University costs to soar 29pc by 2028

Education funds management group ASG has released its index for the most popular degrees in Australia, adding up the course fees and related costs such as rent, transport, food and computers.

First-year students living at home in 2028 will be looking at a 23 per cent increase on today’s cost of a tertiary education, while those in shared accommodation will face an extra 29 per cent if they start their degree in 10 years’ time.

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For example, ASG’s figures show that the cost of a four-year engineering degree could rise from $93,896 to $115,804 for students living at home; while those who rent are facing a total cost of $204,049, compared to $157,995 for students who started this year.

The forecast comes as student associations urge the federal government to “bury the bill” that could see the income threshold lowered for uni loan repayments.

First-year engineering student Chloe Attard is attending Charles Sturt University after graduating from Carinya Christian School last year.

She’s doing a Bachelor of Technology/Master of Engineering (Civil Systems), which will take her five-and-a-half years.

She said that, apart from her federally funded student loan under HECS HELP, she was living on $380 per week for accommodation, meals and other living expenses.

She said that while she was enjoying her uni work, “trying to pay for everything is a bit of a stress”.

“I’m living on campus, which is quite expensive compared to getting your own place,” she said.

“I’m on campus from 9 to 5 every day, so it’s difficult to also get a job on top of that.”

Miss Attard said she’d worked part-time for three years at Red Rooster as a cashier and delivery driver to start saving money for uni, but still had to rely heavily on her parents’ help.

“I don’t get any Youth Allowance, because my parents’ income is just one grand above the threshold for getting it,” she said.

“It’s quite frustrating.”

Miss Attard said she had applied for every scholarship she could find to help with the cost.

“I’ve applied for about 20 scholarships – some nationwide, some around Bathurst, some for women in engineering … 

“At least we don’t have to buy textbooks as they’re all online, so that’s a big bonus.

“[The cost of going to uni] is nothing really completely shocking; it’s all just part of how uni goes.”

One of the benefits of her degree, Miss Attard said, was that she would start earning an income after the 18-month mark, when industry placements start.

“We’re trying to stretch [the money] a little bit at the moment, but it’s working – we’ve just got to budget a lot.”

The ASG Planning for University Index looked at the figures for journalism, nursing, photography, engineering, industrial design, occupational therapy, accountancy, law, vet science, dentistry and medicine.

Chief executive Tim Mitchell-Adams said the index highlighted the intense financial strain a university education could place on the family budget.

“Students, parents and grandparents are often left dumbstruck by the total cost of a university degree,” Mr Mitchell-Adams said.

“The Higher Education Loan Program definitely helps with tuition, but course fees make up a small component of the overall cost of a university education.

“There’s rent, transport, computers, study placements and all the social aspects of being a student that cost tens of thousands of dollars.

“It’s smarter to prepare and save for the overall cost of a university degree before you set foot on campus, otherwise you could find yourself trapped by debt.”