How to tackle rising university education costs

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Worried over how to provide for your child’s future university education? Read on to learn about how you can do it.

Tackle the rising university costs

 

In today’s highly competitive world, a university education is essential if one wants to get ahead in life. One of the ultimate aspirations of most parents is to see their children graduate from university.

The importance of a university degree is seen as key to a better life as it opens many doors for the undergraduate and presents him with many opportunities. This notion is especially true in today’s degree-obsessed world where knowledge-based industries are taking precedence.

Tertiary education is a fundamental component to achieving success in life and this fact will likely be even truer when your child grows up.

Rising costs of university

There is a classic phrase that says ‘No pain no gain’, and unfortunately, this old adage applies to your child’s university education as well. In this case, the ‘pain’ is equivalent to the high price of a university education, which looks set to continue rising in the near future.

However despite the high amount of financial resources required, a university education is still a necessary investment if one wants to get anywhere in life.

Table 1 shows just how much money is required for a quality university education. The following figures are based on the average tuition fees of a 4-year science-based degree and average living expenses of a university student.

The future estimated annual costs of a university degree are all adjusted to an inflation rate depending on the country in which the university education is being pursued.

EduSmart Calculator

The statistics from Table 1 were derived from the EduSmart Calculator. While the annual costs may vary from the figures provided, there is still a way to gauge how much money is needed to ensure that your child is able to enjoy a university education without the heavy burden of financial costs.

If you want to obtain a more accurate picture of how much your own child’s university education will cost, the calculator allows you to do just that. Simply click on the link above and key in the necessary information needed and the calculator will do the rest of the work for you.

Start planning now!

As can be seen in Table 1, a university education does not come cheap. The table only shows the estimated cost in the first year, so you must bear in mind that the total cost is a lot higher than the statistics provided depending on the duration of your child’s degree.

However, before you start hyperventilating, we have a simple solution to your problem. The answer is simply to start planning early.

A wise man once said ‘If you fail to plan, you plan to fail’ and we cannot agree more with this saying. It is never too early to start planning, so why not do it now?

By saving earlier, you will have more time to save up which means you get to set aside less money each month. This implies that you will eventually have more disposable income each month.

A university education is a necessary and worthwhile investment and it is imperative that you start saving early so that your child can one day enjoy the perks of a university education.  Check out some savings programs to ensure that you stay on the right track towards securing a university education for your child.