Category Archives: Education

Selecting the best country for higher education may seem easy until you actually start researching. The idea of studying abroad can be fascinating but it comes with its own challenges. As per data from the Bureau of Immigration, 4 out of every 44,553 students in 2021 went abroad to pursue higher studies. And, with the plethora of study options opening up, students are spoilt for choice.  As a responsible parent, you would want to get the best country for your child's higher education. Now the big question is, “How to find that best country?”  Here is a list of some top parameters that you must consider in your search for the top country for your child’s higher education. Best country for child's higher education 1. Significance of a cost-benefit analysis Money is always an important parameter when it comes to higher education. And when you are sending your child abroad for higher studies, you’ll need lots of funds. You want to get the best possible advantage of every penny you spend. Furthermore, it is essential to look at the long-term return on every investment you make. Here are some questions that would help you with a cost-benefit analysis. What kind of career path does your child wish to pursue? Which countries have greater employment scope? What are the tuition fees and living costs in the foreign country where your child will study? As a parent, it is also necessary to consider what kind of loan you can apply for. Take into account visa costs, medical fees, etc., while sending your child abroad. 2. Affordability of the foreign country We all know that studying abroad can be expensive. But as a parent, you have to consider other big expenses too. Here are certain expenses you should take into account.  Accommodation  Food and utility costs  Shifting costs  Transportation charges  If your child is meritorious, then they will get scholarships that will fund the college tuition fees. However, still you have to manage other costs of their education. Hence, smart investments are the best way to plan your child’s higher education abroad. Additional read: Tata Digital India fund 3. Check university affiliations and recognition Higher education is a huge marketplace with thousands of universities but not all universities are recognized by local and government bodies. Always check the university before your child starts applying. Suppose, your child is applying to Canada then you can check the Designated Learning Institutions list provided by the Canadian government website and see if the university is listed there. The list also includes a list of colleges and courses eligible for the Post-Graduation Work Permit Program. The Department of Education in many foreign countries periodically publishes a list of accredited universities and colleges. You should ensure that your child seeks admission to accredited foreign universities only. Get unsecured ed loans at 9.85% | Apply now! 4. Try to go for a tried and tested foreign country There are various perks of sending your child to a tried and tested country for higher studies. The perks are multifold as your child will feel comfortable in the community of Indian students. It would be easier for your child to adapt to a familiar environment.  Moreover, in a tried and tested country, it becomes easy to plan and manage education well. Therefore, the employment opportunities for your kid increase once they graduate from college.  Your child will have a database of friendly folk and referrals that can help them in hard times. The immigration authorities and the admissions office of the college or university will be accustomed to your country’s cultural uniqueness. That’s why sending your child to a tried and tested country always exudes practicality. 5. Review the economic and political climate of the foreign country Nowadays, economic and political climate are the main parameters for selecting an appropriate foreign country for your child’s higher education. Even in developed nations across the world, education inflation is pretty much present.  The political climate of the country should be sound so that students can easily concentrate on their studies. For instance, during the first two months of the pandemic, the Trump administration tightened regulations for international students seeking employment in the USA. The event made it harder for Indian students to get jobs after studying for years in the country. Additional read: Tata balanced Advantage fund 6. Importance of a community Traveling to another country for education can be a bit terrifying for your child at the beginning. Culture shock can be hard on some children, they may find it hard to adjust to new situations and the independence that comes with studying abroad. There are many ways to make your child feel at home, you can opt for homestays or assign local guardians or relatives for your child’s care. Universities play a significant role in creating a holistic community for international students by organizing cultural events and sessions where students can get to know each other. For instance, top universities in the USA, UK, and Canada celebrate popular Hindu festivals like Diwali and Holi. While universities in Russia serve Indian food in their canteen to help students acclimatize to the space. Always search for countries, universities, and campuses that can help your child adjust nicely. These are some parameters that can help you find the best country for your child’s higher education in no time! Want to send your child to a foreign country but are worried about the cost? Then start saving and investing early to send your child with us! FAQs Why is a cost-benefit analysis crucial when selecting a country for higher education? To maximize the value of your investment, consider factors like career prospects, employment opportunities, tuition fees, and living costs in the chosen country. How can parents ensure affordability when sending their child abroad for education? Beyond scholarships, consider expenses like accommodation, food, utilities, and transportation. Smart investments can help manage these costs effectively. Why is checking university affiliations and recognition important? Not all universities are recognized; ensure your child applies to accredited institutions listed by the local government. This ensures the quality and recognition of their education. What are the advantages of choosing a tried and tested country for higher studies? Familiarity with the community of Indian students, ease of adaptation, practicality in planning, increased employment opportunities, and a supportive network are some benefits. Why is the sense of community crucial when sending a child abroad for education? A supportive community helps students adjust to a new environment and culture. Look for countries and universities that prioritize creating a welcoming community for international students.

As per the World Economic Forum, "Analytical and innovation will be the most demanding skill by 2025." Nearly 50% of the millennials would need to upgrade themselves.  While SEO analysts and social Media Marketing managers are slowly vanishing, Artificial Intelligence, Gene Editing, Blockchain, and Cryptocurrency are the talk of the town. These are India's most in-demand career scopes; preparing kids for the future is still challenging. Okay, imagine this ideal scenario: By receiving apt guidance from Edufund, Manoj ensures clarity over the technicalities of a data scientist.  Based on his capabilities and passion, he enrolled in an internship program. It proves a breakthrough, and he grabs an INR 40 - INR 50 lakh p.a. job offer.  Interesting, right?  This could be your child. But, how? By analyzing their skills and exploring suitable careers for your Child's future. Read the full piece below to know more. 5 most in-demand career choices for your child As per the World Economic Forum, these are the most in-demand skills - Metaverse Specialist  Digital Marketer Process Automation Specialist Blockchain Developer  Cloud Computing Specialist  In collaboration with soft skills like Problem-solving, analytical thinking, and self-management, it creates an all-encompassing spectrum for kids to master. Now, let’s talk about these careers in detail. 1. Metaverse specialist  As a result of the emergence of AR (Augmented Reality) and VR (Virtual Reality), Metaverse offers promising job opportunities such as computational photography, scene reconstruction, visual-inertial odometry, computational imaging, and sensory estimation for children.  Initial Annual Salary - ₹1 - ₹11 LPA (estimate) Skills required C++  Educational requirement Ph.D. in deep learning and computational graphics. 2. Digital marketer As per research by Goldman Sachs, the scope of digital marketing in India is expected to reach 160 billion by 2025, which is thrice its current value. Anyone from any educational background can specialize in digital marketing. It is ideal for students who wish to explore the backstory of online marketing using digital tools and software. Initial Annual Salary: ₹2 - ₹9 LPA Skills required: Creativity, uniqueness, ideation, knowledge of search engine (Google)  Educational requirement: Digital Marketing course from verified government or private university after 12th or graduation. One can also enroll in an MBA in Digital Marketing. Some of the top institutes for the same are Symbiosis, Pune, and NIIT (National Institute of Informational Technology) Additional read: How single parents can plan finances? 3. Process automation specialist Skills like automation and business intelligence are in-demand skills for process automation. Both skills lay their foundation in Artificial Intelligence. It tops the world’s business technology trends list.  The technology helps in transforming business operations and employee experience. The primary responsibilities of a process automation specialist include - reviewing, repairing, and maintaining systems for seamless business operations. Initial Annual Salary:  ₹4 - ₹24 LPA Skills required Knowledge of automation technologies - NET, VBA, Windows, SQL, ability to explain technical things to a non-technical audience. Educational requirements Pursue B. tech in Robotics and Automation, excelling in Physics, Chemistry, and Maths. 4. Blockchain developer  Blockchain developers help design the architecture of blockchain networks used in products. The products include applications and contracts. The person is responsible for maintaining front-end and back-end development, design, and maintenance issues.  Initial Annual Salary: ₹3 - ₹7 LPA Skills required:  Proficiency in C++, Javascript, Python (Anyone) Understanding of blockchain technology Hands over a few tools ( Geth, Solium, BaaS, and Parity) Knowledge of algorithms and data structures Grasp over cryptography and security principles Hyperledger Ripple  Ethereum Educational requirements  A bachelor's degree in Computer Science or Information Technology Understanding of data structures Fun Fact: The industry is growing by 2000% - 3000%, and as Gartner predicts, "the business value of Blockchain Technology will exceed $3 trillion post-2030.” Additional read: What is CAGR in mutual funds? 5. Cloud computing specialist Cloud Computing is a technique of transferring information from computers to a virtual platform - the Cloud.  Cloud Computing Specialists help companies migrate their data to Cloud systems utilizing the best of their knowledge and expertise. The person helps them select apt cloud computing platforms per industrial demands and data.  A cloud computing specialist designs inputs and collaborates with customer services and analysts. She/he helps them configure the cloud system pointing out potential glitches. She/he must be professional enough to weigh down the risks of IT solutions against company requirements.  As per recent stats by Financial Express, “India is to garner over $100 million by cloud computing in 2023. It may create 2.4 lakhs cloud computing jobs by 2023.” It is the most sought-after opportunity for the upcoming generation. Skills required System architectural skills Virtualization of technological skills Strong analytical skills Collaborative skills Annual Salary: ₹6 - ₹27 LPA Educational requirements A bachelor’s degree in Computer Engineering/ Computer Science/ Database Administration, and Software Testing. Conclusion These are some researched-based futuristic career options for your Child. Every Child requires expert guidance at crucial career moments. EduFund helps counsel a child quintessential to her/his interests and helps her/him choose the best.

