How much I need to save to send my child to Harvard University is one of the top queries of a parent who wants to send his child abroad.
Harvard is considered one of the best universities in the world, offering varied graduate and undergraduate programs like business administration, business management, bioengineering, law, economics, arts and science, sociology, etc.
Students dream of studying at this university but only a few with academic excellence are given the chance to step onto the campus to study and fulfill their heart’s desire.
Imagine if your child is one of the selected few who have managed to gain entrance to this top university. But what happens if they are unable to enroll just because they do not have the required funds?
At such times the first thought that crosses the mind of a parent is that it is necessary to plan and save to send my child to Harvard University from an early age.
Steps required to plan and save for sending a child to Harvard University
How much I need to save to send my child to Harvard University is a question that can be answered by following the subsequent steps:
Know about the current cost of education at Harvard University
When your child starts showing an affinity for a specific course it is the right time to start planning and saving for his further studies.
Be aware of the cost of studying at Harvard University, for example, on average the fee structure of most of the 3-year and four-year academic courses varies between $50,000 – $70,000 (Rs. 40 to 55 lakhs).
Factor in the expected expenses
- Tuition Fees: Identify the tuition fees and the other mandatory fees
- Room and board: Most of the students prefer to live on campus as it is less expensive compared to outside accommodations. It also offers easy access to meals, classes, and extracurricular activities which is a blessing for students who have traveled from different parts of the world to this esteemed university
- Transportation costs: If the student is living out of campus then the transportation cost should also be added to the total cost
- Food expenses: Factor in the food expense for both on-campus and off-campus scenarios
- Education inflation: You need to add the inflation rate (minimum 7%) to the total cost.
You don’t need to guess – you can calculate this cost by using the College Cost Calculator for Free!
Calculate the average costs
Calculate the average costs of studying at Harvard and identify how much money you need to save to send (\your child to Harvard University.
Go through all the expected costs and identify an average amount that you need to shelve out for instance 60,000 dollars (Rs. 47 to 48 lakhs). Now calculate how much time you have before sending your child abroad.
Get a rough estimate about the amount you need to save every year, for instance, 60,000 dollars/8 years which amounts to 7500 dollars per year (Rs. 5- 6 lakhs)
Effect of compounding
Make the most of the compounding as it will reduce the principal amount to a great extent and magnify your returns. If a parent wants to save 60,000+ dollars, she will have to shelve only an average of an estimated 5,500 dollars instead of 7,500 dollars @ 5% interest per annum for eight years.
Research the best available saving option that will help to save with better interest rates. Or you can talk to an expert to understand how much I need to save to send my child to Harvard University.
It is a step in the right direction as it helps parents to plan and save effectively within their budget with the help of India’s first college cost calculator and with a curated plan to achieve that target.
Plan and start investing
Parents who start planning for their child’s future from the very beginning have an additional advantage over parents who realize the importance of saving at a later stage.
If you are one of the late investors do not panic, you can still make some well-advised investments that can help you make up for the lost time and get the required help in the planning and saving process for the child’s brighter future at Harvard University.
FAQs
How much does it cost to send your kid to Harvard?
The total annual cost to attend Harvard University, including tuition, fees, room, and board, was approximately $76,000.
How much do you need to donate to get into Harvard?
Donations to Harvard University, while they can have an impact on the institution, are not a direct means of securing admission. Harvard, like other reputable universities, has a competitive admissions process based on academic excellence, personal achievements, and other factors. Admission cannot be guaranteed solely through donations.
Is Harvard expensive for Indian students?
Yes, Harvard University’s tuition and living expenses can be relatively expensive for Indian students due to currency exchange rates and the overall cost of living in the United States. However, Harvard does offer financial aid and scholarships to international students, which can significantly offset the costs for those who qualify.
How do I raise my child to go to Harvard?
Raising a child with a strong foundation for potential admission to Harvard involves fostering a love of learning, encouraging curiosity, developing leadership and community involvement, and maintaining excellent academic performance. Focus on their interests, extracurriculars, and character development while also allowing them to explore and pursue their passions.
