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September 5, 2023
Expensive schools in Gwalior for Child Education
Did you know that in the enchanting city of Gwalior, education goes beyond exams, books, and classrooms? It’s a luxurious affair: its schools offer sports like horseback riding, archery, and shooting which Indian royalty loved!
Let’s look at some of the most expensive CBSE, ICSE, boarding, and IB board schools in Gwalior. The annual fee for these schools is enough to make you want to save!
Table of Content
Schools in Gwalior
Gwalior, a city steeped in history and cultural richness, has emerged as a prominent educational hub in Central India.
With a diverse range of schools catering to varying curricula and pedagogical approaches, Gwalior offers a plethora of options for parents seeking quality education for their children.
In this comprehensive exploration, we will delve into the vibrant world of schools in Gwalior, shedding light on their unique characteristics, educational philosophies, and contributions to the city’s academic landscape.
Quality Education in CBSE and ICSE Schools
Among the many boards of education available in Gwalior, schools affiliated with the Central Board of Secondary Education (CBSE) and the Indian Certificate of Secondary Education (ICSE) hold a prominent place.
These schools adhere to well-structured curricula, providing students with a strong academic foundation that is recognized nationally.
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CBSE Schools in Gwalior
CBSE schools in Gwalior follow the curriculum set by the Central Board of Secondary Education, a national board known for its standardized approach to education.
These schools focus on providing a comprehensive education that prepares students for national-level competitive examinations. They offer a wide range of subjects, extracurricular activities, and resources to ensure holistic development.
Here are 10 prominent CBSE schools in Gwalior, along with their approximate average fees and brief information:
- The Scindia School: One of the most prestigious schools in Gwalior, it is an all-boys boarding school known for its holistic education. The average annual fee may range from INR 5 lakhs to 7 lakhs.
- Mayo College Girls’ School: This renowned girls’ boarding school is known for its academic excellence and extracurricular activities. The average annual fee is approximately INR 4 lakhs to 6 lakhs.
- Delhi Public School (DPS): DPS Gwalior is part of the DPS Society and offers quality education. The average annual fee ranges from INR 1.5 lakhs to 3 lakhs.
- Kendriya Vidyalaya No. 1: A government-affiliated CBSE school with affordable fees, typically around INR 20,000 to 30,000 per year.
- Campion School: Campion is a well-established CBSE school in Gwalior. The average annual fee is around INR 1.2 lakhs to 2 lakhs.
- G.D. Goenka Public School: Known for its modern teaching methods and facilities, the average annual fee at GD Goenka may range from INR 2.5 lakhs to 4 lakhs.
- Mount Litera Zee School: Offering quality education, this school may have an average annual fee of around INR 1 lakh to 2 lakhs.
- Central Academy: A reputable CBSE school in Gwalior, it typically has an average annual fee of INR 40,000 to 60,000.
- Aditya Birla Public School: Known for its strong educational foundation, the average annual fee at this school is approximately INR 1.5 lakhs to 3 lakhs.
- Kendriya Vidyalaya No. 2: Another Kendriya Vidyalaya in Gwalior with affordable fees, usually around INR 20,000 to 30,000 per year.
If you want to know what to choose for your child in terms of private or public schooling, you can read this article.
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ICSE Schools in Gwalior
ICSE schools in Gwalior, on the other hand, follow the curriculum prescribed by the Indian Certificate of Secondary Education board.
These schools emphasize a holistic education approach, placing significant importance on critical thinking, practical skills, and an in-depth understanding of subjects. The ICSE curriculum is known for its rigorous evaluation methods, which encourage students to think creatively and analytically.
Here are 10 prominent ICSE schools in Gwalior:
- The Sanskaar Valley School: An esteemed ICSE school known for its academic excellence and extracurricular activities. The average annual fee may range from INR 2.5 lakhs to 4 lakhs.
- Gwalior Glory High School: A well-established ICSE-affiliated school in Gwalior, with an average annual fee of around INR 1.5 lakhs to 2.5 lakhs.
- Columbia Convent School: Known for its holistic approach to education, the average annual fee at Columbia Convent may be approximately INR 60,000 to 1 lakh.
- Little Angels School: This ICSE school focuses on providing quality education to its students. The average annual fee is typically around INR 40,000 to 60,000.
- Scindia Kanya Vidyalaya: An exclusive girls’ ICSE school, it offers a blend of academics and character development. The average annual fee may range from INR 2.5 lakhs to 3.5 lakhs.
- Maharishi Vidya Mandir: Known for its Vedic education principles, the average annual fee at this ICSE school is approximately INR 40,000 to 60,000.