The continuous and sharp rise in the cost of education, whether abroad or in India, is a clear indicator of the requirement to plan financially for your child's higher education. Most parents choose to invest and save for their children's education, but they miss out on beginning early. Hence, it gives rise to inadequate funds. Amidst the inflation bubble, taking care of your child's education cost may be exorbitant Why is starting early essential? The earlier you start investing in your children's education, you will have more time to grow your money; if you consider delaying the investment, the possibility of you not achieving the desired amount increases because of education inflation.   Parents need to start investing in their children's higher education as early as possible. If you start early, it will decrease your monthly investment amount required to accumulate the target. You can also concentrate on other financial goals like home finance, children's marriage, retirement corpus, and more. The importance of securing your child's education amidst inflation Education is one of the primary things that can secure your child's future. It can help them through uncertainty brought by the ever-changing world, including inflation.  Inflation is a factor that devalues the buying power of money. Items essential to you today that you can still afford may get expensive over the years. The quality of living that you wish to provide your child may come with a hefty price tag.  EduFund, the most trusted app by Indian parents to help them plan for their child’s education can help you plan and save for your child’s education.  Additional read: What is the cost of school education in India? How to plan a child's education during inflation? Parents may feel grappled with the idea of rising education costs in India. As a parent, you will likely meet the education expenses by stretching your budget. But, it doesn't end here.  Soon, you will realize that you must plan for your children's higher education well. The tuition fees would be too high amid the education inflation. Check out the tips that can help you invest appropriately to help cover educational expenses.  The education costs in India have been rising in the last two decades. Every institute has hiked its tuition fees. The best thing would be to check the increasing education costs of premier institutes every year. Where should you invest? Rather than investing in traditional investment tools, you may consider investing in investment vehicles that can give you returns that help you reach the required amount to send your child to a quality university. One such investment tool is mutual funds. EduFund app has several investment schemes that suit every Indian parent. Here’s why you could invest in the EduFund app Edufund is one of the best platforms for Indian parents to invest in their child’s education.  Edufund helps you calculate the future cost of college and plan accordingly. A parent can invest in mutual funds, the US market, and digital gold to save for their child’s education. The app has financial experts to help you with investing for your child Conclusion: It is important to plan for your child’s education well in advance. Considering the rise in the cost of education, it is paramount that parents start saving for their children’s education much earlier so they can support their children’s dreams. FAQs How can parents plan for education during inflation? Monitor rising tuition fees, consider alternative investment options like mutual funds, and leverage resources like the EduFund app to calculate and save for future educational expenses. Why is early planning for a child's education necessary? Early investment reduces the impact of education inflation, requiring smaller monthly contributions to achieve your financial goals. What are the benefits of starting education savings early? Early planning allows parents to focus on various financial goals, such as home finance, retirement, and more, while securing their child's education. Why choose EduFund for education savings? EduFund offers diverse investment options, including mutual funds, the US market, and digital gold. It provides expert guidance and helps calculate future college costs.

Read this blog before getting student travel insurance for your kid! Sending your child abroad for college can be nerve-wracking. There are financial needs to consider, accommodation arrangements to make, forex requirements, shifting costs, and a host of worries that accompany this huge move. Insuring ‘this big move’ can be a great decision. Opting for student travel insurance while traveling abroad helps your child with a host of benefits and financial coverage in case of any emergency. What is Student Travel Insurance?  Student insurance is a type of insurance policy specifically designed to provide financial protection to students, whether they are studying domestically or abroad. It recognizes the unique needs of students and offers coverage tailored to those needs. The primary objective of student insurance is to ensure that students can pursue their educational goals without being unduly burdened by unexpected expenses or emergencies.  Student insurance typically covers a wide range of risks and expenses that students may encounter during their academic journey. These include, but are not limited to, medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and even legal assistance in certain situations. Benefits of taking student travel insurance 1. Financial Relief  The greatest benefit of taking student travel insurance is the financial relief it provides in case of an emergency. Depending upon your coverage, your child will be financially covered if they have been in an accident or require medical assistance if your child falls sick while traveling. Without proper coverage, these expenses can be tough to manage and student travel insurance provides just that relief!   2. Sponsor Protection Some travel insurance even covers the cost of your tuition fees in the event of your sponsor’s untimely death. This clause helps your child continue their studies and provides financial relief in tough times.   3. Family Visits Some student travel insurance provides sponsor protection as well. If your child is sick or hospitalized in a foreign country, then insurance can help you cover the cost of their hospitalization as well as sponsor you to travel to the country to be by your child’s side. The insurance covers the cost of flying to the country so check whether your insurance provides this service.   Additional read: Why Health insurance is important while traveling abroad 4. Interruption Compensation  A host of things can delay your child's study abroad plans. They could fall sick or need hospitalization for a month. There can be an emergency at home that requires your child’s presence back home. All the interruptions can be compensated by your child’s sudden travel plans without any extra costs or expenses. If your child ends up missing a semester then you can claim the unused tuition fees if your travel insurance plan covers it and protect your child’s future.   5. Personal Liability  Some student travel insurance covers the clause of personal liability. If your child is involved in an accident where someone else gets hurt or someone’s property is damaged, then your insurance can cover this liability. Your child does not have to worry about paying from their own pockets or stressing about the expenses.   6. Baggage Loss or Delay  Baggage loss or delay can be extremely stressful for your child especially when they are in a new country. Thousands of bags are lost at airports every day and this event can induce a sense of anxiety for travelers. Without proper coverage claiming your baggage can be tough. Student travel insurance helps you reduce the stress of losing your baggage, this option lets you claim compensation. The insurance can cover the cost of purchasing necessary personal things.   7. Medical Evacuation  Medical evacuation is another benefit of opting for a travel insurance plan. It prioritizes your child’s evaluation from distressing situations to the nearest hospital without costing you a bomb! These medical evaluations can be costly and if you are insured against them then handling this expense can be easy for you and your family.  8. Hijack Cover  Hijacking is an unlikely event but still plausible. Opting for student travel insurance to cover this event can help you deal with the trauma. Check if your plan covers this event and protects your child from every adversity!   9. Loss of Passport  While traveling alone, you may lose your passport or misplacement. This can leave your child stranded at the airport without any end in sight. This situation can be avoided if you have student travel insurance that compensates you for your child’s passport and helps them navigate the situation easily.  Facts about Student Travel Insurance  Many student travel insurance cover legal situations as well. If there is an event where your child requires any bail bond then the company may be able to cover the amount and help your child out of a legal situation.   Student travel insurance can cover a number of events that can be stress-inducing for you and your child. Help your child plan their study abroad journey carefully so that there are no sudden financial costs that may leave you in debt or stress!  