Do you know how much is your child’s NUS school fee going to be? It will depend on the year and the course that he/she is enrolling in. The later he/she is entering the university, the higher the school fee. Specialised courses like Medicine and Dentistry will have higher school fees too. In addition, Singapore Permanent Resident will have to pay a higher school compared to Singaporean.
As parents, it is important that we prepared for our children’s university education. Could you imagine telling you child “No” to university education due to affordability issues? This article will provide you with an educated projection of the NUS school fee for a baby that is born in 2014. The course chosen for this example is Medicine (except Nursing).
Preparing data for projection of NUS school fee
For the accuracy of this projection, the current and past year school fee is downloaded from NUS website (www.nus.edu.sg). An extract from the NUS website on NUS school fee AY2014/2015 can be downloaded here. For AY2014/2015, the medicine NUS school fee for Singaporean is $24,200 and $33,900 for Singapore PR.
Using MS Excel to project the future NUS school fee
Using the data from the NUS website, the year by year % increase of the medicine school fee is tabulated, and it ranges from 3.85% to 6.85% per year. The compound education inflation from 2007 to 2014 is 4.12% per annum.
Based on the data collected, the projected five years NUS medicine course (except nursing) will cost $250,275 for Singaporean and $653,308 for Singapore PR. There are several options available and below are three possible option for Singaporean
- Saving regularly – Save $9,870 a year for 18 years with an average return of 3.5% per annum (insurance endowment)
- Invest regularly – Invest $7,640 a year for 18 years with an average return of 6.0% per annum (unit trust via iFast/Navigator)
- Lump Sum Investment – Single investment of $87,683 with an average return of 6.0% per annum (unit trust via iFast/Navigator)
It is important to be aware of this serves as an indication of school fees in the future, and it does not represent that actual school fee charge for your child. For other courses in NUS, we have a separate calculation. Are you prepared for your child’s university school fees?