The number of international students, interested in getting their degrees in Armenia, is growing.

This is indicated in the “Foundations for the future”, the latest report in The Value of Education series from HSBC, which is based on a survey of over 6,200 parents in 15 countries.

According to the report, the total number of international students studying in Armenia was 3,647 in 2014, which is a 10% increase over 2010. The top 5 countries for international students in Armenia are Russia (29%), Georgia (25%), India (23%) and Iran, Syria 6% each respectively.

The authors of the report note that over the last five years, the number of students in Armenia’s higher education institutions has decreased by 28%.

As for tuition fees, the experts report that in Armenia they range from USD 840-1,680 per annum. This is relatively low compared to the global average, which is USD 9,100 for the countries surveyed. In terms of university fees, Armenia compares with India (USD 581), Mexico (USD 750) and Turkey (USD 1,276).

“Armenian parents who do not currently have enough savings to fund their child’s education, have various options including sourcing it either from their day-to-day income, sacrificing expenses for their wellbeing, vacation or nice-to-haves, or going into debt,” the experts observed.

The report also indicates that several Armenian banks offer student loans as a product. Additionally, to help parents with alternative source of funding, in 2013 the Armenian government also launched a student loan programme on special terms.

At the same time, according to HSBC experts, student loan portfolio has seen a regular but slight increase and stands at USD 8.2mln as of May 2016, with more parents starting to give preference to local currency loans.

“The financial sacrifices that parents are willing to make to fund their children’s education are proof of the support they will give to help them to achieve their ambitions. However, parents need to have a financial plan to meet their family’s overall needs. This plan requires regular review, to better support their children’s studies, while optimising their own long-term financial goals,” stated Paul Edgar, Chief Executive Officer (designate) HSBC Bank Armenia.