU," she said. She added that it was likely that EU students would be more affected than those from outside the union.Malaysian undergraduates in Britain are taking advantage of the falling pound and making bank transfers from back home.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
