An In-Depth Financial Analysis of Cost-Intensive Programs at Bicol University: Pathways to Inclusive Education

Bicol University is dedicated to providing quality education to its regional community, particularly targeting underprivileged students as mandated by Republic Act (RA) 5521 and provide waived tuition fees through RA 10931. Despite this, non-tuition related expenses such as living costs, transportation, and program-specific expenses continue to hinder student success which has been observed to lead to increased dropout rates and poor academic performance. To address these challenges, this study undertook a detailed financial analysis of three cost-intensive programs offered in Bicol University: Doctor of Dental Medicine (DMD), Doctor of Veterinary Medicine (DVM), BS Nursing (BSN), and BS Architecture (BSA). This analysis aimed to bridge the gap between general financial aid and the actual costs incurred by students to promote a more equitable opportunity for academic success. The methodology for this study incorporated focus group discussions for each program, involving 10 students, 3 faculty members, and 1 department head per group. These discussions concentrated on identifying and assessing critical cost domains such as subject-related expenses, equipment and supplies, additional curricular activities, and living expenses. Data on living costs were primarily collected through feedback provided by students during the focus group discussions. To address the variable nature of these expenses, this work also factored in an escalation rate based on the average inflation rate from 2018 to 2022, as reported by the Philippine Statistics Authority (PSA). This approach ensured that the financial analyses remain relevant and reflect current economic conditions. Results revealed that the DMD program could incur up to PHP 1.48 million, about PHP 1 million each for DVM and BSA, and Php600,000 for BSN over the course of their studies. These estimates, combined with the living expenses—which a focus group of 56 participants categorized into "minimum" and "comfortable" standards—indicate a significant financial challenge. The "minimum" budget, estimated at PHP 7,170 monthly, barely covers basic survival and is inadequate for ensuring academic success, while the "comfortable" budget allows for a more sustainable student lifestyle. The disparity between these budgets emphasized the need for a comprehensive financial aid system that goes beyond tuition fees to include support for living costs and other program-related expenses. These findings therefore highlight the economic strains that could limit access to education for students from middle and lower-income families, and underscore the urgency for Bicol University to develop tailored financial strategies and reform existing aid structures to enhance inclusivity and ensure equitable access to higher education.