Managing School Costs: Parent’s Guide to Fees
School fees have experienced multiple hikes in the past two decades in India. Did you know that private schools in India raised the price of tuition fees by 10% during the coronavirus pandemic? Shocking, isn’t it?
But the tuition fees aren’t entirely responsible for the increased cost. Just as inflation affects the cost of tuition; it affects the costs of additional school fees that parents have to pay.
What are these additional school fees? Let’s find out!
Additional school fees that parents must save for
Tuition fees are the basic amount you need to pay for your education. As your child moves to the senior class, this amount tends to increase.
Schools usually charge this amount once every three months. Although it is the most significant chunk of the total amount, it still doesn’t equal half of the total amount paid. It can be somewhere around 50% to 60% of the total fees being paid.
Academic books and school uniforms
When your child goes to school for the first day, they are asked to get certain books by the prescribed authors.
Most of the time, schools collaborate with a shop that provides all these requirements. Parents and students tend to buy these necessities from the prescribed store.
Similarly, school uniforms can be expensive and can add to the total cost of sending your child to a good school.
Transportation is the next area where you have to pay a lot. Fuel prices have been rising every single day. In India, most parents prefer sending their children to school on public transport such as vans, buses, etc.
According to a survey conducted recently, transportation cost is the third-largest contributor to the overall educational expenses of your child. It can go 12% to 15% of the total fees.
Every parent wishes to send their child to a school that provides good learning and has a good infrastructure. All the schools’ primary goal is to build new buildings in the first 20 years of their establishment.
The infrastructure would include new facilities, science labs, computer labs, games room, auditorium, etc. These infrastructure setups are some of the most vital parts of an educational institution.
Schools charge parents maintenance and accessibility fees for these. It is usually taken once every year at the beginning of the session accounting for almost 10% to 12% of the total fees paid in the year’s first half.
When your child is new to a school, you should pay an additional amount in the name of admission fees. This amount accounts for a significant chunk of the total cost.
According to a survey, it accounts for the fifth largest head regarding school fees. Furthermore, when your child moves from primary to senior classes, you are supposed to pay the re-admission fees for your child.
This amount varies significantly from one school to the other. Usually, it accounts for 8% to 10% of the total fees paid.
Tax Benefits on Child Education Fees
Activity and laboratory fees
Schools try to make learning interactive for your child. For this purpose, they conduct various activities which can help your child learn in a better manner.
There are certain activity rooms constructed in the building where children go to perform different actions. Also, schools conduct various activities, including school trips, sports days, annual functions, science days, etc.
This amount is usually asked at the beginning of a session. Some schools also ask for the required amount right before conducting the activity.
The strategy differs from one school to the other. Laboratories are an integral component of a school. Every school has numerous labs, including computer, physics, chemistry, biology, etc. Students go to these labs to conduct experiments and learn in the process.
These were some of the additional fees that add up to the total fees paid by the parents. We cannot deny that all of these components are extremely important. But simultaneously, it gets heavy on the pocket of the parents who are tight on budget.
You may not be able to stop costs from rising but you can save for this cost. Save today and give your child the future they dream of!
What are the additional school fees parents need to save for?
Additional fees include academic books, school uniforms, transportation costs, infrastructure fees, admission fees, activity, and laboratory fees.
How much do academic books and school uniforms contribute to the total fees?
Academic books and uniforms add to the total cost of sending a child to school, and their expenses vary depending on the prescribed requirements.
What percentage of the total fees does transportation cost contribute to?
Transportation costs typically account for 12% to 15% of the overall educational expenses for a child.
What are infrastructure costs, and how much do they contribute to the total fees?
Infrastructure costs cover maintenance and accessibility fees for school facilities, and they usually make up around 10% to 12% of the total fees.