Let's dive deeper into some key facts about student travel insurance:  Tailored for Student Needs: Student travel insurance is specifically designed to cater to the unique needs of students. It recognizes that students often face different types of risks compared to regular travelers.  Comprehensive Coverage: These insurance policies offer comprehensive coverage, encompassing medical emergencies, trip-related issues, and personal belongings. Some policies even provide coverage for tuition fees in case a student is forced to withdraw from a program due to unforeseen circumstances.  Customizable Plans: Student travel insurance plans are often customizable, allowing students to choose the level of coverage that suits their needs and budget. This flexibility ensures that students can find a policy that aligns with their specific requirements.  Why do you need a Student Travel Insurance?  Understanding the importance of student travel insurance is crucial for anyone planning to study abroad. Here are some compelling reasons why you need a student travel insurance policy:  Medical Coverage: One of the primary reasons is medical coverage. Healthcare costs in many countries, especially the United States, can be exorbitant. Student insurance ensures that you have access to quality healthcare without the fear of massive medical bills.  Trip Interruption: Academic plans can be disrupted due to various reasons such as family emergencies, illness, or even natural disasters. Student travel insurance helps recover costs if your academic journey is unexpectedly interrupted.  Baggage Loss: Losing your luggage can be a significant inconvenience, especially when you're in a foreign country. Student insurance provides coverage for the loss or theft of personal belongings, helping you replace essential items.  Emergency Evacuation: In case of severe illness or injury, you might need to be transported for specialized medical treatment or to return home. Student insurance covers emergency evacuation expenses, ensuring your safety.  Legal Assistance: If you encounter legal issues while studying abroad, student travel insurance can provide legal support, which can be invaluable in navigating unfamiliar legal systems.  Best Student Travel Insurance Policy Plans in India In India, several insurance providers offer student travel insurance policies. Choosing the best plan depends on various factors, including your destination, duration of study, and specific requirements. Some popular insurance providers in India for student travel insurance include HDFC Ergo, ICICI Lombard, Bajaj Allianz, and Tata AIG.  It's essential to compare the features, coverage, and premiums of different plans to determine which one aligns best with your needs and budget. Keep in mind that the "best" plan for one student may not be the same for another, as individual circumstances and preferences play a significant role in the decision-making process.  Top Study Destinations Abroad The choice of a study destination is a crucial decision for any international student. Here are some of the top study destinations abroad:  United States: Known for its prestigious universities and diverse academic programs, the United States is a popular choice for international students.  United Kingdom: The UK offers a rich academic tradition and a wide range of courses, especially at the undergraduate and postgraduate levels.  Canada: Canada is renowned for its high-quality education system, safety, and welcoming environment for international students.  Australia: Australian universities are recognized globally, and the country is known for its quality of life and beautiful landscapes.  Germany: With its tuition-free or low-cost education options, Germany has become a favorite destination for international students seeking quality education in Europe.  Each of these destinations has its unique appeal and academic strengths, so it's essential to research and select a destination that aligns with your educational and personal goals.  When is Student Travel Insurance required?  Student travel insurance is often a mandatory requirement when applying for a student visa in many countries. Immigration authorities in these countries want to ensure that international students have adequate financial protection during their stay. In such cases, you must provide proof of insurance coverage as part of your visa application.  Even in cases where it is not mandatory, obtaining student travel insurance is highly recommended for several reasons:  Peace of Mind: Knowing that you have comprehensive coverage in case of emergencies or unexpected events provides peace of mind, allowing you to focus on your studies.  Financial Security: In the absence of insurance, you may be exposed to significant financial risks, including high medical bills, trip cancellations, or loss of personal belongings.  Compliance with University Requirements: Some universities or academic programs may have specific insurance requirements for students, and failing to meet these requirements can affect your enrollment.  Tips to Save on Student Travel Insurance Premiums While student travel insurance is essential, there are ways to make it more cost-effective:  Compare Quotes: Obtain quotes from multiple insurance providers and compare the coverage and premiums to find the best value for your money.  Opt for a Higher Deductible: Choosing a policy with a higher deductible can lower your premium. Just ensure that you can comfortably cover the deductible amount if needed.  Purchase Early: Buying insurance well in advance of your departure date can sometimes lead to discounts and more affordable premiums.  Student Travel Insurance Policy Inclusions and Exclusions Understanding what is included and excluded in your student travel insurance policy is critical. Here are some examples of frequent inclusions and exclusions:  Inclusions:  Medical Expenses: Coverage for medical treatment due to illness or injury, including doctor visits, hospitalization, and prescription medications.  Trip Cancellation: Reimbursement for non-refundable trip expenses if you have to cancel your plans due to the reasons covered.  Emergency Evacuation: Coverage for emergency medical evacuations to the nearest suitable medical facility.  Baggage Loss/Delay: Compensation for lost, stolen, or delayed baggage, including essential items.  Dental Care: Coverage for dental treatment resulting from an accident.  Exclusions:  Pre-Existing Conditions: Many policies exclude coverage for pre-existing medical conditions, so it's crucial to understand what qualifies as a pre-existing condition.  High-Risk Activities: Engaging in high-risk activities like extreme sports or adventure activities may not be covered by standard policies. Such activities may necessitate the purchase of supplementary insurance.  Alcohol or Drug-Related Incidents: Incidents related to alcohol or drug use may not be covered.  Non-Emergency Medical Treatments: Some policies do not cover non-emergency medical treatments or elective procedures.  War and Terrorism: Coverage for injuries or damage caused by war, terrorism, or acts of political violence is typically excluded.  Extension of Student Travel Insurance Policy If your academic program extends beyond the original policy period, it is often possible to extend your student travel insurance policy. However, the process and terms for extensions may vary depending on the insurance provider. It's essential to contact your insurer well in advance of your policy's expiration date to discuss extension options.  Extensions are crucial to ensure continuous coverage while you complete your studies, and they help avoid any coverage gaps that could leave you exposed to unexpected expenses.  Claim Process of Student Travel Insurance Understanding the claim process is vital in case you need to utilize your student travel insurance.   Contact Your Insurance Provider: As soon as you encounter an issue that may be covered by your policy, contact your insurance provider. This should ideally be done as soon as possible to ensure timely assistance.  Provide Documentation: Your insurer will typically require documentation to process your claim. This may include medical reports, receipts, police reports (in case of theft or loss), and any other relevant documents.  Complete Claim Forms: You will need to complete claim forms provided by your insurer. These forms will require information about the incident and the expenses incurred.  Submit the Claim: Submit the completed claim forms and all necessary documentation to your insurer. Make duplicates of every document for your records.  Claim Evaluation: Your insurer will evaluate the claim based on the provided documentation and the terms of your policy.  Approval and Payment: If your claim is approved, your insurer will provide the appropriate compensation or coverage as per your policy terms.  It's essential to follow the specific guidelines and requirements outlined by your insurance provider when filing a claim. Timely and accurate submission of documents can expedite the claim process.  Student Travel Insurance Policy Cancellation Process In some cases, you may need to cancel your student travel insurance policy. The cancellation process can vary depending on the insurance provider and the specific terms of your policy. Here are the general steps involved:  Review Policy Terms: Carefully review your policy documents to understand the cancellation policy, including any fees or penalties for cancellation.  