Financing Your University Studies

School and university holidays are in full swing, and with them, some parents are already considering enrolling their child in university as early as the upcoming September.

Financing university studies is a wish that many parents have for their children. This transition in the family’s life will inevitably generate significant costs, and for some parents, this means taking out a loan. What exactly does a university year cost? Let’s take a look at this important question that will undoubtedly interest many parents facing their child’s first enrollment in a faculty in Belgium.

A university degree: a necessity?

It all depends on the professional career the young person wants to pursue. Some professions necessarily require going through university, while other choices can be achieved through higher education or technical training.

Currently, we are also noticing shortages in traditional trades (plumber, mason, baker, etc.) while university courses are sometimes overcrowded with a large number of students.

It is therefore entirely possible to earn a good living by opting for traditional training. Ultimately, it is rather the attraction to a profession rather than another 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 among the different universities : the average cost of a university year for a person living 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 university life. Some universities also provide very precise information on the cost of student life on their campus: consult them, this will give you a good idea of the budget and pocket money you should allocate to your children.

What factors influence the cost of university life?

There are many parameters that can vary the cost of a year at university. Here are a few that might guide your choices:

• Renting a student room or continuing to live with parents during studies if the faculty is close to the family home;
• Applying for a study grant when this right is possible;
• Renting a room with shared amenities (community) or renting an individual apartment (the rent can then considerably increase);
• Getting to campus by public transport, carpooling, or purchasing a car by the parents;
• Investments in additional training (We immediately think of language labs);
• 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 a personal loan.

Example of a personal loan to finance a child’s studies: