Pay the mortgage - or educate your child
By Justin Norrie Education Reporter
January 12, 2006
FOR the cost of putting a baby born in 2006 through private schooling, parents could pay off a mortgage on a two-bedroom suburban Sydney flat.
Calculations by the Australian Scholarships Group, an education investment fund, show the cost of an elite school education for a baby born this year will approach $300,000.
Even parents who send their child to government schools will have to pay almost $110,000, the projected costs reveal.
Add a three-year stint at university, totalling $140,000, and the costs blow out to $430,000 and $250,000 respectively.
A spokesman for the fund, Warwick James, said the "confronting" figures were averages taken across several states, and that costs were likely to be much higher for NSW.
Australian Bureau of Statistics figures show education fees have been rising at 2½ times the rate of inflation for the past 15 years. [...]
[The president of the Federation of Parents and Citizens Associations of NSW, Sharryn Brownlee] warned parents against being "duped into paying private school fees. With the difference between those and public school costs, you could pay for a university education and put a deposit on a first home or buy a car." [...]
For a child born in 2006
Catholic: $178,494
Independent: $288,990
For a child born in 2011
Government: $158,862
Catholic: $261,054
Independent: $422,659
Government: $108,621
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Full Article, SMH