Don't Underestimate The Cost

More and more people want their children to study overseas. This is what they should know.

- Marcia Klein

If you don’t have R1m a year in discretionary funds, don’t think about sending your child overseas to study. Well, certainly not to the well-known universities.

Despite the high costs, there has been a notable increase in the number of people making enquiries, and actually investing in, sending their children overseas to study.

Fees vary considerably, depending on where you plan to send your child to study.

Harvard tuition fees, for example, are just short of $45 000, and on its website it estimates total annual costs at $72 000 (R948 300) to $76 000 (just over R1m) including other fees and insurance, travel, accommodation, books and other extras. If you went to the University of Canterbury in New Zealand, fees could be considerably lower – at NZ$23 800 (R219 000) to NZ$40 000 (R368 000).

According to Top Universities, rent or a student res, food, clothes, transport, telephone and internet, study materials and leisure activities could add over R120 000 a year. This does not include airfares or enrolment, confirmation and administration fees.

Anyone considering paying for overseas education should also make sure they can afford additional costs which include living costs, airfares, health and international insurance, visa applications, entrance tests and text books.