With American college tuition rising and families feeling the economic pinch, universities in Canada are becoming more and more appealing. Graduating with student loan debt is forcing students to look north to Canada for a more affordable education. That’s right–Canada!

According to the Institute for College Access and Success, the number of U.S. students at Canadian colleges rose 50 percent in a decade, and now about 10,000 Americans attend Canadian colleges. The institute reports that graduates from an American university can expect, on average, to carry more than $26,000 in debt; and 9 percent of those graduates default on student loans within two years.

Compared to American universities, Canadian colleges clearly offer a better bargain (costs for one year of tuition):

• University of Chicago – $45,945
• George Washington – $45,780
• Stanford – $41,250
• McMaster (Hamilton, Ontario) – $20,966
• McGill – $14,561
• University of Winnipeg – $11,115

The overall costs are significantly lower with the added benefit of American students allowed to use college savings plans and U.S. student loans. Many universities also offer scholarships as well.

Paul Davidson, President of the Association of Universities and Colleges of Canada stated:

“Undergraduate students that complete in Canada have tremendous access to the best graduate programs right around the world,” he said. “So, if you’re a student that wants to pursue graduate studies, a Canadian degree will serve you very well, indeed…. They also are a passport to good jobs.”

Moving out of the United States might just be the best financial decision your student can make. Leaving the country gives the student experience in other cultures and will prepare them to pursue a graduate degree outside of the country as well. Programs like medical schools in the Caribbean have a number of benefits that students should consider. Traveling outside the country can translate into saving some bucks in the long run.