parents

Sending your kids to private school now costs more than a house. Ouch.

How much does school cost in 2015? It just got much more expensive. Ouch.

When it comes to our children’s future success, we all know education is invaluable. But that doesn’t mean that getting your child one step ahead won’t come at a hefty price. And when you find out that exact dollar figure, we guarantee your mind will be boggled.

Get ready for this.

When a baby, born in 2015, finishes high school, parents who opt to put them in private school would have spent approximately $541,275.

Half a million dollars per child. Ouch.

That’s half a million dollars per child. Ouch.

The figures have been released by the Australian Scholarships Group who found that Sydney is the most expensive city in Australia to fund a child’s education. No surprises there.

But if you think you’re saving by putting your child through the public system, we also have some bad news. Sending a child to a public school can cost upwards of $71,000 in Sydney and Catholic education comes with a price tag of $234,887.

Better crack open that piggy bank…

These figures take into account school fees, transport, computers, school excursions and sporting trips. John Velegrinis, chief executive of the ASG, says parents need to start planning school related finances from the day a baby is born.

“Education is one of life’s major investments – in some instances it’s an even bigger investment than the family home. By putting a little bit away, parents are more likely to achieve the goals and aspirations they have for their children,” he said.

The main cost drivers in independent schools are salaries, implanting the curriculum, technology and first class facilities.

The main cost drivers in independent schools are salaries, implanting the curriculum, technology and first class facilities.

Geoff Newcombe, the executive director of the Association of Independent Schools of NSWsays, “[In high-fee schools] parents would generally expect and receive more individual attention for their child, more curriculum and extra-curricular options, innovative teaching and learning practices, and good quality learning environments.”

But there are many hidden costs in the public system says David Jordan, chairman of the Voluntary Parents Services Co-operative on Sydney’s north shore. “The bits and pieces like pens and paper and shoes and backpacks. It’s often lots of little things rather than the big excursions and those things,” he said.

This post originally appeared on iVillage and has been republished with permission.