Private School vs. Mortgage

SMH: For the cost of putting a baby born in 2006 through private schooling, parents could pay off a mortgage on a two-bedroom suburban Sydney flat. The estimate shows that the cost of an elite school education for a baby born this year will approach $300k. (Btw, congratulation to the Phoons for their baby girl born in 2006!)

Adds 3 year university degree it would be another $140k, bringing the whole education cost to around $430k. That's a lot of money.

However, note that:

  • Not everyone is going to elite school. Alright, not everyone can afford, but at the same time not everyone wants their kids to be educated there. After all, "elite" school cannot be 1337 if everyone goes there.
  • Research is done by Australian Scholarships Group, an education investment fund, who is a financial planning organisation. With motto like "Planning ahead helps cover the costs of education", I am sure they will give unbiased opinion.</sacarsm>

It still does not deny the fact that education won't be expensive. Actually, education will continue to be expensive in this country if institutions are run by greedy corporate heads that the only sound they want to hear is "chin-chin"!

Gotta save up...