Thought about your child’s university education? What the 2017 ASG Planning for University Index reveals

by Nicole Gundi | Mar 17, 2017

It’s probably safe to say that almost all parents remember their child’s first day at school. It’s filled with emotion—joy, sadness and excitement with big hopes and dreams for a bright future. While the immediate future is in sight, fast forwarding 18 years and thinking about their child’s higher education and going to university or TAFE is probably a long shot for most parents. 

But it’s a reality which needs to be considered especially when education costs continue to rise above inflation.

The 2017 ASG Planning for University Index reveals in 10 years' time the total costs of a university education is forecast to increase by at least 24 per cent. 

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For students lucky enough to still be living at home, that means they can expect to pay more than $14,000 more to complete a horticulture or psyc
hology degree if they start in 2027.

For students living in shared accommodation, the forecast increase is 32 per cent which means they'll be paying almost $50,000 more for the estimated total cost of a four year engineering or law degree in comparison to a student starting this year. 

Living at home wasn’t really an option for engineering student Joshua Green who is in his fifth year of a Bachelor of Engineering Co-op and Diploma in Professional Practice at Central Queensland University.

“My family are in Gladstone so I really had to move up to Rockhampton to study. I live in shared accommodation but even still, it has added about an extra $30,000 to my course fees.

I’ve had a few part-time jobs but fortunately the Co-op course also offers paid placement so that helps pay the bills.”

ASG CEO John Velegrinis says the cost of a university education can put intense financial strain on family budgets.

“Many parents plan for the cost of primary and secondary education only to be blindsided by the total cost of attaining a university degree which can cost hundreds of thousands of dollars.

The cost is exacerbated if parents have two or three children who want to attend university, with the Index revealing some families may spend close to $1 million in 10 years’ time.”

Want to know more about the ASG Planning for University Index and what this potentially means for your children? Click on the link to read the national and regional media releases and access the cost summary sheets and infographics for a range of university courses which compare estimated and forecast costs from 2007, 2017 and 2027. 

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