MyMoney Online, The Personal Finance series with Warren Ingram

What it'll cost to educate your kid abroad (and how much you must save a month)

Since Jacob Zuma’s shock announcement on free tertiary education, there’s been a considerable spike in queries about the cost of educating a child at an overseas university.

The Money Show’s Bruce Whitfield asked Galileo Capital Financial Advisor Warren Ingram to do the research.

Here's what Ingram found (fees only, not including any other costs):

  • University of Michigan and Brown University (United States) - R760 000 per year

  • Oxford University (UK) - R465 000 per year

  • Edinburgh University (UK) - R380 000 per year

Studying in Australia will set you back about R380 000 per year, in Canada it'll cost R470 000 per year, and in Singapore, you need around R180 000 per year.

You'll need to add approximately R220 000 per year for food, lodging, books and supplies to the above amounts, according to Ingram.

If you're investing for 13 years - assuming a return of 10% per year, and a stable exchange rate - that means you'll have to invest about R25 000 per month.

For more detail listen to the interview in the audio below.

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This article first appeared on 702 : What it'll cost to educate your kid abroad (and how much you must save a month)


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