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Australia University costs set to explode by 2028

04:21  07 april  2018
04:21  07 april  2018 Source:   9news.com.au

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The cost of attending university in Australia is set to rise by more than a fifth in the next decade - adding up to $18,000 to the cost of a degree alone.

But parents and their kids can expect to fork out thousands more, as inflation pushes up the cost of living.

a group of people walking down the street © Provided by Nine Digital Pty Ltd

Uni student, Bridie Hunt is just 19 years old, and already thousands of dollars in debt. Her drama and fine arts degree costing her $6700 a year.

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"With all of the little things, the laptops, the transport, even just paying for your phone, it can be a little bit of a struggle,” Ms Hunt told 9NEWS.

But new research by Australian Scholarships Group (ASG) has suggested that cost is set to soar even higher over the next 10 years.

By 2028, degrees such as Medicine will rise by more than $18,000; from $68,487 to $86,640.

Teaching will go up more than $7000, from $26,710 to $33,791.

a group of people around each other © Provided by Nine Digital Pty Ltd

And Law will jump from $44,576 to $56,392.

“We’re expecting costs to pretty much continue the way they’ve been over the last 10 years, so expecting rises of between 18 and 26 percent over the next 10 years,” ASG Chief Executive Tim Mitchell-Adams said.

Cass Packer is doing a double degree in Business and Creative Industries adding $16,000 to her HECS-HELP debt each year.

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"I'm thankful that it's all going on my HECS cause I can't afford it,” Ms Packer said.

But it's the cost of living that's really set to hit the student hip pocket - whether your living at home or moving out.

Rent, food, transport, textbooks, computers, utilities will rise dramatically, add to that inflation, and ASG claims those expenses could triple by 2028.

"Over a four year degree for somebody perhaps doing an education or a health degree, that could be over a hundred thousand dollars over the four years for that individual."

Education is often the second biggest expense in life after purchasing a house. To help pay for that costly tertiary degree experts suggest setting up a savings account for each of your children or invest in an education fund, even shares.

ASIC suggests saving as early as possible, at least five years before starting university.

"We see a lot of parents who start having these questions, you know when their child might be in Year 11 or 12. To be frank, I think that's too late," Mr Mitchell-Adams said.

Watch the full news bulletin on 9Now

Comment: Rugby Australia as top-heavy as they come and the gamble is falling flat .
If Rugby Australia gave the money it spends on Folau and Quade Cooper to community rugby, it would increase grassroots spending by more than 20 per cent, overnight. That stark difference between the top of the game and those at the bottom is a theme that repeats all the way through the Rugby Australia reports.Structurally, though, the most worrying aspect of RA’s finances are those that relate to Super Rugby, player costs and ‘‘corporate’’ expenditure versus the amount being brought in by broadcasting. require(["inlineoutstreamAd", "c.

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