Rising Education Costs Put Students Under Financial Strain

University and TAFE students are struggling with increasing costs, juggling long work hours with studies while cutting back on basic expenses. A new study reveals that some degrees and diplomas now exceed total costs of $160,000, factoring in tuition, rent, food and transport. Many students are concerned about mounting debt and its impact on their future financial stability.

Higher education has always been expensive, but recent increases in tuition fees and living costs are making it even harder for students to manage. The study, conducted by Futurity Investment Group, surveyed thousands of students, showing nearly half of university students and a third of TAFE students feel financial stress is affecting their academic performance.

The research found that annual university costs range from $12,700 to $25,100, while TAFE students pay between $11,700 and $25,900 per year. Some qualifications, such as a four-year electro-technology certificate, can cost as much as an engineering degree. Nursing students also face steep expenses, with two-year diploma holders paying over $108,600 and those pursuing a four-year degree spending more than $164,700.

These rising costs aren’t just affecting students' bank accounts—they are reshaping career choices and study paths. Many students are working additional hours, limiting the time available for studies and extracurricular activities. Meanwhile, student loan indexation has added thousands to their debts, despite recent policy changes that reduced some financial burdens.

As the cost of education continues to rise, students are left balancing work, study, and future debt. While government initiatives like fee-free TAFE places may offer some relief, broader reform may be needed to make higher education more financially sustainable.

Source: Australian Financial Review, The Sector, WSWS, Paris Financial