As tuition costs at universities increase at double-digit rates, and college loans are getting more costly, students and parents are frantically looking for new ways to finance university degree. One method that's growing in popularity is choosing an education abroad.

Our global economy has now begun to redefine education. In the U.S., it's always been a foregone conclusion that your child will attend college here in the homeland. The big questions were public vs. private, and in-state vs. out-of-state.

Escalating tuition costs, however, have redefined the market. Students are now looking beyond this country for their educational needs, and they're discovering that schools abroad can be less expensive and require a shorter length of time.

Tuition costs the culprit

The cost to send a child to college in the U.S. has increased at a rate that far outpaces inflation. The average price of a four-year public school is around $11,000, with a private school costing $22,000 or more. Many investors have opened 529 plans and Education IRAs in the hopes that tax-sheltered investments will allow them to accumulate the necessary funds to pay for higher education, and not rely on student loans. Unfortunately, the stock market has been erratic and, with the falling values of homes, tapping a home equity loan to pay for schooling is no longer an easy option.

Different models overseas

Most colleges and universities in the United States require four to five years of undergraduate studies before a student can attend a professional school, like law or medicine. The same paradigm is not in effect overseas. At Oxford University in England, for example, a student can begin working on his major immediately, receiving his law degree in only three years.

The $20,000 Oxford tuition is comparable to most private institutions here in America. However, in the U.S., students must receive a four-year degree and then attend a law school. After three years in Oxford, graduates are eligible to take the Bar exam.

Alternatives require research

If you're not ready to commit to a three- to four-year program overseas, there are a number of colleges that facilitate short-term study abroad programs. Individual colleges restrict which colleges you're able to attend, ensuring that the overseas programs are in alignment with the stateside education. They also often stipulate that a student pay the same tuition that's required here at home. Pursuing one of these programs requires quite a bit of research. Are tuition, room, and board part of the costs for the program? All expenses need to be itemized so that you can better understand the costs involved.

Keeping pace with the rising costs of tuition has been a tall order for American families. It's prompted many students to look overseas for low-cost alternatives. With lower tuitions available abroad, students are earning entire degrees at universities in foreign countries. As the dollar gets weaker and the costs of tuition gets higher, expect to see more see diplomas from distant lands.