Cape Town - If your child was born in 2015, by the time they reach 18, university fees for an average four-year Bachelor’s degree could cost R1.2 million.
This is according to an analysis by PPS Investments and Hugo Malherbe, who said the figure was based on the approximate cost of a four-year qualification at a South African university in today’s terms, adjusted in line with the education inflation average.
Malherbe added that if parents wanted to save for a child born this year, they would have to save roughly R2 000 per month or R140 000 once off a year, assuming an 11 percent return, and if delayed, this amount could increase.
The figures include accommodation but exclude study material and may vary according to the institution.
Since last week, students from various universities have been protesting against a proposed increase in university fees.
The protests have spread to almost all major universities in the country with students calling for fees to fall.
The protests began at Wits University last week and have now spread, resulting in many classes being suspended indefinitely.
A recent study by PPS showed that 62 percent of students believed that tertiary education fees were too high.
The survey was conducted with nearly 900 students in their fourth year or above and, according to Product Specialist Motshabi Nomvethe, the cost of tertiary education was clearly seen as a huge barrier to entry.
“So many young people want to study further so that they can have access to the same opportunities as those who can afford to study.
“However, the rising cost of education hinders them.”
She added that though universities were funded by government, students fees and third stream income also contributed.
“Government must recognise the value of generating skilled professionals to ensure key skills – such as medical doctors, engineers and lawyers – are developed and retained in the country. It is time for government to look for ways to increase its funding to universities.”
Cape Argus
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