The school and university holidays are in full swing and with it, some parents are already considering their child’s next registration at university from the beginning of September.
Financing a university education is the wish that many parents make for their children. This transition into family life will necessarily generate significant costs and for some parents, this means taking out a loan. What exactly does a university year cost? Let us take stock of this important question which will not fail to interest many parents faced with the first registration of their offspring in a faculty in Belgium
A university degree: a necessity?
It all depends on the professional career that the young person wants to pursue. Certain professions necessarily require a compulsory passage through university, while other choices can be achieved through training in higher education or technical training.
Currently, we are also seeing shortages for traditional professions (plumber, masons, baker, etc.) while university courses are sometimes congested by a large number of students.
It is therefore entirely possible to earn a good living by opting for traditional training. Ultimately, it is the attraction to a profession rather than any other criterion that should guide the young person.
What does a university year cost?
There are several studies in Belgium on this subject and it seems that there is a consensus on this subject between the different universities: the average cost of a university year for a person who lives alone is €10,000.00.
For example, the average cost of a room is €270 per month or €3,240 for a year. Some websites are rich in information on the ordinary cost of living at university. Some universities also provide you with very precise information on the cost of student living on their campus: consult it, this will allow you to have a good idea of the budget and pocket money that you should allocate to your children.
What are the factors that influence the cost of university living?
There are many parameters that can vary the cost of a year at university. Let’s cite a few that could guide you in your choices:
- Renting a student room or continuing to live with parents during studies if the faculty is close to the family home;
- Request the allocation of a scholarship when this right is possible;
- Renting a room with shared amenities (community) or renting an individual apartment (the rent can then rise considerably);
- Go to your campus by public transport, carpool or purchase a car by parents;
- Investments in ancillary training (We immediately think of language laboratories);
- Some students look for jobs to increase their pocket money;
- Etc…
Financing children’s university studies
For many parents, this financing will necessarily involve taking out personal credit.
Example of personal credit to finance a child’s studies:
| Amount | APR | Duration | Prime mens. | Total cost |
| 10.000 € | 9,95 % | 24 months | 459,25 € | 11.022 € |
| 15.000 € | 9,95 % | 24 months | 688,88 € | 16.533 € |
