School's $65,000 price tag

The Australian Scholarships Group recently released data showing that parents with a child entering pre-school this year can expect a $65,000 strain on their bank accounts over the next 14 years.

The estimated cost of putting a child through public school now stands around $64,349, up from last years $62,497. And this is despite the fact that Australian public education is free. It's speculated the figure could be much higher once parents include the costs of fees for excursions, extra curricular activities and materials.

Parents with kids entering a public school pre-school this year could expect fees around $1310 a year but this will rise as their children reach primary school when extra costs such as uniforms and stationary are required. The largest costs come once students reach high school where I.T. costs and excursions get more expensive.

However many parents will have some relief with the government SchoolKids Bonus. Over 1.2 million families received payments of $410 a year for each primary school child and $820 a year for every high school student, paid automatically in January and July.

For those planning an sending their child to a private school in Sydney or Melbourne they could be looking at almost half a million dollars, around the cost of a new house and that's for one child. The cheapest area for private school fees was regional South Australia for $197,200.

As students return back to school for the new year, the strain that fees can have on bank accounts is evident, with recent news that many parents are using home loan offset accounts to pay for their child's school fees.

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