How expensive is an education abroad for a parent? All you need to know
Parents are always determined to give their children the best. There is no better investment than education for your child in this hyper-competitive world. Moreover, quality education is the only thing that will allow your child to make a mark in their respective careers. Many parents consider sending their children abroad to provide them with the best education.
When studying abroad, your kid will have access to great educational infrastructure. Foreign education is considered a sound investment irrespective of the finances of the parents.
Over the years, a majority of students who have managed to go abroad to pursue education in a good university have found a great career and future. Many students are opting for overseas education to optimize their career prospects. So, how expensive is an education abroad for a parent? Let’s find out!
1. Cost of living
Living expenses usually vary based on several parameters. For instance, the location where your child chooses to live and the type of accommodation they prefer greatly determines the cost of living. Many students these days opt for shared accommodation to cut costs.
In this manner, you’ll be able to save a considerable amount of money. Let’s cite an example to understand better. For instance, if you are sending your child to London for higher studies, the total cost will be INR 12 lakhs. On the other hand, if they stay outside London, the overall cost will be INR 9 lakhs.
2. Cost of pursuing Undergraduate and Post Graduate Courses
Irrespective of the country, the cost of pursuing UG courses will be between INR 14 lakhs to INR 25 lakhs per year. On the other hand, the cost of pursuing postgraduate courses will be between INR 15 lakhs to INR 30 lakhs annually.
3. Cost of studying in the USA
If you are sending your child to the USA for higher studies, it is crucial to be aware of the overall costs. College tuition can cost close to INR 15 lakhs to INR 40 lakhs per year. Moreover, the fee depends upon the college where your child has enrolled.
4. Cost of studying in the UK
￼The cost of studying in the UK can be close to INR 20 lakhs annually. But it depends on the course and the college chosen by your child. However, the cost of living in the UK is affordable when compared to other countries.
5. Cost of studying in Canada
Canada is another country that has been getting a lot of attention from students. Compared to other countries, Canada has a decent educational infrastructure.
And what makes the country appealing to students is the lower fees. The approximate cost of studying in Canada is between INR 80,000 to INR 10 lakhs per year. But the overall fees depend on the course and college selected by your child.
6. Cost of studying in Australia
If you are planning to send your child to Australia, the average cost will be between INR 10 lakh to INR 16 lakh annually. Note that this is applicable if your child pursues undergraduate courses.
On the other hand, for a post-graduate course, the approximate fees will be between INR 12 lakhs to INR 18 lakhs per year. The cost of living can range from INR 70,000 to INR 1 lakh for a year.
7. Steps to tackle expenses of your Child’s foreign education
An overseas education offers an array of advantages to your child. However, sending your child abroad can be pretty expensive. It comes with a heavy price tag, and parents should be knowledgeable in tackling the challenges. Here are some ways in which you can fund your child’s foreign education.
8. Applying for an Education loan
Based on the views of the industry experts, the inflation rate in education is increasing sharply. With exorbitant costs, savings alone can’t be enough to fund your child’s education. Moreover, unplanned situations and emergencies can adversely affect your savings.
One of the efficient ways to fund your child’s foreign education is to opt for a loan. Nowadays, most lenders offer customized education loans to students. You can apply for these loans to fund your child’s foreign education.
9. Start investing early
If you want to send your child abroad, it is crucial to start investing early. For instance, you can invest in mutual funds to get good returns. Note that it is always important to commence as early as possible to get better returns in the long term.
10. Shift your corpus to less risky funds
Experts recommend investing aggressively in the market in the initial stages. In the initial stages, you can afford risks and increase your finances for good returns. If you are not experiencing good returns or the market is volatile, you can transfer your corpus to less risky funds.
The cost of studying abroad is something that you have to recognize from the start. Start investing in the right channels to fund your child’s education in foreign countries. Ensure that you invest early to reach the amount you need for your child’s education.