- Delhi Public School (DPS): DPS Gwalior offers ICSE education as well. The average annual fee may range from INR 1.5 lakhs to 3 lakhs.
- Saint Joseph’s Convent School: This ICSE school has a reputation for academic excellence. The average annual fee is typically around INR 40,000 to 60,000.
- Scindia Balika Vidyalaya: An exclusive girls’ ICSE school affiliated with Scindia School, with an average annual fee ranging from INR 2.5 lakhs to 3.5 lakhs.
- Cambridge School: Known for its quality education, the average annual fee at Cambridge School is approximately INR 60,000 to 1 lakh.
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International Baccalaureate (IB) Schools in Gwalior
International Baccalaureate (IB) schools in Gwalior follow a curriculum that is renowned for its academic rigor and emphasis on developing well-rounded individuals.
The IB program includes the Primary Years Program (PYP), Middle Years Program (MYP), and Diploma Program (DP), catering to students from elementary to high school. IB schools focus on nurturing critical thinking, creativity, and a sense of global citizenship.
Here are 10 IB schools in Gwalior:
- Sagar Public School, Gwalior: This school offers the IB Primary Years Programme (PYP) and the IB Diploma Programme (DP). The average annual fee for the DP program may range from INR 3 lakhs to 4.5 lakhs.
- Delhi Public School (DPS), Gwalior: DPS Gwalior also offers the IB Diploma Programme in addition to other curricula. The average annual fee for the IB DP program may be around INR 2.5 lakhs to 3.5 lakhs.
- The Heritage School: Known for its international curriculum, the average annual fee for the IB program at The Heritage School may range from INR 3 lakhs to 4.5 lakhs.
- Gems Cambridge International School: This school offers the IB Primary Years Programme (PYP) and the IB Middle Years Programme (MYP). The average annual fee may vary but could be around INR 2.5 lakhs to 4 lakhs.
- Shishukunj International School: Shishukunj offers the IB Primary Years Programme (PYP) and the IB Middle Years Programme (MYP). The average annual fee for the IB programs may range from INR 2 lakhs to 3.5 lakhs.
- Gwalior Glory High School: In addition to ICSE, this school also offers the IB Diploma Programme. The average annual fee for the IB DP program may be around INR 2.5 lakhs to 3.5 lakhs.
- Kendriya Vidyalaya No. 1 (KV1): A government-affiliated school that may offer the IB Diploma Programme with a relatively lower fee, typically ranging from INR 30,000 to 50,000 per year.
- Columbia Convent School: This school may offer IB programs with an average annual fee of approximately INR 2 lakhs to 3.5 lakhs.
- Mount Litera Zee School: Known for its international curriculum, the average annual fee for the IB programs at this school may range from INR 1 lakh to 2.5 lakhs.
- Maharishi Vidya Mandir: This school may offer IB programs with an average annual fee of around INR 1.5 lakhs to 2.5 lakhs.
The Role of Parents in School Selection
In Gwalior, as in any city, parents play a pivotal role in selecting the right school for their children. Factors such as the school’s location, fees, reputation, and teaching methodologies all weigh heavily in the decision-making process.
Parents often seek guidance from educational consultants, visit schools, attend open houses, and rely on word-of-mouth recommendations to make informed choices. Many parents also prioritize a school’s extracurricular activities and facilities, recognizing the importance of a well-rounded education.
Considerations for Choosing CBSE Schools
- National Recognition: CBSE certifications are widely recognized across India, making them suitable for families with potential mobility or those seeking national-level career opportunities for their children.
- Structured Approach: CBSE schools are known for their structured curriculum and standardized assessments, which some parents believe provide a more predictable and competitive educational environment.
- Focused Preparation: If a child aspires to engineering or medical fields, CBSE schools often offer a strong foundation for the required competitive exams like JEE (Joint Entrance Examination) and NEET (National Eligibility cum Entrance Test).
Considerations for Choosing ICSE Schools
- Holistic Education: Parents who prioritize a well-rounded education with an emphasis on critical thinking, creativity, and practical skills may find ICSE schools in Gwalior to be an ideal choice.
- In-Depth Understanding: The ICSE curriculum encourages students to delve deeply into subjects, fostering a thorough understanding of concepts rather than rote memorization.
- Global Perspective: ICSE education is often considered more globally oriented, making it a potential choice for families with international career aspirations for their children.
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Boarding Schools in Gwalior
In this comprehensive exploration, we will delve into the world of boarding schools in Gwalior, shedding light on their distinctive features, the advantages they offer, and the role they play in shaping well-rounded individuals.
