College Abroad Can Be Cheaper and Faster

"I knew since high school that I wanted to be a lawyer," says Schuller. "Once I realized that the Oxford law degree could get me straight to the Bar exam, going there seemed like the obvious choice."

In addition to skipping four years of traditional undergrad education, Schuller saved big bucks. Tuition for U.S. students at Oxford costs about $20,000 per year — or $60,000 to get a law degree. If Schuller had attended the University of Chicago, which was his first choice in the U.S., he'd pay more than $93,000 for an undergraduate degree, and then have to pay for a three-year J.D. to boot.

As college tuition costs continue to rise at nearly double the rate of inflation, many parents and students are faced with the tough decision of taking out thousands of dollars in loans to attend a private university or choosing a more affordable state school. But another option that students should consider is pursuing their undergraduate degree at a college abroad, says Tom Conger, founder of Social Technologies, a research and consulting firm based in Washington, D.C., London and Shanghai. International tuition fees at top universities in the U.K. and Canada trim anywhere from a quarter to half the price of tuition at U.S. private universities and come neck-and-neck with tuition paid by out-of-state students. And, in many cases, these undergraduate programs are significantly shorter, saving students both time and money.

"As tuition costs continue to increase, more college-bound students will look for educational opportunities outside the U.S.," says Conger. "In many cases, it's in their favor to look at colleges abroad that have a world-wide reputation but cost just a fraction of most elite U.S. universities."

Universities in England are particularly well-suited to students who are certain of the major they want to study and especially for aspiring lawyers. Unlike the American educational system, English universities don't offer a core curriculum of arts and sciences, which means that prospective students must declare their major during the application process. (Otherwise, if an enrolled student has a change of heart, he or she will have to reapply for the following year.) After three years at a British university, law students qualify for the Bar exams in the U.S. and for specialized courses in any European Union country, if they choose to practice law there.

In addition, tuition in England is more affordable than the U.S. The average cost of British universities for international students ranges from $13,000 to $20,000, according to the Institute of International Education. Compare this with the U.S. where the average tuition for a four-year private university is just over $22,200, according to the College Board. And, many coveted universities have surpassed this price tag. An on-campus student at New York University pays more than $48,000 in tuition and living, while a student at George Washington University pays more than $53,000 a year.

Increasing tuition costs led Mayer Grashin, age 25, of Seattle, to attend McGill University in Montreal. During his senior year of high school, Grashin had planned to attend New York University, only to discover that the school wouldn't offer him financial assistance. "The financial burden to pay that tuition made it impossible for me to go there," he says. "Instead, I chose the same caliber school at a quarter of the price."

During his studies, between 2002 and 2006, Grashin's tuition costs ranged from $6,500 to $9,000, thanks in part to the U.S. dollar's strength at the time. He cruised through college with scholarships and income from his summer jobs and graduated debt-free. He's now attending Georgetown Law.

"If I stayed in the U.S., my loans would have been astronomical," he says. "I think my entire degree cost about one year's tuition at NYU and the Ivies."

Around 30,000 students are overseas working on their degrees, according to Brian Whalen, president of the Forum on Education Abroad, and the majority of them are in the U.K. and Canada. "Although tuition in both countries is higher for U.S. students than residents, tuition and living costs combined tend to be more affordable there than at private universities here," says Whalen.