Higher education costs in South Africa on the rise
In South Africa, the cost of higher education has been a hot topic of debate for many years. There have been many protests from students, who argue that the prices are too high and prevent them from accessing higher education. This places a significant financial burden on students and their families.
In a published article by the South African Journal of Higher Education, data was collected from University of Cape Town (UCT) textbooks and calendars where tuition trends were analyzed for the period 1923 to 2019.
In the graph above, we can see that a Bcom degree in 1970 cost around R20,000 while in 2019 a Bcom degree cost around R80,000. This represents a 400% increase in tuition fees over the past 50 years compared to the previous 50 years. , where prices have remained fairly constant. Not only has the price increased, but the rate at which it is increasing has accelerated significantly since 2000.
This is a worrying trend for many students and their families, as it indicates that higher education is becoming increasingly unaffordable for many students in South Africa.
With the current rate of inflation, higher education is likely to become even more expensive over the next few years.
There are several reasons for the gradual increase in the cost of higher education in South African universities. One of the main reasons is the fact that our country has a very low economic growth rate. This means there is less money available to invest in education.
However, this does not mean that higher education is not worth pursuing. These findings underscore the importance of find financial solutions for higher education.
So what does this mean for students planning to continue their studies in 2022 and beyond? Well, the cost of a three-year degree is likely to be over R300,000. It’s a lot of money, but it’s important to remember that this cost can be spread over several years during the studies.
While the higher education cost is high, as is the return on investment. A tertiary qualification will open many doors for students, which can lead to higher earnings and greater job opportunities. It can also provide access to social and professional networks that can help students pursue their careers and achieve their goals.
It is an investment that will pay off in the long run.
Despite these challenges – and although studying can seem very expensive – there are a number of ways students can finance their studies in South Africa.
The most common way is to borrow from financial institutions such as banks, but students can also apply for scholarships from various organizations.
One of these organizations is fundi – a company that aims to make higher education more affordable and accessible to all South Africans.
Fundi wants to help students realize their dreams by offering student funding which covers a range of costs from tuition fees and device loans to textbooks, study materials, accommodation, etc.
Students can even find student accommodation through Fundi’s online platform, buy airtime or data, and get e-books. All your education-related financial needs are in one place!
So while the cost of higher education is rising, it is still possible to get the education you need to succeed.
Master key :
Company: Fundi Connect
Web page: www.fundiconnect.co.za
Email: [email protected]
Facebook: @fundiconnectSA (Link: https://www.facebook.com/fundiconnectSA/)
LinkedIn: FundiConnect SA (Link: https://www.linkedin.com/company/fundiconnectsa/)