Planning for the real cost of education in Australia

Happy primary school kids, wearing school uniforms and backpacks, running on a walkway outside their school building, front view, close up

The rising cost of education in Australia is a worry for many parents. If education for your kids is a priority, then the best way to prepare is to understand what’s involved.

Here’s an overview of some things you should consider when working out how much to put aside for your children’s education.

The tuition fees

A look at the year ahead by the Australian Scholarship Group (ASG)¹ for costs of education for children at school age now shows what you might need to think about preparing for.

Government Schools

School StagePreschoolPrimarySecondary
 Up to $Up to $Up to $
Fees$1,282$561$1,150
Extracurricular$692$1,423$1,764
Clothing$117$288$405
Necessities$101$204$421
Travel$278$296$367
Computersnot applicable$382 $673
TOTAL$2,470$3,154$4,780

 

Additional information from ASG shows the average funds that might be needed for a child born in 2017 through the whole experience of primary and high school. How much does public school cost in Australia? The national average total cost of a public school education if a child goes to school from age 5 – 16 is $68,613. That means about $109 for every week of their school years.

How much do Australian private schools cost? Private school fees can be eye-wateringly expensive – at a national average of $487,093.

What’s included in these fees?¹

Education Application Fees

Application fees

Many schools will require an application fee at the point of enrolment. How much you might have to pay in application fees depends on the school but a common public school amount is $265². Enrolling in a private school will generally be more expensive than a public school.
School Trips Costs

School trips

Both public and private schools fees may not necessarily cover costs for any excursions or trips. These expenses are additional, and many schools choose to pass on the costs of these to the families. Some schools also pursue expensive overseas trips that could potentially cost thousands of dollars. Although these trips aren’t the norm, they are bit of a rising trend.
Education Costs for Textbooks, Computers and Materials

Textbooks, computers and materials

Textbooks, computers and materials

Students will need to fund stationery and possibly textbooks, although these costs will vary from school to school. You should also factor in the cost of electronic tools they will probably need, such as laptops, tablets or software. One Microsoft Australia survey found three in four parents spend up to $1000 on devices for educational purposes.

Day to Day School Costs

Day to day expenses

The necessities will include uniforms, shoes and school bags. You will also need to account for food and transport to and from school. Also factor in other school-based expenses like sports clubs, extra curricula activities like music or gym, or extra tutoring if necessary.

Helpful planning resources

Because the cost of education is pretty significant, it’s important to plan your budget carefully. Below are some useful links when you are planning for your children’s education:

We're here to help

If you need to pay for education costs but don't quite have the required savings, a personal loan could be an option worth exploring. Whatever you decide, it’s a smart idea to get professional advice before taking out a loan.

To get you started, find out what your individual rate and repayments might be before applying. What’s more, it won't affect your credit score.

Got a question? Contact us on 1300 108 794. We're here to help.

Sources:

¹ https://www.asg.com.au/edcosts
² https://www.education.act.gov.au/public-school-life/international_students

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