Most parents are aware of the huge cost of raising children in Singapore and one of the biggest financial concerns arises from the need to fund their education. One of the most common question that parents may ask is, how much does it cost exactly?
Most parents usually start to plan for their kids’ tertiary education around 10-15 years ahead of their expected entry to university. To paint a more accurate picture, let us begin by looking at the current cost of a university education and extrapolate it based on prevailing inflation rates.
How much does a tertiary education cost now?
The bulk of education cost is set aside for university and it is made up of 2 components, tuition fees and cost of living.
Tuition fees: This is the amount a student has to pay throughout the course. The fees are reviewed by the Universities every year and is charged at the rate prevailing at the time one accepts his/her offer of admission. Based on the statistics compiled below, having $40,000 will allow you to place your kids in any local university.