Going to University

Heading off to university means a lot of new experiences — taking classes, living independently for the first time and managing expenses for tuition, housing, food, books and more. Budgeting for this new stage of life can be challenging.

Over the past 20 years, university enrollment has more than doubled worldwide.* Access to education enables both personal development and the development of crucial skill sets. As such, higher education is one of the most important investments, both of money and time, that you can make. A degree generally leads to higher incomes and lower unemployment rates than for non-degree holders. 

Funding a university education works differently from country to country—and from family to family. Some nations’ universities charge no tuition, while others charge nominal fees. In other countries, students may rely on educational loans, often in combination with university financial aid or scholarships. Before applying to university, conduct in-depth research on the costs of tuition in your region and the methods of funding available to you.

Admission to university generally requires a secondary school leaving certificate, and there may be a minimum grade requirement for admission. You may also be required to take standardized tests, write application essays, or sit interviews with university representatives. Be sure to budget for application fees, paperwork fees, and testing fees, if applicable.  

* Source: World Bank