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Funding a child’s education in South Africa is expensive. Public school fees alone can set you back around R30,000- R60,000 a year. If your kids attended private school, you probably paid anything between R100,000 to R200,000 a year.
Send them on to tertiary education and the bill escalates even more. According to research by Sanlam, a typical degree can set parents back R30,000 to R75,000 a year or up to R300,000 a year.
If you send your child abroad to study, particularly to America, that fee could get even higher. ‘The cost of studying at a US university varies based on the length of study, type of institution, and university ranking. This can range from about R250 000 per year for a two-year study programme, to well over R1-million per year for a four-year degree,’ says Rebecca Pretorius, Country Manager at Crimson Education, who specialise in assisting local students with the process of applying to the world’s top-ranked universities.
Beyond tuition and housing costs, there are also other expenses to consider. ‘University fees only cover the base cost. Students will need pocket money to purchase books, stationery, clothes and other essentials, once they have moved to the US. These all add up and can cost R80 000 or more a year. On top of this, it’s important to consider transport, health insurance, a cell phone contract and visa costs, which could add another R50, 000,’ says Pretorius
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Despite all these costs some argue that the return on investment is good if your child chooses to study in the United States. Here’s why.
1. Exposure to renowned global companies
The US has some prestigious universities, but it also has some noteworthy global companies that your children could gain exposure too as they study abroad. Crimson Education, which specialises in helping students apply to top overseas university, points out that they could end up in graduate recruitment programmes with Google, Microsoft, Bain and McKinsey.
2. Sought after workplace skills
Crimson says that flexible liberal arts programmes offered by US universities are a big drawcard, as they provide essential workplace skills, such as critical thinking, collaboration, communication, and creativity
3. Powerful networks and high salaries
Ivy league universities like Harvard, Yale, Princeton etc., are sought after for a reason – students can draw on powerful networks that they can get exposure to just by attending them.
“Attending private institutions can cost anywhere between R900 000 to R1.3-million per year for tuition and housing. While the cost is high, students will reap the benefits of world-class resources, powerful networks for employment opportunities, higher starting salaries and a head start on their career path,” says Pretorius.
Finding financial support
For most families, getting the funds together for their children to study abroad is a difficult undertaking, particularly when it comes to the ivy league universities. However, funding can be arranged.
Some universities, which include the likes of Harvard, accept ‘need blind’ applications. This means that applying for financial aid will have no impact on your admissions decision.
‘US universities offer different types of funding support to international students. ‘Need-blind’ universities consider applicants on merit regardless of whether they can afford the fees or not. Many other universities offer financial aid based on the contribution a student’s family can make towards university fees. Some universities also offer merit-based funding, in the form of scholarships or grants,’ adds Pretorius.
So, before you discard the idea of letting your children study abroad, consider the benefits and opportunities a country like the United States could offer. Tuition can be expensive, but funding can be arranged and if you meet the criteria, you may not have much to lose!
