THE responsibility of financing tertiary education in Jamaica is becoming increasingly challenging for parents or individuals who have to meet the cost of own tertiary education in a private or government institution.

In most cases the government finances a significant part - 80 per cent - of the cost of an individual's tertiary education. However, with the increasing costs and the downward trend in the economy, government subsidies are being reduced.

Recently, when some students at the University of the West Indies (UWI) failed to complete tuition fee payments, they were deregistred. Additionally, more educational institutions have been developing more creative means of helping students to meet their financial obligations.

In order to finance tertiary education, individuals should develop a realistic plan, starting from very early. Parents should start putting plans in place from as early as the child's birth.

By so doing, long-term savings and investments can be effected. Various financial institutions including banks, insurance companies and credit unions have developed investment plans for this purpose.

Those who will finance themselves should start saving in their school savings club, summer employment or from their first pay cheque. Much emphasis is placed on the government-affiliated Students' Loan Bureau for financing, however, not everyone can or will be facilitated.

The cost of the entire programme and the duration must be considered when negotiating loans or implementing a savings plan. Projected inflation rates should also be included in planning.

The cost of higher education keeps rising

Additionally, much thought should be given to maintenance costs, which include all the financial needs outside of tuition fees, for example, living expenses, books, transportation, food, clothing and entertainment. Oftentimes career plans will include choice of programme and educational institution but not much focus is placed on financing until during the application period.

Scholarships are options to be sought. Ensuring a scholarship means doing well academically. Knowing where to seek them and how to apply are of paramount importance. Guidance Counsellors and Career Counsellors are good sources of information for persons leaving feeder institutions.

Mature students may use private career centres. In addition, the daily newspapers where both private and public sector entities, including international organisations, display their offerings may be useful. If already enrolled in a tertiary institution, the financial aid office or office of student finance is a good source of financial information.

Entering tertiary institutions without proper financing creates a negative impact on the student, both socially and academically. Inability to provide necessary support for learning in the form of books and other learning materials as well as food and shelter can cause the student to undergo stresses.

This may result in low performance in the academics. Such a situation could also cause the individual to develop low self esteem and lack of self confidence resulting in withdrawal syndrome. Participating in co-curricular activities could also be reduced, therefore causing students to lack growth and development in a variety of skills and competencies not usually developed in the classroom.

Another repercussion of improper financial planning for tertiary education is the possibility of postponing, discontinuing or withdrawal from studies. Such actions can be very disruptive resulting in unexpected periods of unemployment and other social and psychological fallouts.

The importance of proper financial planning for tertiary education cannot be overemphasized. When this is in place students will be better prepared to succeed academically and benefit from all the co-curricular programmes and activities at the college/university of their choice.

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