In recent years, rapidly increasing inflation and exchange rate fluctuations have also driven up costs in the education sector. According to data from the Turkish Statistical Institute (TÜİK), the Consumer Price Index (CPI) in July 2024 increased by 3.23% compared to the previous month, and by 61.78% compared to the same month of the previous year. The education sector experienced the highest annual increase, with a rise of 104.50%.

Price hikes in essential educational items such as books, stationery, school uniforms, laptops, tablets, and textbooks are particularly notable. The All Stationery Dealers Association reported a 60% increase in stationery prices compared to the previous year. The association also indicated that the cost of a list of 22 basic stationery items now totals 1,625 TL. Price increases for items such as notebooks, pens, and backpacks ranged from 35% to 60%. For example, a 60-page notebook that cost 15 TL last year now costs 28 TL, and a backpack has risen from 300 TL to 500 TL.

Private School Fees Increase by Up to 100%

The rise in private school fees has become a significant financial burden for parents, especially in large cities. In metropolises like Istanbul, private school fees can range from 200,000 TL to 2 million TL. The Ministry of National Education’s 57% cap on fee increases only applies to students continuing at the same level, not those transitioning between levels. This leads to substantial cost increases for parents whose children move from primary to secondary school within the same institution. Additionally, new tax regulations have raised the VAT rate from 8% to 10%, further increasing the costs for private schools.

As the start of the school year and the associated rise in educational expenses approach in September, families need to plan their budgets more carefully. According to data from the Interbank Card Center, there was a 52% increase in cash withdrawals via credit cards during the back-to-school season in August compared to July last year. However, in March of this year, the installment period for cash advances via credit cards was reduced from 12 months to 3 months. Following this change, the amount of cash withdrawals fell from 121 million TL in February to 51 million TL, a 58% decrease.

HangiKredi offers you the opportunity to compare various advantageous options for your education expenses.

You can take advantage of 0% interest cash opportunities offered by banks for your education expenses:

• QNB Finansbank and Akbank: Up to 45,000 TL with a 6-month term for a 20,000 TL loan and a 3-month term for a 25,000 TL cash advance.
• Türkiye İş Bankası: 25,000 TL cash advance with a 3-month term and DenizBank: 25,000 TL in total, including a 6-month term for 10,000 TL and a 3-month term for 15,000 TL.
• Garanti BBVA: 20,000 TL with a 6-month term and Enpara: 10,000 TL with a 3-month term, both as interest-free personal loans, helping you manage your school and stationery expenses more easily.

Additionally, banks offer various advantages for credit card expenses to ease the burden of school payments. You can apply for credit cards from Türkiye İş Bankası, Enpara, Garanti BBVA, Denizbank, TEB, or Halkbank to benefit from interest-free installment opportunities of up to 6 months for lump-sum education payments. For an additional 5 installments on existing payments, you can choose credit cards from Ziraat Bankası, Vakıfbank, or Kuveyt Türk.

You can compare the opportunities offered by banks through HangiKredi, select the most suitable one for you, and apply without visiting a branch.