Finance specialist: Cost of living changing how people pursue higher education
An investment expert says there has been a noticeable shift in how young people are pursuing tertiary studies because of rising costs.
Dumisani Sibanda says many school-leavers are struggling with the increasing costs of tuition fees, particularly in fields like engineering, business, and medicine.
He says more young people are turning to online platforms to study courses as it is a more affordable option.
Sibanda, who works with education finance specialist Fundi, says student accommodation, study aids, food, and transport all increased significantly between 2018 and 2023.
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"We have seen it in our data at Fundi where loans had been structured differently. In 2018, for instance, typical loans applied for, we saw 90 per cent were going towards tuition fees and about six per cent and two per cent were going to laptop devices and accommodation, respectively."
"But fast forward five years later to 2023, we see that 72 per cent were allocated towards fees, 23 per cent allocated to devices, and four per cent goes to accommodation, and that shows that people are starting to consume education online."
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