- The Scindia School: An esteemed all-boys boarding school with an annual fee ranging from INR 5 lakhs to 7 lakhs.
- Mayo College Girls’ School: This girls’ boarding school may have an annual fee of approximately INR 4 lakhs to 6 lakhs.
- Gwalior Glory High School: A co-educational boarding school with an average annual fee of around INR 3 lakhs to 4.5 lakhs.
- The Heritage School: Known for its international curriculum, the average annual fee for boarding at The Heritage School may range from INR 4 lakhs to 6 lakhs.
- Scindia Kanya Vidyalaya: An exclusive girls’ boarding school affiliated with Scindia School, with an average annual fee ranging from INR 3.5 lakhs to 5 lakhs.
- Delhi Public School (DPS): DPS Gwalior offers boarding facilities with an average annual fee that may be around INR 3 lakhs to 4.5 lakhs.
- Mount Litera Zee School: The boarding facility at Mount Litera Zee School may have an average annual fee of approximately INR 2.5 lakhs to 4 lakhs.
- Columbia Convent School: The boarding facility at this school may have an average annual fee of around INR 2 lakhs to 3.5 lakhs.
- Aditya Birla Public School: Known for its strong educational foundation, the average annual fee for boarding at this school is typically around INR 3 lakhs to 4.5 lakhs.
- Scindia Balika Vidyalaya: An exclusive girls’ boarding school affiliated with Scindia School, with an average annual fee ranging from INR 3.5 lakhs to 5 lakhs.
The Boarding School Experience in Gwalior
Boarding schools in Gwalior are as diverse as the city itself, offering a range of educational philosophies, curricula, and facilities.
Some cater exclusively to boys, some exclusively to girls, and others are coeducational. The choice of a boarding school often depends on a family’s values, preferences, and the specific needs of the student.
These are the top schools in Gwalior that you can shortlist for your kid’s future. Need help saving for these high fees? Then download the EduFund App and find the best savings plan that can help you pay for these fees without breaking your bank.
FAQs
Which is the most expensive school in Gwalior?
The most expensive school in Gwalior can vary depending on factors like curriculum, facilities, and reputation. Schools such as The Scindia School and DPS Gwalior are known for their premium fees and quality education.
Is Gwalior a good city for students?
Yes, Gwalior is a good city for students. It has a rich educational heritage with a variety of schools, colleges, and universities.
The city’s cultural and historical significance adds to the overall learning experience, making it an excellent choice for students
Is Gwalior a costly city for child education?
The cost of child education in Gwalior can vary. While there are affordable options available, some schools, especially international and boarding schools, can be relatively costly. However, the city provides a range of educational choices, allowing parents to find options that suit their budget and preferences
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10 Benefits of Studying in Canada!
In the last 8-9 years, Canada has steadily grown in social standing as the desired location for higher education. It ranks among the most popular destinations for Indian students.
Quality education, graduate assistantships, and many government policies regarding immigration are some of the reasons why you should consider Canada for your child’s higher education.
For students who are seeking programs that are cost-effective and shorter in duration, allowing them to cut down on living expenses, Canada has the most acceptable community education system in the world.
https://www.youtube.com/watch?v=2d3XNHbB8II&t=84s
Source: EduFund
Major Benefits of Studying in Canada
1. Academic Skills
Education is a federal responsibility, regional governments ensure that the standard of education is uniformly high across Canada, no matter what kind of institution - college/university.
Regarding educational streams, all types of programs from different strands are accessible in Canadian academic institutions.
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2. Developmental skills
Co-operative work is a wonderful concept in Canada that supports students with employment options in their related sectors while attending university. As a result, an engineering student is granted the chance to participate in work for an engineering firm while studying.
This gears up students for actuality by exposing them to a work situation early and instills professionalism with skill development.
3. Quality of life
Canada has repeatedly been graded as being among the world's safest countries. The Global Peace Index ranked Canada as the sixth most peaceful place in the world in 2018. International students enjoy the same entitlement as any other Canadian student.
Standard of living also refers to necessities of life such as atmospheric air, safe drinking water, the feeling of space, and so on, as well as other life-related factors such as significant exposure to the best health care services, and strong educational infrastructural facilities.
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4. Cultural diversity
Canada is a friendly and accepting community. Individuals from different countries of the world have been planning to migrate to Canada for a long time.
This gives Canada a competitive advantage in terms of diverse cultures. Canadians respect other cultures and see them as a symbol of motivation and strength.
Students can enjoy festivals of all racial backgrounds year-round, and the best part is that the festivities are not confined to the ethnic community. Still, the rest of the country embraces all festive celebrations.
