Cost of university to rise at double the rate of inflation
The cost of a degree could rise by as much as 50% over the next decade, experts are warning, putting pressure on parents to begin saving now if they want to support their children through university.
The Australian Scholarships Group estimates that the course costs of degree will hike by almost 60% in ten years, drawing concerns about how accessible university will remain in years to come.
The Education Cost Index found that degrees in accountancy, law, or medical degree will rise from $9,800 per year in 2013 to over $15,500 in 2023, while the cost of a degree in psychology, teaching, or journalism will rise from $5,900 to over $9,300.
Accounting for fees, transport costs, facilities and living costs, the cost of completing a four-year degree will rise by between 38% and 49% in total, the group says.
Those who remain at the family home will face a smaller burden, though the cost is still estimated to reach $121,700 by 2023.
For those who are renting a room, the cost of surviving university could almost double that in ten years, rising to over $227,000, the group predicts.
The ASG chief executive, John Velegrinis, said that the cost of education had risen at more than twice the rate of inflation over the past 10 years, and would continue to do so for the next two decades.
Parents needed to be mindful of rising costs, he said, as this was often overlooked until late in the day.
“Many parents plan for their children’s primary and secondary education, only to be blind-sided by university course fees and living expenses,” he said.
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by Gemma Maddock