Contact Your Insurer: Reach out to your insurance provider's customer service or claims department to initiate the cancellation process.  Request a Cancellation Form: Your insurer may provide you with a cancellation form or specific instructions on how to cancel your policy.  Complete the Form: If required, complete the cancellation form, providing all necessary details.  Submit the Form: Send the completed cancellation form to your insurer, following their specified submission method.  Cancellation Confirmation: Your insurer will confirm the cancellation of your policy and any applicable refunds or charges.  It's crucial to be aware of the timeline for cancellations and any associated costs. Some policies may offer a full refund if canceled within a certain period, while others may have cancellation fees.  Things to Keep in Mind Before Buying Student Travel Insurance Before purchasing student travel insurance, consider the following important factors:  Assess Your Needs: Evaluate your specific needs, including the duration of your studies, destination, and any existing health conditions.  Read the Policy Documents: Thoroughly review the policy documents, including the terms, coverage, exclusions, and any additional benefits.  Compare Providers: Obtain quotes from multiple insurance providers and compare the features, coverage, and premiums to make an informed decision.  Understand Claims Process: Familiarize yourself with the claims process, including what documentation may be required and how to contact your insurer in case of an emergency.  Budget Appropriately: Consider your budget when selecting a policy but prioritize comprehensive coverage for essential aspects such as medical emergencies and trip interruptions.  FAQs What does student travel insurance typically cover? Ans. Student travel insurance typically covers a range of risks and expenses that students may encounter during their academic journey abroad. Common coverage includes medical emergencies, trip cancellations or interruptions, baggage loss or delay, emergency evacuations, and legal assistance in certain situations. The specific coverage can vary depending on the insurance provider and the policy chosen. Is student travel insurance mandatory for all international students? Ans. While student travel insurance is often a mandatory requirement when applying for a student visa in many countries, it may not be mandatory in all cases. However, it is highly recommended for all international students, as it provides financial security and peace of mind during their studies abroad. Even when not required by immigration authorities, some universities or academic programs may have specific insurance requirements for students. Can I extend my student travel insurance policy if my academic program is extended? Ans. Yes, in most cases, you can extend your student travel insurance policy if your academic program is extended beyond the original policy period. It's essential to contact your insurance provider well in advance of your policy's expiration date to discuss extension options. Extending your policy is crucial to ensure continuous coverage while you complete your studies and avoid any coverage gaps that could leave you exposed to unexpected expenses.

As the name suggests, the fund invests in the international market except in the country the investor is residing. International funds invest in foreign companies not listed in the investor’s country. Like we have different funds based on market cap, i.e. large-cap, mid-cap, and small-cap funds. Similarly, international funds invest in different sizes of companies. Types of International Funds International funds are available for Indian investors to invest in. And these funds could have a different approach to investing in the international market. Let’s see the categories: 1. Regional fund These funds invest in the stock market of a specific country or region. Some funds may offer investment in the US market only, and others may offer investment in Asian markets only. The main objective is to gain the maximum benefit from investments in the developing stock market of a specific county or region. 2. Thematic funds These funds invest in a specific theme around the global stock market like artificial intelligence, infrastructure, semi-conductor, etc. The companies in these funds are foreign companies. 3. Global sector funds These funds invest in the focused sector foreign companies to benefit from its development. 4. Global funds Though the international and global funds sound similar, they are not. International funds invest in the world stock market except for the country the investor is residing. On the other hand, global funds invest around the world stock market, including the country the investor resides. Invest in US Market Advantages of International funds 1. Geographical Diversification By investing in these funds, your portfolio can benefit from geographical diversification. There are chances that some countries may outperform other countries. If such a scenario happens, your portfolio will benefit from it. 2. Currency benefit International funds give you the benefit of currency depreciation. Over the period currency, INR has depreciated against the USD. For instance, in 2008, USD to INR was at Rs.40 against $1, but in 2022, USD to INR is at Rs.80 against $1. If you had invested $1 in 2008, you could have only gained 100% on currency depreciation. That’s how currency depreciation helps your portfolio to grow. 3. Global Opportunity The opportunity worldwide is immense, and some world-leading companies have products and services in almost every country. Companies like Apple, Google (Alphabet), Facebook (Meta), etc. International funds provide the opportunity to invest in these companies. Invest in Mutual Funds Factors to consider before investing in international funds There are some essential points that you need to consider before investing: 1. Global exposure  If you want your portfolio to get global exposure, you can consider investing in these funds.  2. Risk International funds are exposed to high-risk factors like currency risk, policy risk, trade risk, etc. All these factors could increase the volatility of the portfolio.  3. Expense ratio International funds could have a higher expense ratio which funds can charge for maintaining the fund. 4. Economy risk Each country’s economy works differently, and all the macroeconomic factors could impact your portfolio returns in both ways, positively and negatively. Who should invest? Investors with a high-risk appetite looking for an opportunity with extra returns and who want to hedge their portfolio against the currency risk should consider investing in these funds. Example of International Fund Name: iShares Core S&P 500 ETF Launch Date: May 15, 2000 Ticker: IVV Index Tracked: S&P 500 Index Performance:  IVVETF Database Category Average1 Month Return11.09%11.05%3 Month Return5.21%5.37%YTD Return-9.26%-14.58%1 Year Return-1.20%-9.01%3 Year Return55.85%34.96%5 Year Return92.84%44.48%Source: etfbd.com Top 5 sectors SectorWeightageTechnology17.70%Electronic Technology15.42%Finance13.21%Health Technology10.44%Retail Trade7.54% Top 10 holdings Holdings% AssetsApple Inc.7.32Microsoft Corporation6.04Amazon.com Inc.3.48Tesla2.09Alphabet Inc Class A2.03Alphabet Inc Class X1.87Berkshire Hathaway Inc. Class B1.51UnitedHealth Group Incorporated1.41NVIDIA Corporation1.30Johnson & Johnson1.20 How can one invest in these funds? The process has become effortless with the EduFund app. Download the app for Android and iOS. And do the KYC process. Add funds and select the fund in which you want to invest.  And place the order. If not sure where to invest, connect with the EduFund team FAQs What are international funds? International funds invest in foreign companies outside the investor's home country, providing exposure to global markets. What types of international funds are available for Indian investors? Indian investors can choose from regional funds, thematic funds, global sector funds, and global funds, each with a unique investment focus. What are the advantages of investing in international funds? Advantages include geographical diversification, currency benefits from depreciation, and the opportunity to invest in world-leading global companies. What factors should investors consider before investing in international funds? Consider factors such as global exposure, risk (including currency and policy risk), expense ratios, and the impact of different economies on portfolio returns. Who should consider investing in international funds? Investors with a high-risk appetite seeking extra returns and looking to hedge against currency risk can benefit from investing in international funds. DisclaimerThis is not recommendation advice, use it for educational purposes only

