Comparison of the cost of university education and the cost of living in some countries of the world

The article analyses the affordability of higher education in the leading countries of Europe, the USA and Russia. The undertaken study is based on such criteria as cost of living, consumer basket, average wage, cost of education at universities in a given country. The three most expensive universities include McGill University, Cambridge and Harvard, but the median salary in Canada, the USA and the UK makes study in these educational institutions affordable. The scholarship policy of these countries also contributes to affordability of higher education. It is concluded that there is dependence between the tuition fees in the universities and the average wage.