With the cost of already expensive university education set to jump by 50% over the next decade, it could be time for parents and children to take a closer look at the entrepreneurial alternative.
According to a new study by the Australian Scholarships Group, the annual course costs for accounting, law, veterinary science and medicine degrees are estimated to rise from $9,792 per year in 2013 to $15,545 in 2023.
Similarly, the cost of a journalism, nursing, teaching or psychology degree is estimated to jump $3,447 to $9,315 a year in 2023. As ASG CEO John Velegrinis says, it’s frightening what a university education can cost.
“Many parents plan for their children’s primary and secondary education, only to be blind-sided by university course fees and living expenses,” Velegrinis says.
“The cost of sending three children to university can place enormous strain on the family budget and will cost families hundreds of thousands of dollars.”
For students living away from home it’s an even more dramatic increase, with the study forecasting that living costs will swell by up to 46% over the next decade, with a four year degree estimated to cost $160,702 in living expenses alone in 2023.
The Cost of University study took a range of variables into account, including university fees, transport, computers, study placements and rent to estimate the cost of a university education.
Yet despite these almost unattainably expensive degrees, university remains the educational goal for so many young Australians. This is something entrepreneur Jack Delosa is on a mission to change with his networking and educational setup The Entourage.
The Entourage, which Delosa runs together with MBE Education, provides courses that directly address the real world business skill sets required to start a business. It's taught by successful entrepreneurs and partners participants up with experienced mentors.
“Entrepreneurship has never been something traditional education has done well,” Delosa says. “We are giving young entrepreneurs a community and an education pathway where they can work on themselves and their business to hopefully go on to do something great.”
Delosa is a staunch believer that the expensive university model is outdated, leaving entrepreneurs without the skills required to successfully start up alone.
“At university I found the teaching methods a bit theoretical and I started to question where I might be able to apply it in the real world, and so I started to wonder how appropriate that path was going to be for me.”
So after very successfully going it alone in business under the tutelage of experienced mentors, Delosa has formalised that educational process with The Entourage.
And with the spotlight back on university costs, this entrepreneurial alternative is sure to gain more traction. Not necessarily because it’s an affordable alternative, but because it’s teaching the practical skills that are needed in an increasingly entrepreneurial environment.
Have you given it a thought?Get your education started with the new series of KBB Webinars, starting tomorrow! Register now to save your seat!