The global economy is transforming increasingly into a knowledge based economy. In the 21st century, top paying jobs tend be in the world of medicine, law, engineering, finance, marketing etc., most of which require a highly qualified education. More often than not, access to quality education is the key determinant of an individual’s success. Access to education is getting expensive globally as shown in the charts below.
Source: Indiana Business Review – Onward and Upward with the Cost of College
And access to top universities is rising at an even faster rate. Tuition fee at top universities for 2013/2014, a stepping stone for success, costs an average $36K/annum as shown in the table below. These figures reflect a steep increase in tuition fees for the top universities with the 2007/2008 average annual fee standing at $18,464 or an increase of 100% over just five years.
University
Domestic Tuition fees (US$)
International Student Tuition fees (US$)
Massachusetts Institute of Technology (MIT)
$36,000
$36,000
Harvard University
$38,891
$38,891
University of Cambridge
$14,000
$24-32,000
University College London (UCL)
$14,000
$24-32,000
Imperial College London
$14,000
$38-40,000
University of Oxford
$14,000
$24-32,000
Stanford University
$42,690
$42,690
Yale University
$43,100
$43,100
University of Chicago
$45,324
$45,324
California Institute of Technology (Caltech)
$39,990
$39,990
Princeton University
$40,170
$40,170
Average
~36,000
Source: //www.topuniversities.com/
Gladstone Morgan understands that providing your children with a first class education is one of the most valuable gifts you can give. However, as the cost of education continues to increase far above the general levels of wage and inflation, as shown above, effective planning is essential. We at Gladstone Morgan will help you carefully assess your financial position and advise on the best way forward to secure the future of your children.
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