University fees and costs of living are estimated to be more than $114,000 for a three-year course but according to the Australian Scholarships Group, that figure could rise to almost $170,000.

While most students living in Sydney have the option of attending a university within commuting distance and saving on costs like rent and utilities, it is regional students who are left with the biggest bills.

ASG said it would cost an extra $15,000 a year to rent shared accommodation rather than to live at home.

By 2024, the cost of living away from home while studying could be higher than $37,000 a year.

For students who are trying to live on a part-time income or government assistance, it will be almost impossible to make ends meet, according to chief executive of the Country Education Foundation, Sarah Taylor.

She said more would need to be done to ensure tertiary education was a possibility for rural students in the future.

"We are already seeing the impact of university study on people from rural and regional areas, especially when they are studying in metropolitan areas," Ms Taylor said.

"Even when you factor in government assistance and other scholarships, it is still barely enough for people to survive.

"Most of the people we provide scholarships for are getting some sort of youth allowance and also working one, two or even three jobs. And that has a major impact on your ability to study."

"Most of the people we provide scholarships for are getting some sort of youth allowance and also working one, two or even three jobs. And that has a major impact on your ability to study."

Ms Taylor said there was already a big gap between students from urban and regional areas.

"If you take a classroom in Dubbo and one in Sydney, both with similar grades, you can bet that 50 per cent more students from the Sydney class will go to university and that is because of the financial barrier.

"Looking ahead, if these trends of rising university fees and costs continue, then the educational divide is going to continue to widen."

Yearly course costs for accounting, law, veterinary science and medicine degrees are estimated to rise from $10,085 per year in 2014 to $16,775 in 2024, while a horticulture and engineering degree are forecast to increase from $8,613 to $14,326 a year in 2024, and photography and psychology degrees are forecast to jump from $6,044 to $10,053 in the next decade.

ASG CEO John Velegrinis said Australia has no choice but to maintain high levels of training to compete on the world stage but said the rising costs are a major concern and could exclude some.

"Australians will continue to compete in an increasingly global job market, so it is critical that students gain the necessary skills required to secure employment. Yet the affordability of post-secondary education is one area that can limit a student's access to continuing study," Mr Velegrinis said.