Over the last few years, more and more of China's parents have poured most of their savings into sending their children to study abroad in hopes of securing a brighter future for them, prompting experts to caution against blindly making such a huge investment.

The number of students in Chongqing Municipality today who hope to study abroad increased 20 percent since last year, and most of these students currently attend junior high and high school, according to a report issued by the EIC Group, a Beijing-based education agency.   

About 52 percent of the families in the city who are preparing to send their children to study abroad said they have an annual income below 300,000 yuan ($48,060), as stated in the group's findings on the city's overseas student hopefuls, the Xi'an Evening News reported.  

Saving every penny

In order to send his son to study in the US three years ago, Zhang Hongguo, a resident of Chongqing, sold his car for 70,000 yuan, as well as his house, which fetched 400,000 yuan. The house had been a wedding present for his son, and was decorated for four months before the sale, according to the article.

"We have only one child. Everything we do we do just for him," Zhang was quoted by the newspaper as saying.

Zhang's son's annual expenditure in the US exceeds 200,000 yuan, while Zhang and his wife earn a total of only 130,000 yuan. They save every penny to support their son's life overseas.

Last year, Zhang planned to attend a school reunion. But when he heard that in order to participate, he would have to submit 500 yuan, he decided to forgo the occasion. His wife, for her part, seldom even indulges in window-shopping.

The couple regularly goes directly home when they finish their work each night. The most joyful moments of their lives come when they video chat with their son online.

Liu Minghui, another Chongqing resident, is preparing to send his son to study in Australia. He and his wife have a combined annual income of 150,000 yuan, while their son's annual tuition fees and living expenses will cost 300,000 yuan. Luckily, after Liu discussed his financial obligation with his relatives, they were willing to lend a helping hand.

Liu's parents contributed 100,000 yuan, his two sisters aided with 20,000 yuan and Liu's sister-in-law pitched in with a 50,000 yuan loan, the newspaper said.

"All of us hope my son will be something great one day," Liu was quoted by the newspaper as saying. He added that it's worth making the investment as long as his son's opportunities exceed his own.

Hidden risks

This year, thousands of people sold their houses and took out loans from the bank to send their children to study abroad in foreign cities, according to Liu Jun, vice president of Chongqing Overseas Study Intermediate Service Industrial Association.

An overseas education is a high-risk investment that can effect one's livelihood, future and family happiness, according to Yu Minhong, chairman of the New Oriental Education & Technology Group. Before planning to study abroad, one should carefully consider whether the investment would yield good results, the newspaper quoted Yu as saying.

While the benefits of a foreign diploma are well known, an overseas education is not a golden ticket. Foreign universities, especially the more competitive ones, tend to weed out bad students. According to the newspaper, about 50 percent of students accepted at first-rate universities abroad are squeezed out before graduation.

Some students spend thousands to study at a foreign university without considering its reputation, only to return to China to find that their diploma is not widely recognized, the newspaper reported. 

Yang Qiao studied in a university in the UK, costing her 1 million yuan, and returned to China two years ago. After a long job search, she landed a position in financial investment consulting with a monthly salary of 4,000 yuan.

Yang told the newspaper it will take her at least 20 years to recoup the cost of her tuition if she continues to receive her current salary.

About 70 percent of Chinese overseas students choose to return to China after graduation. Among returned Chinese overseas students polled by the EIC Group, 39 percent of respondents receive a monthly salary of between 5,000 yuan and 10,000 yuan, 32 percent earn 3,000 yuan to 5,000 yuan, and 11 percent make 3,000 yuan. Only 3 percent have a monthly salary of more than 30,000 yuan, according to an EIC Group report on employment of returned Chinese overseas graduates.

Global Times