We have all heard the phrase “financial aid is a bad thing”.
So much so that it has been widely adopted as a mantra.
But there are plenty of people who would argue that this line of thinking misses out on the benefits of financial aid.
As students, we are expected to be able to save money, as we are a privileged class, but we can’t really afford to take advantage of the huge amounts of help that the Government provides.
We need to be clear that this is not the case.
The Government’s “freeze-in” policy aims to limit how much aid we receive when we qualify.
In 2020, eligible students can receive up to a maximum of $4,200 per year from the Government’s Education Assistance Fund.
This amount is a drop in the bucket compared to the cost of attending university and living in a house with an air conditioning.
However, we need to make sure that the money we receive is not spent on expensive items like a car, car insurance or house payments.
If we are able to afford to borrow money to finance our higher education, then that money is still available to help us pay for higher education and other related expenses.
To get a sense of how much we would need to borrow to pay for a degree, we can compare the cost in 2016-17 with the cost for 2020-21.
The government’s “Freeze-In” Policy 2016-2017 Tuition Fees Average Student Tuition (per year) $24,926 Average Tuition Rate (per cent) 14.7% Average Cost of Attendance (per month) $8,811 Average Cost for Attendance Outcomes (for the year) Tuition: Free, tuition fees: 0.75% Tuition rate: 0% Tuientia Tuition and Living Costs: $2,824 Cost per student (in 2018-19) Tuitions: $18,717 Tuition fee: $8.00 Average annual household income: $58,988 Tuition fees: $0.50 Tuition, living costs and expenses: $16,746 Average household income in 2018-2019: $52,087 Tuition rates: $1.08 Tuition costs: $3,719 Average cost per year for undergraduates: $22,038 Average annual cost of living: $47,922 Tuition bills: $4.50 Average cost for students: $46,917 Tuitions, living expenses and expenses (for 2018-2018): $14,928 Average cost of housing: $72,634 Average annual income: of $51,865 Tuition charges: $6.47 Average cost to borrow: $7,812 Average cost: $11,964 Average cost borrowed per student: $28,638 Average cost in 2019-20: $44,847 Average household debt: $65,838 Average debt per student, per year: $60,846 Average cost (2016-2017) to borrow $37,632 Average cost at the end of each year:$47,081 Average cost when the student is not in debt:$29,037 Average cost from student’s income:$34,842 Average cost after 20 years of education: $54,098 Average cost over the student’s lifetime: $62,624 Average cost a student is expected to earn (in 2019-2020): $45,856 Average cost based on current household income, per person: $40,831 Average cost by age: $61,932 Average Cost to borrow per student in 2019: $23,622 Average cost calculated using current household size and inflation: $39,923 Average Cost per year, using current cost:$45,084 Average Cost from student debt, per student ($USD): $24.06 Average Cost at the start of each term: $36,821 Average cost as a student in 2020: $45.621 Average Cost in 2019, based on inflation:$44.821 Tuition Costs Average StudentTuition: $24,”$28,”$34,”$32,”$30,”$26,”$24,”Tuition Rate: 0%, Average Cost: $15,722 Average Cost $3.88, Average Cost Per Student: $17,819 Average Cost Based on Current Household Income, Per Person: $20,631 Average Cost After 20 Years of Education, Per Year: $33,918 Average Cost Over the Student’s Lifetime: $38,078 Average Cost, Using Current Household Size and Inflation: $31,822 Average Tuitions Tuition Bills: $9.00Tuition, Living Costs and Expenses: $12.49Tuition Fees Tuition Fee: $14.50Tuition Fee Rate: 15%,