Start saving for expensive schools

We’ve always known how expensive schooling is. Now, according to research conducted by Old Mutual, we can put a price on what it will cost parents putting a child through school from Grade R all the way to matric.

And it’s scary how much an education will cost.

According to Old Mutual, putting your child through 13 years of public schooling will set you back at least R875 000. While the estimate of private schooling is on the conservative side, the same survey said it would average around R1.89 million. Ouch!

And then there is still tertiary education to come, if parents can afford it, and if the child qualifies. This doesn’t even take into consideration the other associated costs, like uniforms, food, transport to and from school and sport equipment. Double ouch!

The survey projections are based on education inflation of 6% each year.

Old Mutual’s strategic retail marketing manager Karabo Ramookho said: “Public primary school fees are currently about R22 600 a year, while private primary schools cost about R66 200 on average per year.

Sending your child to a government high school will cost around R33 400 per year. At today’s prices, a private high school is likely to cost you R97 200 per year.”

The cost of education will only get steeper, with the department of higher education proposing a 4.23% increase in tuition fees and a 6.23% rise in accommodation fees.

Wayne Hugo, education expert and associate professor at the University of KwaZulu-Natal, said due to the rising costs of education, private schools need to look at alternative models to attract more pupils from different backgrounds.

He says some private schools have already dropped their prices, adding “what is slowly but surely happening is cheaper private schools are gaining more and more entry into the market”.

Whether your child goes to public or private schools, all we can say is that if you have children, you better start saving.