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Start saving from 1 January - Nelson mortgages your child's education.



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Media Release

Jenny Macklin MP Acting Federal Labor Leader Shadow Minister for Education, Training, Science & Research Federal Member for Jagajaga

START SAVING FROM 1 JAN - NELSON MORTGAGES YOUR CHILD’S EDUCATION

Many parents may have to start saving for their child’s university education from birth because of the Howard Government’s university fee hikes that come into force tomorrow.

A number of new education investment products are advising parents to starting saving from the time their child is born following the Howard Government’s university fee hikes.

Financial Services Group Australian Unity says that: “The best way to save for a child's future is to start early - ideally from the time a child is born.” Australian Unity recommends saving a minimum of $50 per month per child because of “the alarming cost

of higher education.”

The cost of a university degree is set to sky-rocket under the Howard Government.

From 2005, many students will be paying up to $20,000 for a science degree, $40,000 for a law degree and nearly $15,000 for an arts degree because of the Howard Government’s massive 25 per cent HECS hikes.

Students who miss out on a HECS place will have no choice except to pay up to $210,000 for a full fee degree.

Parents want their children to get the best possible start in life and don’t want them starting their working life saddled with huge amounts of debt.

From tomorrow, the Howard Government’s massive university fee hikes will mean that young families have to factor saving for university into their monthly budgets, making a university degree like a second mortgage.

More info: Nick Talbot 0408 473 278

31 December 2004