Are you planning to co-signee on your child's education loan? Then here are some questions cosigners should ask before taking an education loan! Education loans are important and useful. Especially when the inability to meet the demand for a higher fee structure is quite common. In India, the RBI has reported a spurt in the demand for big-ticket education loans. The role of a cosigner at such times is very important as they automatically become equally liable for the loan repayment as the borrower if things do not go as planned. Generally, organizations do not sanction an education loan without a creditworthy cosigner. He/ she can be a family friend, relative, spouse, guardian or parent, etc. and his/ her responsibility is immense. Thus, it is important to know about the different questions cosigners should ask before taking an education loan. 7 questions cosigners should ask before taking an education loan 1. Why does the loan applicant need a cosigner? Generally, young adults who apply for education loans have just started and have no earnings. Other times, they might have bad credit reports because of missed or late payments. Lenders need assurance from a reputed cosigner before sanctioning an education loan to such people.  One of the questions cosigners should ask before taking an education loan is about the credit history of the borrower. In case his/ her credit report is good but/ he is being asked for a cosigner just because of underage then it is okay to sign alongside. But, a bad credit history should make the cosigner beware of the pitfalls of cosigning. This also helps the cosigners find out whether the loan applicant is trustworthy, as well as, responsible by nature.  2. What is the loan amount? The co-signer must be fully aware of the total amount of the education loan. The co-signer, in no doubt, is signing alongside the borrower in good faith. However, down the line, should anything untoward happen, the co-signer may have to be responsible for the loan repayment. 3. What are the terms of the loan? One of the relevant questions cosigners should ask before taking an education loan is about the terms of the loan. It includes payment term length, repayment options, when is the loan repayment going to start and what happens if the repayment premium is not on time. The standard education loan is for ten years with a fixed monthly premium. The cosigner must remember that the loan terms, extended repayment options, and interest rates are different for private and federal students. Cosigners must ask questions as if they are borrowing money for themselves because only then they can know about the exact loan terms. Additional read: What is the cost of school education in India? 4. Will the loan applicant be able to meet the terms of loan repayment? The cosigner should be fully aware of the loan applicant’s financial position and the loan amount. He/ she should ask him/herself whether the borrower has the necessary assets or financial means to fulfill the loan terms. The cosigner should also know whether the loan applicant has any other loan in his/her name and whether he/she can continue to make payments for all of them.  5. In case of default, will the cosigner be able to pay the loan amount? According to statistics, at least 38% of cosigners are called upon to pay up the loan amount because the loan applicant is unable to do so. The co-signer must be prepared for any eventuality and ask him/herself whether he/she is ready to do so under unforeseen conditions. 6. What are the risks involved for the co-signer? The cosigner should know about all the risks involved if he/she signs the education loan. If the borrower is late then the credit score of the cosigner also drops alongside him/her. If the cosigner wants to get a loan or a mortgage then the cosigned loan will have an impact on his/her credit history. 7. Is there an option where the cosigner can be released from the responsibility? Sometimes, lenders offer release terms to the borrower under specific terms. The co-signer must be fully aware of them to minimize the risk factors involved in signing the education loan. FAQs What are the risks involved for the co-signer? The cosigner should know about all the risks involved if he/she signs the education loan. If the borrower is late then the credit score of the cosigner also drops alongside him/her. If the cosigner wants to get a loan or a mortgage then the cosigned loan will have an impact on his/her credit history. Why does the loan applicant need a cosigner? A cosigner offers a guarantee to the lender that the loan will be repaid. The presence of a cosigner/co-applicant helps your application especially as a student going for an education loan because they In case of default, will the cosigner be able to pay the loan amount? According to statistics, at least 38% of cosigners are called upon to pay up the loan amount because the loan applicant is unable to do so. The co-signer must be prepared for any eventuality and ask him/herself whether he/she is ready to do so under unforeseen conditions. Conclusion There are numerous questions cosigners should ask before taking an education loan because they will also have a responsibility towards fulfilling the conditions of the loan in case of any default. There is an inherent risk involved in being a co-signer. Hence, it is doubly important for him/her to ask the relevant questions. Undertaking a serious discussion with all the involved stakeholders will help to clear all the doubts and understand whether it is feasible to sign as a cosigner or not. Consult an expert advisor to get the right plan TALK TO AN EXPERT

A college education is integral for every child. Not only does it provide your child with a degree and a career, but it also helps them grow as individuals. Yet there are many obstacles to good quality education. Let’s look at 5 reasons why your child’s college education is at stake!  1. Education Inflation  Education has to be the top-most factor when it comes to a child’s college education. Usually, the first thing which comes to our mind when we talk about inflation is the rise in the prices of fruits, fuel, rations, and so on. But education inflation is one domain that tops the chart. Especially after the pandemic, it has been really difficult to keep up with the ever-growing education inflation. Every year, universities hike up their fees in response to the growing prices in different sectors.    According to data generated by the Government of India, it is seen that between the years 2012 and 2020, the inflation in education rose by 10% whereas the food inflation was 9.62%. This data proves that the inflation in education has far surpassed the inflation in other necessities of life. The factors like tuition fees, higher cost of living, improved infrastructure, security, and so on. There are certain hidden costs such as flights, food prices, daily transportation, and accommodation also add up to the overall amount. 2. Lack of Savings  Lack of Savings is one reason why your child’s college education can be at stake. Many Indian parents struggle to save up for college fees and expenses. The way to avoid this hassle is by starting an education fund for their child’s education as early as possible. This helps in improving the potential to counter inflation in education. Your child might want to move abroad for their higher education. In such a case, you would need even more funds. Savings can be done either by going for a savings plan or by investing your money in a potential plan. Parents whose kids are still very young are advised to go for mutual funds. The time horizon can help manage the volatility and crashes that may come up. Also, it can help you gain a good return which will add up to the corpus for your child’s education. source: pixels 3. Lack of Research  A lack of research can lead to poor decisions and consequences. Certain universities are blacklisted and are not accredited by any board or council. The degree that a student gets from this college holds no value. It can prove to be a hurdle in your child’s education and a huge financial burden. Thus, proper research can help you avoid these mistakes and stay from university scams.   Furthermore, you need to ask your child about the course he or she is interested in and pursuing and conduct thorough research on the same. You must look for job opportunities that are offered after the end of that particular course. Avoid going for courses that do not have a properly retained market. 4. Lack of Opportunities  Recognized universities provide you with the opportunity to land a job. It should provide the return on the investment that has been put in. Furthermore, the course that your child selects should have demand in the market. The positions which are in high demand in the market tend to pay you better. If the university is renowned, many companies will conduct their drive for campus placements. Students even opt for off-campus placements if they want to get a specific type of job. 5. Lack of Guidance  Before your child applies to any university, it is important that he or she reads and understands the eligibility requirements of the particular institution. Make sure that your child has the necessary academic performance, extracurricular and entrance requirements to meet admission criteria. Most universities ask for 60% or above as an aggregate to get admission to undergraduate courses. In addition, they also require entrance exam results.    You need to have all the documents prepared beforehand. If your child does not fall in the eligibility category or is unable to produce the required documents, then his or her application might get rejected. Hence, it holds vital importance to take care of these minute details which may cause to be an obstacle.  Plan your child’s education with care to avoid some of the biggest obstacles!   TALK TO AN EXPERT

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. Start Investing in Mutual Funds 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 Cost of studying in College 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. Start Investing in US Market 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.