5. Immigration opportunity
Since overseas students spend much time in Canada, they will become potential Canadians. They are given adequate opportunity to comprehend and adopt Canadian culture while studying and up to three years to recognize Canadian work culture.
What it ends up in is likely to be prospering once the studies are completed. Indian students are opting for Canada for their university education, and interest in Canada is growing significantly yearly.
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The number of Canadian college graduates between 2000 and 2019
From 2000 to 2019, the number of university graduates in Canada increased
Number of postsecondary graduates in Canada in 2019, segmented by degree type
Better paying jobs for children of Canadian immigrants
According to a Statistics Canada report, the children of economic immigrants attend school longer and have higher-paying jobs than the typical Canadian-born employee.
By the age of 30, the children of economic immigrants in Canada earn more than the average Canadian worker by 29.3%, commanding a median annual wage of $55,500 versus the $42,940 made by the average Canadian employee of the same age.
Economic immigrants' children can command higher wages because they attend college or university at a higher rate than Canadians.
International students in Canada
International students enrolling in formal education increased from 142,170 in 2010/2011 to 388,782 in 2019/2020 in just ten years. As a result, by 2019/2020, the amount of international enrolled students improved from 7.2 percent to 17.8 percent.
Within ten years, one out of every ten international students arrived in Canada in 2000 or became a landed immigrant. As a result, new ideas are being inspired, innovation is being boosted, and people-to-people relationships are being strengthened, all of which are important for international commerce and worldwide trade.
The number of international students intending to study at the secondary and primary school levels has been declining in recent years. Meanwhile, that has been countered by an increase in the percentage of individuals planning to study for a college or master's degree.
More advantages of studying in Canada
1. Affordable and Quality Education
Compared to other options such as the US and the UK, Canada offers a highly affordable and quality education for its students.
Education fees may differ depending on your chosen university, but you can still save a lot of money while studying in Canada.
These universities and colleges offer high-quality academic programs and research opportunities and are consistently ranked among the top global institutions.
2. Cost of Living
A single person's monthly cost is approx Rs. 83,307.6 (1,347.1C$) excluding rent.
Most institutions offer courses with tuition fees starting from CAD 15,000 (Rs. 9,03,999). The cost of living for a single student is around 880 CAD (Rs. 53,034) per month. Monthly expenses including rent are approx $1,708 per month per person and $3,911 for a family of four.
If we count accommodation, food, clothing, groceries, health, transportation, entertainment, travel, etc., a student will require approx Rs. 9,00,000 to Rs, 22,00,000 to cover all expenses. (CAD 18,340 approx).
To counter this, students can apply for an International Student Identification Card upon their arrival in Canada. This provides many benefits to the global student community such as discounts for shopping, culture, food, access to student services and facilities internationally, etc.
It helps prove your student status in over 130 countries since it is the only internationally recognized proof of full-time student status endorsed by UNESCO.
3. Standard of Living
After reading about the cost of living in Canada, you might say it is expensive, however, the standard of living here makes it all worth it.
High-quality education, lucrative job opportunities, cultural diversity, and accessibility of public services on par with its own citizens make Canada one of the countries with a high standard of living.
4. Safety and Security
Canada takes its student safety very seriously, particularly for international students. Students living on campus have a 24-hour security measure in place for them.
Canadian citizens on the other hand are warm and welcoming and respect diverse cultures making these students feel comfortable in their home country. There are many safe options for student accommodation outside the campus as well.
5. Work opportunities for students
The study permit in Canada allows international students to work up to 20 hours/ week, which helps them supplement their income.
Apart from the opportunity to earn extra income, students also get to experience the professional environment of working in Canada.
However, be mindful of not violating the terms of this study permit which can lead to loss of student status and permission to work in the future.
6. Job Opportunities
Canada provides a Post Graduate Work Permit (PGWP) to its international students which allows them to work for up to 3 years after the completion of their course.
However, a PGWP is issued only if you have graduated from a Designated Learning Institute. Also not all Designated Learning Institutes and programs of study make you eligible for PGWP.
There are several other criteria you need to fulfill. Go through them carefully then make an informed decision. Several immigration policies also allow students to apply for permanent residency and work while they study.
FAQs
How much does it cost to study in Canada?
The cost of studying in Canada depends on your chosen institution, your type of education/ course, as well as your living expenses.
However, the cost would be approximately CAD 36,000 (INR 22,00,000) a year for international undergraduate students and CAD 21,100 (INR 13,04,434) a year for international graduate students.
Is it safe for female students to study in Canada?
According to the Canadian Bureau of International Education (CBIE) annual international student survey of 2021, 79.2% of respondents consider Canada to be a safe and stable country.
