There is perhaps no parental duty quite as important as preparing your children for the day that they leave home to strike out on their own. While this task includes helping them to develop emotionally and physically into mature individuals that can function in and contribute in society, equally as important is helping them gain the necessary skills to look after themselves financially.
We all try to impart wisdom, but this is usually something that comes from personal experience and can’t be taught. We can however impart knowledge which at the very least should allow them to support themselves so that they don’t return home and become a financial burden during our retirement. The thought of having your 40 year old “child” living at home is most parents nightmare.
They are many ways to earn a living, but in the increasingly knowledge based society that the world has become, if you want to earn a decent wage it usually involves some sort of higher education.
For most of us this would have been less financially burdensome if we had remained in our home countries. Most western countries subsidize higher education for domestic students, with a few notable exceptions such as the United States.
Most employee benefit packages in Indonesia for expats include some sort of subsidy for theeducation costs of the employees children. They are however usually limited to Primary and Secondary education and it is very rare to see subsidies for Higher Education. We will take a look at the current costs of post secondary education for the children of expats and by using the handy table I have provided it will give you some idea of what it will cost to send your children to university in the future.
Australia
Australia has three fee schedules, one for Commonwealth Supported Students (Australian Citizens and Permanent Residents) and one Domestic Students (Australian Citizens or Permanent Residents) and one for International Students. Unlike most western countries they do not at this time have a minimum residency requirement; this however could change in the future. We will look at a couple of examples of what the Universities currently charge for tuition and what they recommend for living expenses.
University of Sydney - Bachelor of Commerce
Tuition and Living Costs in AUD for 1 year.
Commonwealth Supported Student - $8,252
Domestic Student - $20,161
International Student - $22,800
Living Expenses $18,720
You would the add the appropriate fee schedule to the living costs to get the total cost of attending for 1 year. You would then take this number and multiply it by the factor illustrated in the right hand panel to determine the likely cost of attending in the future. For example if your child is turning 8 and you expect them to go to university in 10 years you would multiply the tuition by 1.63 this would give you the cost for their first year of attendance. Then for the subsequent years you would use the factor for years 11, 12, and 13 to give you the total cost.
University of Western Australia - Bsc. Petroleum Geosciences
Tuition and Living Costs in AUD for 1 year.
Commonwealth Supported Student - $7,256
Domestic Student - $21,361
International Student - $24,200
Living Expenses - $17,608
Canada
In Canada they have a 2 tier system; the first tier is for Canadian Citizens and permanent residents that have been resident in Canada for the 3 years prior to attending University. All others are considered International Students even if they hold Canadian Citizenship. Students who are not members of the Provincial Health Insurance scheme are required to join the University Health Insurance program.
University of Toronto - Bachelor of Mechanical Engineering
Tuition and Living Costs in CDN for 1 Year
Domestic Student - $9,123
International Student - $21,710
Living Expenses - $18,500
Health Insurance - $756
University of British Columbia - Bachelor of Forest Management
Tuition and Living Costs in CDN for 1 year.
Domestic Student - $4,967
International Student - $21,815
Living Expenses Student - $19,800
Health Insurance - $360
England
In England they provide financial assistance to UK and EU students studying for their first degree. International Students and those studying for a second degree pay the full amount. To qualify for UK/EU status you must have been resident in the UK or EU for the 3 years prior to enrolment.
Oxford University - Bachelor of History
Tuition and Living Costs in GBP for 1 year.
UK/EU Student - £3,070
International Student - £10,775
Living Expenses - £9,250
Imperial College London - Msci Earth Sciences and Engineering Royal School of Mines
Tuition and Living Costs in GBP for 1 year.
UK/EU Student - £3,070
International Student - £17,350
Living Expenses - £13,000
Scotland
Scottish University charges have been going through a number of changes. Until recently graduating UK/EU students were expected to pay an endowment back to the university of £2,289 pounds. This charge has been eliminated for students enrolling 2008/09 academic year. You will still need to be resident in the UK or EU for 3 years prior to enrollment to be considered a UK/EU student.
Edinburgh University - MBChB in Medicine
This is a 5 year program, Tuition and Living Costs in GBP for 1 year
UK/EU Student - £2,825
International Student years 1,2 - £17,100
International Student years 3,4,5 - £28,950
Living Expenses - £10,658
University of Glasgow - B.eng of Naval Architecture and Marine Engineering
Tuition and Living Costs in GBP for 1 year
UK/EU Student - £1,735
International Student - £11,800
Living Expenses - £8,734
Singapore
Singapore has a 3 tier system for Citizens, Permanent Residents and Foreign Students. If you are willing to commit to a service bond for 3-5 years to work in Singapore, you will receive a discount.
National University of Singapore - Bsc. in Bioengineering
Tuition and Living Costs is SGD for 1 Year
Singapore Citizen - $28,760
Permanent Resident - $29,400
Foreign Student - $31,940
Service Bond Grant - $22,400
Living Expenses - $17,176
The figures are all illustration of the cost of attending University in 2008. Since most people plan ahead you can use the table below to calculate the estimated cost in the future. For example if your child is turning 8 and you expect them to go to university in 10 years you would multiply the tuition by 1.63 this would give you the cost for their first year of attendance. Then for the subsequent years you would use the factor for years 11, 12, and 13 to give you the total cost.
Cost of Smart Calculator
Multiply the current cost of attending University by the number that corresponds to the years until your child will be expected to attend.
1 Year - 1.05
2 Years - 1.10
3 Years - 1.16
4 Years - 1.22
5 Years - 1.28
6 Years - 1.34
7 Years - 1.41
8 Years - 1.48
9 Years - 1.55
10 Years - 1.63
11 Years - 1.71
12 Years - 1.80
13 Years - 1.89
14 Years - 1.98
15 Years - 2.08
16 Years - 2.18
17 Years - 2.29
18 Years - 2.41
The numbers that you arrive at may seem very daunting, but if you start saving early you will find that reaching your savings goal is much easier. I have access to a number of savings products that can help you meet your long terms saving goals. For further Information please feel free to contact me at :callum.roxburgh@gmail.com
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