Canada is a trendy destination for higher studies for Indian students because of its affordability and immigrant-friendly nature. As of 2021, more than 8 million immigrants living in Canada have permanent residency, which is about 21.5% of the total population of Canada.  While it is a dream destination, there are many hidden costs of sending your child to Canada that you may not be aware of and can strain your budget while planning. Cost of sending your child to Canada The cost of sending your child to Canada to study varies because of many factors like the province, choice of university, living standards, scholarships or grants, etc.  But the average tuition fee of a university is roughly ₹70-95 lakh for the entire duration of the course in the top 10 universities other than the University of Toronto, which usually comes on top of the list. This cost can easily go up to ₹1.2 - ₹1.5 crores depending upon the course, lifestyle, and the growing retail and education inflation on the market. Why Canada is the Best Country to Study Abroad? Read More Expenses before departing for Canada There are various other expenses that most people don’t discuss. Here are some things you’ll be spending on before your child even departs for Canada (other than their expenses): Take Education Loans for Studying Abroad 1. English Language proficiency tests: Most institutes require an English language proficiency test at the time of application itself. There are a few types of these. TestRegistration feesIELTS₹14,700TOEFL₹14,000GMAT₹18,800GRE (general/subject)₹16,600/12,500CAEL₹11,000 https://www.youtube.com/watch?v=x9B8449Iuw4 2. Guaranteed Investment Certificate or GIC GIC is one of the financial proofs used to obtain a student visa for Canada. The students must purchase a special guaranteed investment certificate (GIC) for CAD 10,200 (₹6,26,000) from one of the partnering banks, such as Nova Scotia Bank, ICICI Bank, SBI Canada Bank, or CIBC Bank, to adjust their living expenses for the first year. Banks also deduct approximately CAD 200 (₹12,300) as administrative fees (depending on the bank).  Immediately upon arrival in Canada, the student is given CAD 2000 (₹1,23,000). The students will then get CAD 8000 (₹4,91,000) in 12 equal installments to cover their monthly living expenses. https://www.youtube.com/watch?v=2d3XNHbB8II 3. Application Procedures  Depending on your program, each institution charges an application fee. It can vary between CAD 45 to CAD 200 (₹3,000-13,000) for international students. In addition to your child’s academic or work experience transcripts, they must submit their language test results to each university when applying. Can your child study MBA in Canada for under 40 Lakhs? Read More 4. Application for a study permit The application for a study permit costs CAD 150 (₹9,200), and the cost of biometrics (photograph and fingerprints) is CAD 85 (₹5,200). https://www.youtube.com/watch?v=nyV0rwJu-7c 5. Application for medical tests Medical tests are a part of the visa process. The Canadian embassy may require to choose a doctor from the panel that the Canadian government has suggested and furnish all the results of the listed exams. You must pay the doctor's fees, special tests, radiologist, and any necessary treatment. Masters or PGDM in Canada? Read More 6. Booking the flight ticket The final expense before leaving for Canada is the flight tickets. These flights can cost anywhere between ₹1-2 lakh depending upon the duration, place of departure, etc. https://www.youtube.com/watch?v=MwclWJ8Q2ZE Expenses after arriving in Canada After you’ve paid your child's tuition fee for the first year and the other expenses before sending them. The first thing is the living expenses. Living expenses can cost around ₹60-80 lakh (for the entire duration) depending on the lifestyle and the city you’ve chosen. Cost of accommodation, travel expenses, health insurance, utility bills, and miscellaneous expenses are living expenses. 1. Accommodation Living on a university or college campus: Staying on campus in dorms, shared rooms, or private room is the most cost-effective accommodation. It cuts down your transportation costs. The estimated cost of living in Canada is between CAD 3,000 to 7,500 (about ₹1,80,000 to 4,50,000) per year.  Living in rented accommodation: If you wish to live off-campus, keep in mind that you will need to pay two months' worth of rent (the first and last months' rent) and a damage deposit before moving in. A private apartment in Canada can cost roughly CAD 8,000-10,000 (₹5-6 lakh) per year, not including other expenses like internet, electricity, food, and furniture. 2. Health insurance International students must have health insurance that covers them in Canada and offers round-the-clock, seven-day-a-week medical care. However, health insurance rules depend on which province. The cost could range widely, from ₹35,000 to ₹55,000 per year (CAD 600 to CAD 900). 3. Other expenses The average daily expenses per month can cost as follows: Food (Groceries & Eating out) - CAD 300 (₹18,500) Phone & Internet - CAD 50 (₹3,000) Public Transport - CAD 80 - 250 (₹5,000- 15,000) Entertainment - CAD 150 (₹10,000) These are rough amounts and they will vary a lot on an everyday basis. The hidden costs of sending your child to Canada can disrupt your budget! But with the right planning for all these expenses, you can make studying your child in Canada as easy as a walk in the park. Start saving and planning for your child’s dreams. Talk to an Expert FAQs Why is Canada popular for higher studies? Canada's affordability and immigrant-friendly environment attract Indian students. Over 8 million immigrants have permanent residency, about 21.5% of Canada's population. What are the hidden costs of studying in Canada? Beyond tuition, various hidden costs arise, including language proficiency tests, GIC, application fees, study permit applications, medical tests, flight tickets, living expenses, accommodation, health insurance, and daily expenses. What are the expenses upon arrival in Canada? Post-arrival expenses encompass living costs, accommodation (on-campus or off-campus), health insurance, and daily expenses for food, phone, internet, transportation, and entertainment.

Parents go above and beyond for their child’s dreams. They spend a significant amount of money on their upbringing to ensure their child does not lose out on any opportunity. But, while looking at short-term goals like buying a laptop or a phone, parents forget to save for long-term goals like their college.   Making early savings plans for your child's further education is important because:  The cost of education is rising fast  A student loan may not be the best choice for your child’s future  Expansion of career options  The rise in competition and aspirations  Increase in options for foreign education  Source: pexels How you can save to send your child to Yale University in the US? Costs to send your child to Yale University Over the past few decades, the expense of attending college has been steadily rising, and few institutions are immune.  Private, non-profit four-year institutions graduate some of the best-earning students and have some of the highest four-year graduation rates.  During the 2019–2020 academic year, the average tuition fees at Yale University were rough ₹44 lacks, housing cost ₹7.4 lacks, and boarding cost ₹6 lacks for a total of ₹57.5 lacks. The school also calculates that students spend around ₹3 lacks annually on books and other personal expenses. It lists a ₹10,000 annual student activities fee, bringing the whole cost of attendance to about ₹60 lacks.  The cost of attendance also included options like senior class dues (₹9,500) and health insurance (₹2 lacks).   Fast forward to 2020-2021, the average cost of attendance given by the university itself rose to ₹61 lakh, which includes fees, textbooks, room, and boarding. But that’s not the price you’ll pay 18 years from now, this ₹61 lakh will increase by 3% every year growing to more than ₹1 crore annually by the time your child is ready to head off for college. And if your child gets a 4-year degree, that means you’ll be on the hook for over ₹4 crores. Now that you know the cost of studying at Yale University, it is easier to start saving for it. Get Education Loans to Study Abroad Now let’s see how much you’ll need to save To fully fund your child’s education at Yale University, you’ll need to save about ₹1.5 lahks a month or more than ₹17 lahks a year every year until they turn 18. That’s more than ₹3 crores out of your pocket.   Now, the whole idea is that these numbers are nearly impossible to manage along with all other expenses of raising your child.  Hence, you need to understand that you need long-term investment plans to fulfill your child’s educational dreams. The only way to make these dreams a reality is by planning your finances and investing in plans like mutual funds via SIPs, investing in US Markets, and much more.  Let’s assume you are ready to start investing for your child’s future studies and start putting money in a SIP right away for the next 18 years – assuming that's when your child goes off to college.  Through our cost college calculator, can find out the future cost and how much you need to save up when that time arrives. By investing ₹11,000 every month in SIP for the next 18 years, you will be able to collect ₹3 crores* by February 2040, or you can use the lump sum method and invest about ₹5.4 lacks right now to earn up ₹2 crores by June 2040. Depending upon your time horizon, fund collection as well as market fluctuations, your returns will differ.   Long-term investing options are great for parents who are looking at college for 8-10 years or more. But if your child wants to go to Yale University in 1-2 years, then no worries, you can approach a financial expert to figure out the best course of action. Your child can apply for scholarships and grants or you can also explore the options that Yale University offers for financial aid. There is always an option for education loans that offer attractive interest rates.  Whether it's Yale or Harvard, saving early and establishing a good strategy for your children's educational goals is the key to success. Delaying the journey even by a year could cost you dearly! In the times we live in, education is expensive and cannot be compromised at any cost! Talk to an expert FAQs How can SIPs and lump sum investments help save for Yale University education? Investing ₹11,000 monthly for 18 years through SIP can yield ₹3 crores by February 2040. Alternatively, a lump sum investment of ₹5.4 lacks now can grow to ₹2 crores by June 2040. Why is early saving and strategy important for educational goals? Early savings and a well-thought-out strategy are crucial due to the high cost of education. Delaying the savings journey can lead to significant financial implications. What's the takeaway for parents? Plan ahead, explore funding options, and start saving early to secure your child's educational dreams, even for elite institutions like Yale University.

