You have probably heard of the timeless saying, “You can’t put a price on education.”
But with fears of less people wanting to study, the cost of education is looking less affordable each day.
This uncertainty to study may stem from the federal government’s vow to push ahead with its higher education reforms and research into the average cost of university fees.
Australia is now the most expensive place to receive a university education, particularly for international students.
A research made by the global investment bank HSBC has determined that Australia ranks number one when the cost of living and course fees are combined. An international student in Australia currently spends more than $42,000 in matriculation and living expenses.
On the other hand, local students spend an average of $35,000 in fees.
When the government first introduced its higher education reforms, they expected to save billions of dollars.
The deregulation of higher education is supposed to fund an expansion of government subsidies for diploma courses and bring student loans for private and TAFE students in line with the Higher Education Contribution Scheme (HECS).
The scheme was also expected to raise the quality of higher education in Australia in line with its counterparts in the Asia-Pacific Region.
In a response to an interview with ABC News, a spokesman for Education Minister Christopher Pyne said that the Government welcomes the deregulation of fees.
“We are committed to the best possible higher education system in Australia and to ensuring our universities are not left behind by our Asian competitors and other international universities,” the spokesman said.
With this scheme in play, students and parents may have to pay up to $100,000 for higher education course fees alone.
But, as the argument goes, the overhaul of the system was supposed to be worth it because, among other things, it would go a long way to help improve the budget situation and our economy. The problem is — it won’t.
All sides in this debate are missing a key ingredient in university reforms— the need to remove the fiscal dependence on international students.
International students are the glue that holds together the fiscal sustainability and quality of education of our higher institutions. Without their fees, funding shortfalls would be even worse than they now are, threatening the quality of some courses.
We can only hope the government can put forward a deregulated system but with better financial standards for all students, across the board.
But improving quality by increasing fees means the cost will eventually outweigh the benefit of going to university.
To improve our future job prospects and to help develop the economy, a large proportion of Australia’s youth will be compelled to pay whatever fees institutions charge.
At the end of the day, do we really have a choice?