Singaporean university students who're feeling the pinch have good reason, according to new research.
The cost of attending university in the city-state has jumped 38 percent on average since 2007, the Singapore arm of ValuePenguin, a consumer research firm in New York, told CNBC.
Singapore has five major universities: National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU), Singapore University of Technology and Design and Yale-NUS. The ValuePenguin research looked at the yearly out-of-pocket cost of tuition for Singapore citizens after they received government subsidies.
The annual tuition cost for a general arts and science degree was between S$6,000 to S$7,000 ($4,353 to $5,078) in 2007, according to ValuePenguin, but would cost between S$8,000 and S$11,000 now, up as much as 51 percent. SMU, which at S$7,500 for the degree in 2007 was the most expensive, has hiked fees to $11,300, a 50 percent jump, the research found.
The cost of a law degree at NUS, meanwhile, rocketed from S$6,100 in 2009 to S$12,400, a 103 percent hike, and a business degree has jumped 53 percent from the same base in 2008 to S$9,450.
Similarly, a business degree from NTU went from S$6,110 in 2007 to S$9,250 in 2015, a 50 percent increase, while tuition for a business degree at SMU increased from S$7,500 in 2007 to S$11,200 in 2015, up 49 percent.
Official data showed that Singaporean's are spending more on higher education. The government's Household Expenditure Survey found that Singaporean families spent more than S$1 billion on university tuition in 2014, compared to S$650 million a decade earlier, according to the government's Household Expenditure Survey.