Indians flock to top universities in the UK like Oxford University, Cambridge University, University College London, Edinburg University, King’s College London, etc. Over 84 UK universities are listed in the QS World University Rankings 2021, each providing a distinctive experience with committed teachers, vast facilities, and practical resources. It's no wonder, the UK is one of the most sought-after destinations for studying abroad for Indian students. Let’s find out how you can plan your child’s masters in the UK with them. What is the cost of studying in the UK?  It's crucial to be realistic about the costs of studying in the UK, especially if you're going to pay for it. You'll need to factor in their living expenses and tuition.  As of 2022-2023, the cost of a master's degree in any field in the UK can cost somewhere between ₹40-90 lakh. For instance, Oxford University costs about ₹50-60 lakh, Cambridge University ₹60-65 lakh, and Manchester University costs around ₹40-45 lakh.   There are options for outside funding options like grants and scholarships. Also, keep an eye on deadlines because your child might need to submit a personal statement or a sample of their work for some scholarships, which require an early application. These options may lessen the expense but may not be enough to cover the entire cost of attendance such as living expenses and accommodation. https://www.youtube.com/watch?v=o-xEGg3N0Os Talk to an Expert Living expenses in the UK  Living expenses are a very relative number, it depends on the kind of lifestyle and expenses one wants to have, whether they want to live luxuriously or on a budget. This also depends on the affordability of the student as well as their parents.   Now, the average living expense of a Master’s student in the UK is somewhere around ₹30-40 lakh throughout the degree.   Your child can cover part of the fees by working part-time jobs while attending school. But be mindful of their visa limitations that will cap the number of hours they can work. https://www.youtube.com/watch?v=sRiktJ_KLmo How to save for these costs?  There are a few long-term as well as short-term ways to help you save for your child’s Master's in the UK.   One simple way is to divide the total amount, which supposes is ₹1 crore, and put aside around ₹40,000 per month or about ₹4.5 lacks every year for 18 years and start saving when your child is young. Invest your money, either for 18 full years or even a shorter time. SIPs can bring you incredible returns in 18 years if you keep investing for the future.  The last and tougher option is to take an education loan at the time of application and pay it back after. Now that’s not an ideal option because of the high-interest rates. Source: pexels The application process for the UK  1. Solid undergraduate degree or related work experience  UK universities prefer candidates for master's programs to have a strong undergraduate degree, ideally in a related or relevant field. However, some courses, especially those that are more artistic, like art, may call for the submission of a portfolio. Others might need to be interviewed.   Because of the pandemic's impact on university operations, interviews are now far more likely to take place online, which is extremely cost-effective for international students.  2. English proficiency test  A solid command of the English language is another prerequisite for master's studies in the UK. Your child will need to pass an English language exam, such as the TOEFL or the IELTS. Check which exams and at what level the universities accept.  3. The application procedure differs for each university  Every university in the UK has a very different application procedure for master's degrees. The deadlines for applications may vary greatly. For more information on the deadlines for the universities, your child is applying to, visit their websites or consult an expert to help them shortlist or understand the different requirements of studying abroad.  Some of the most prestigious universities will need applications to be submitted fairly early in November, while others may accept applications through the summer if there are still openings. Some applications might not even have a deadline, but it's best to submit them early because the course may fill up.   4. Recommendations are integral   Most colleges will want recommendations. These will often be two professors or other academic advisors from your child's prior course. You might also want to provide a reference for your job. You must ensure that the people you are proposing are willing to do so and can do so by any deadlines.  5. Customize your statement of purpose for every university   Make sure your child's statement of purpose has been customized for each institution they are applying to. Make them justify why their experience is perfect for the particular course the institution is offering.  6. Emphasize any prior relevant experience  It is important to emphasize in the application, any work experience that is relevant to the course or they should emphasize their transferable skills if the master's program they are applying for is entirely unrelated to their prior education or professional experience.  Home to some of the best universities in the world coupled with its new post-study work visa, the UK is fast becoming one number country for higher education. While you can’t reduce the cost of studying for a master's in the UK, you help your child pay for it when the right arrives! Start saving to give wings to your child’s masters!  FAQs Why do many Indians choose the UK for higher education? The UK offers top-ranked universities, committed faculty, comprehensive resources, and a diverse learning experience. Over 84 UK universities are listed in the QS World University Rankings. What is the application process for UK universities? The application process varies by university. It generally includes a strong undergraduate degree, English proficiency tests (TOEFL or IELTS), recommendations, customized statements of purpose, and relevant work experience. What's the key takeaway for parents? Planning and saving early is crucial for financing your child's Master's education in the UK. Consider various funding options and prepare well for the application process to secure your child's educational dreams. TALK TO AN EXPERT

Your children have completed their bachelor's and are now thinking of pursuing a management course. MBA or PGDM? Is that the question they've been looking for an answer to? Then let us help you figure out the best option for your child. Difference between MBA and PGDM Every student has certain preferences with respect to the duration they want to invest in that particular course, location, future prospects, etc. Here are some characteristics of both MBA and PGDM which will help you understand how they're both different. By going through these differences, you can help your child choose the option that works best for them. Categories PGDMMBADuration 1 year2 yearsQualification Diploma CourseDegree CourseRequired Entrance ExamsATMA, SNAP, CAT, XAT, NMATMAT, CAT, XAT, MAT, GMATCourse Fees (Range)INR 5 - INR 24 LakhsINR 2 - 35 LakhsSyllabus Your child will get exposure to a more hands-on approach to workplace situations. The curricula at autonomous institutes frequently get updated to keep up with the changing business environment.Compared to PGDM, MBA is more theoretical. It also depends on the university your child is applying to. Top Job RolesProject Manager, Consultant, Data Scientist, Auditor, Tax Specialist, etc.HR Manager, Business Analyst, Marketing Manager, Finance Advisor, Investment Banker, etcInitial Salary OfferedUp to INR 30 LPA or moreUp to INR 60 LPA or more MBA vs PGDM - Reasons to Consider Reasons to choose MBA MBA is a prestigious degree that propels students toward management careers. It offers early professionals opportunities for senior roles with more responsibilities. The typical duration for a full-time MBA program is around 2 years. Candidates pursue an MBA to enhance their skills and become business leaders. The degree is not limited by one's prior field of study. What matters is the desire for a management career in a specific area. Careful consideration of key factors is essential before choosing an MBA program. Reasons to choose PGDM Post Graduate Diploma in Management (PGDM) suits recent college graduates and professionals with around two years of experience seeking career advancement. It's highly beneficial for business-focused, innovative, and sustainability-oriented individuals. PGDM offers extensive exposure to management concepts across functional areas. The program aims to integrate learning and boost awareness. Innovative curricula aligned with industry trends are a key feature. Mandatory internships provide valuable industry exposure. The PGDM program's ultimate goal is to prepare well-rounded professionals for the demanding business world. MBA vs PGDM - Which is More Expensive? Although it varies from university to university, if we talk about the affordability of both courses, an MBA is usually more economical than a PGDM.  