New parents forewarned about schooling costs

(Transcript from World News Australia)

The cost projections, covering from Kindergarten to year 12 in the public and private systems, have produced some staggering figures.

Experts say parents will need to start planning financially for their children's education from the time they are born.

Sam Ikin has the details.

They've found out the hard way that there are lots of hidden costs in giving their kids the best education possible.

"We found costs that we never ever budgeted or factored in. When I went to school and Rosemary went to school, technology was very different. We're finding out that they need iPads and there's excursions."

And all those costs add up surprisingly quickly.

The price of educating a child born this year to year 12 in the public system can add up to more than $60,000.

The Catholic system could cost more than $220,000, while a private education can cost almost $460,000.

John Velegrinis is the CEO of the not-for-profit Australian Scholarships Group, who commissioned the study.

"School fees are just one component, then you have a myriad of other costs, as parents would know. You have transport, you have uniforms, books, computers, trips that students take."

And those costs vary from state to state.

The least expensive state for a public education is Tasmania, at just under $50,000.

New South Wales is the most costly, at twenty thousand dollars more - around $70,000.

For private schooling, South Australia is the most affordable at just below $340,000, while New South Wales again leads the pack at a whopping $543,000.

It's food for thought for parents whose children aren't yet in the school system.

Experts are now advising new parents to start saving for their children's schooling from the day they're born -- or in some cases, even earlier.

"We try and take a proactive stance and try and assist parents to start early in their planning. By putting a little bit away you're more likely to achieve your goals and aspirations for your children."

For Carson and Annissa White it initially seemed like overkill.

"When you have a baby, especially your first baby, you're not really thinking about what their secondary education's going to cost."

"It means that later on when they do start their secondary or tertiary education there is some money there for books, for uniforms, for excursions and things like that."

It's another financial headache for parents facing an ever-growing cost of living, but a price many are willing to pay.