Students to take financial blow

University students are set to take a major hit to the back pocket, with tertiary education costs on the rise. According to the Australian Scholarships Group (ASG) Planning for University Education Index, university fees will rise by two-thirds over the next decade.

“Yearly course costs for accounting, law and medicine degrees are estimated to rise from $10,085 per year to $16,775 by 2024,” said the group’s CEO, John Velegrinis.

The index, compiled by the not-for-profit organisation, considers a range of variables including university fees, transport, computers, study placements and rent to estimate the cost of a university education.

The index also forecasts that regional students could face more than double the amount of living expenses compared to metropolitan students who are more likely to be living at home.

Mr Velegrinis said he sympathises with today’s university students because they face the toughest financial costs to date.

“During part of the 1970s and 1980s, university students could receive a free education in Australia” he said.

“Today, a three year degree is estimated to cost more than $31,000. If you add on living costs and expenses, this figure could reach $114,000.”

When university costs are combined with living expenses, the ASG index estimates the cost of a three-year accounting degree will rise to $169,623 over the next decade, an increase of $55,325. Wages and government payments would rise in that period, too – but not by such a degree.

According to the marketing and communications director and the Social Inclusion Unit at the University of Sydney, living costs per week are above $400 on average. This figure includes rent, food, utilities, transport, stationary and entertainment.

“Not all students are the same however, and therefore not all students will have the same costs,” the unit’s advice claims.

“Don’t let the costs of study stop you from coming to university. We can help you in many ways including scholarships, bursaries and interest-free loans”.

Clare Howard is a third-year law student at Sydney University who is struggling to find the time for both her education and the job that pays for it.

“It’s a catch-22 really,” Ms Howard told City News.

“I work to pay for uni, but struggle to find the time to do my uni assignments because I’m at work”

Mr Velegrinis of the Australian Scholarships Group urges families to plan for rising fees ahead of time.

“It is important that families are aware of the costs involved and prepare early so they can have options when it comes to post-secondary study,” he said.