While your child can get an MBA for about 2 lakhs or a little over, a PGDM usually begins at 5 lakhs.  In either case, you can find out the exact cost of your child’s education through our College Cost Calculator. Once you find out the cost, you can plan your savings for their education accordingly. Start Investing in Mutual Funds for Child Education MBA vs PGDM - Impact on Career In both India and abroad, both MBA and PGDM programs hold equal weight in terms of career opportunities. Possessing a postgraduate diploma rather than a degree is not viewed as a limitation. What truly counts is the standing of your university or institution and, more significantly, your professional competencies. With a clearer grasp of the distinctions between MBA and PGDM courses, take the time to assess both options and make your choice based on your academic and professional inclinations. Your educational journey should align with your personal aspirations and career objectives, considering the flexibility and equivalency of these programs in shaping a successful future. Studying MBA in the USA or PGDM in Canada? Thinking of a study abroad plan for your child? Maybe an MBA from the US or a PGDM course from Canada? Well then here's what you need to know to help them decide. Pros of getting an MBA in the USA Increased possibility for lifelong income.  Increased likelihood of employment and employability.  Professionally connect with the top talent in the field.  Become more knowledgeable and broaden your horizons.  Develop strategic leadership abilities for large corporations.  Expenses: For premier colleges, Indian students' MBA tuition in the USA can range from 50,000 to 1,000,000 INR.  Cons of getting an MBA in the USA Studying for an MBA abroad has various drawbacks, such as the expense of being unable to apply for employment. Students may find it more difficult than they anticipated to get visas or work permits for their studies abroad, which might force them to leave the nation quickly after graduation with little time for adjustment. Masters vs PGDM in Canada Read More Pros of Getting a PGDM in Canada  In Canada, PGDM programs are less focused on research and more job-oriented. Many MNCs are headquartered in Canada, which also has a low unemployment rate of 6.5 percent. While doing the course, students might complete an internship to get experience in the real world. Canada promotes the option of staying behind after graduation. To add to this, getting a student VISA for Indian students is much easier in Canada compared to the USA.  Cons of Getting a PGDM in Canada Comparatively speaking, Canadian PGDM courses are less costly than those offered in the US and other nations. PGDM programs typically cost between 15,000 and 17,000 CAD (INR 8,00,000 - INR 9,05,000 approx.)  Create Goal for Post Graduation Study Abroad Programs Conclusion  Be it an MBA or PGDM; be it in India, the USA, or Canada, what's important for you as a parent is to be prepared for the educational expenses. Download the EduFund App today and take the first step to fuel your child's dreams. FAQs What is the difference between a PGDM and an MBA? MBA is a 2-year-long degree program whereas, PGDM is a one-year-long diploma course. For senior positions, should one get an MBA or a PGDM? Although both hold great importance if issued by prestigious institutions, the degree is sometimes preferred over the diploma. Which is more expensive - an MBA or a PGDM? The answer completely depends on the institute one has applied to. However, in general, the diploma program is more expensive than the degree. Do MBA and PGDM have equal career prospects? Yes, both programs hold equal weight in career opportunities, with the institution's standing and your skills matter most.

If you consider Tier 1 cities, then families of these cities spend almost an average of Rs 43,000 annually on the school education of their children. Tier 4 cities spend nearly Rs. 29,000 annually on children's education. In after-school education, an average parent spends 16,000 a year.   If you want to send your child to a quality university, you need to save money regularly for this goal for at least 8 years. Parents have to consider the rising education costs of education, and a suitable university, whether it is foreign or local. You also have to start saving towards living expenses like accommodation, food, transport, etc.  Applying for an education loan is the first option many parents consider when their child is ready for college. While you can opt for an education loan, it is advisable that you start saving money early in different investment schemes so that after 15-20 years, when your child is ready for college, the loan amount is reduced.  Ways to save for child education:  1. PPF Public Provident Fund is considered one of the safe investment options while investing for the long term where the funds are locked for at least 15 years. You can create a PPF account with any bank or post office and start saving your income for a good future return in the coming years. It has the ability to grow your money. The rate of interest of PPF in 2012 was 8.80 % which is now 7.60% in the year 2022.   2. Mutual Fund The fund grows when the market rises. The overall return after a long period comes through stocks, equity, debt, and even from money market funds. You can invest in a (systematic investment plan) SIP for both the short-term and long-term, and it is an efficient tool to save money.  Equity and debt are some securities where investors’ money is invested in mutual funds.  3. Fixed deposit A fixed Deposit is considered a safe investment option though the returns are comparatively low. If you invest a lumpsum amount through FD, you will get a fixed percentage on the amount. The interest rate ranges from 5.75% for regular investors and 7% for senior citizens for 1 year.  4. NPS National Pension System is a government-based savings option. The fund invests in government securities, bonds, and even equity. It provides investors with two options to invest in active and a default auto. In the auto option, the funds are invested in an automatic way. In the active option, the investor invests in the assets of their choice. It matures when the investor turns 60 years. The overall pension withdrawal amount is tax-free as per the scheme.  5. RBI bonds Taxable RBI bonds have a tenure of almost 6 years, and it gives an interest rate of 7.75% per year. It is available in the Demat mode, and it gets credited in the BLA( Bond Ledger Account) of the investor. For proof of investment, the bond is issued at Rs. 1000, and investors even get certificates of holding.  6. Direct equity Direct equity is another investment option to consider while investing in the long term. Though investors find it a risky option, the return is much higher compared to other investments. For 1, 3, and 5 years of investment, the return is 8,13, and 12.5 percent, respectively. source: pexels Hire a financial advisor  If you are still confused about the best savings option for your child’s education, then you can consider talking to the best financial advisors on the EduFund app. The financial advisor will guide you as per your financial needs and risk profile.    The upside is that all this can happen in a matter of minutes and a few taps without any hassle. Parents can take the expert's suggestion and invest the money accordingly to minimize risk and find a way to get a better return on investment. The financial advisors help you rebalance your portfolio on a regular basis to give your funds a better chance of growth when the market sees drastic changes.    Conclusion  As a parent, it is very important to start saving for your child’s education as early as possible to fight the rising costs of education. While applying for a loan is an option, it is wise to reduce the loan amount and save for most of the cost through investment to minimize or avoid the financial burden. FAQs How much do families spend on school education in Tier 1 and Tier 4 cities? Families in Tier 1 cities spend around ₹43,000 annually on school education, while Tier 4 cities spend about ₹29,000 per year. What's the importance of saving for education if you want to send your child to a quality university? To send your child to a quality university, regular savings for at least 8 years are crucial. Rising education costs and living expenses need to be considered. Should parents rely solely on education loans for college funding? While education loans are an option, it's advisable to start saving early through investment schemes. This approach reduces the need for larger loans in the future. Disclaimer:Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.