Win eats into student loan
Eight-month-old Campbell Roach chose Otago after ‘chewing over’ a selection of university prospectuses.
Over the next few weeks tens of thousands of young New Zealanders register for their tertiary education courses. The majority will also be filling out student loan applications and many will consider part time employment to help with living expenses while at university.
It is unlikely Campbell Roach will need to do this in 17 years time.
His mum, Amanda Poole of Wellington, won an Australian Scholarships Group (ASG) lucky draw for Campbell’s future tertiary education. Amanda entered Campbell’s name into the draw for a Scholarship Fund when she attended the recent ASG Parent and Child Show, held late last year in Auckland, Wellington and Christchurch.
Amanda Poole said the family was delighted with the $10,000 Scholarship Fund.
“When the time comes for Campbell to go to university I think he will be pretty delighted also. The fund will provide Campbell with a monthly living allowance during the nine months of the academic year, over a period of three years,” said Amanda Poole.
ASG managing director, Terry O’Connell, said the cost of education was spiraling.
“At one time a motor vehicle was considered the second most expensive item after home ownership. Now education of children, has far exceeded the cost of the family car.
“We estimate that a three-year university degree could cost Campbell Roach $50,000, in 17 years time. By then his parents will have paid $10,000 for his state secondary schooling and up to $95,000 if he attends a private school,” said Terry O’Connell.
ASG is a not-for-profit friendly society specialising in children’s education savings plans for more than 30 years. Its objective is to help parents provide education opportunities for their children.
ASG provides a range of education savings programmes that help parents plan for their children’s future secondary and tertiary education using the benefits of collective mutual pooling, beginning from as little as $7 per week. Parents and relatives wishing to send their children to independent or private schools will need to contribute extra amounts to meet their education goals.