Plus, the on-campus 24-hour security measure allows you to be tension-free regarding the safety of your child. So, yes it is safe for girl students.
Which are the best places to study in Canada?
Montreal, Toronto, Vancouver, Ontario, and Quebec City are some of the best places to study and work in Canada. These places also offer several part-time job opportunities for international students.
What is a Letter of Intent (LOI) and do I need to submit it to study in Canada?
A Letter of Intent is a document that states your reasons for studying in Canada, your professional and academic goals, and your past qualifications in your home country.
Yes, you need to submit the LOI to acquire a study permit in Canada.
Can students work while studying in Canada?
Yes, the study permit in Canada allows you to work for 20 hours/ week. You have to be careful not to violate the terms of the study permit.
One of the main reasons students like to study in Canada is the high quality of education. Many Canadian universities offer cutting-edge innovative exploration and new technologies.
Canadian universities typically hold the highest international rankings and offer amazing placements and a chance to live in the world’s most peaceful cities in the world.
Hence, considering Canada for your child's higher education is a good choice.
11 reasons to study in Australia
Australia, the land of incredible opportunities and job scopes is known for its top-class educational facilities.
It is an excellent choice for international students who want to study abroad and gain vocational and technical education innovatively and effectively.
There are several reasons why children who study in Australia have found the experience academically and emotionally rewarding. Let us go through some of them.
Important reasons to study in Australia
1. World-class institutions
Out of the top 100 global universities, the best-known six, including the University of Sydney and the University of Melbourne, are located in Australia.
The world-class institutions offer international standards of education in fields like technology, finance, medicine, accounting, engineering, etc.
The technologically-advanced classrooms, impeccable lectures, outstanding training facilities, and extensive support services are a magnet for international students who aspire to study abroad.
2. Teaching and learning process
Parents should send their children to study in Australia because of a unique education system that supports innovative teaching and advanced learning programs.
The strategies encourage students to become critical thinkers so that they can easily achieve their personal and professional dreams later on.
3. Globally-recognized programs
The degree programs offered by Australian universities are authorized by the Australian Qualification Framework (AQF) and accepted by national and international agencies adding high value to the acquired qualification.
4. Affordability
Both the college fees and the cost of living in Australia are affordable if someone has planned their finances well. The government also offers different earning opportunities to students that prove an immense help in meeting daily expenses successfully.
Additional read: Fund your child's master's in Ireland
5. Scholarships
Lots of students want to study abroad but are unable to do as it is an expensive affair. In Australia, almost 300 million dollars worth of student scholarships are for grabs every year.
If your child is one of the lucky ones who has managed to win a scholarship for higher education then they are up for a winning ride.
The Edufund App has a dedicated team of experts who provide support for children’s overseas education. They counsel students and their parents so that it becomes possible to apply for scholarships and make their dreams true.
6. Advanced research opportunities
Australia offers advanced country-based research opportunities to learners who want to boost their careers with help of research and development.
Several universities spend a significant budget on R&D to ensure progress in different fields. They also offer fellowships to interested students to undertake research in their area of choice.
7. Easy access to student visas
One of the major reasons why students prefer to study in Australia is because of the easy accessibility to a student visa. The process is simple and quick for applicants who have their health insurance and finances in order.
8. Gain work experience and earning opportunities along with studies
Students in Australia are allowed to work 40 hours every two weeks or 20 hours every week during the semester and full-time during the semester break.
This is a golden opportunity for students who want to gain work experience and earning opportunities along with their studies.
The minimum wage for part-time jobs is 17 dollars per hour and this earning opportunity is a blessing in disguise for students struggling to meet their financial needs.
8. Multi-cultural society
Australia boasts of a multicultural society that promotes cultural diversity. This place is a boon for international students with diversified backgrounds who can easily find familiar people within the communities.
9. Safe environment
According to the UN’s World Happiness Report, Australia is among the top 10 safe and happy places in the world.
The government has a strong infrastructure in place that provides security and safety to all its citizens including domestic and international students all over the country.
10. Student support system
The Australian government has an excellent student support system in place that provides help to international students facing any issues.
The Federal Department of Education in Australia operates an easy-to-contact helpline that offers help to students with issues related to safety, accommodation, education or work, etc.
11. Numerous employment opportunities
The career-focused programs offered by Australian universities offer extensive knowledge in different subjects. The diverse curriculum empowers students with the necessary skills to face challenges in the outside world and gain employment opportunities.
Conclusion
Australia has proved itself as one of the most welcoming education providers in the global arena.
International students who study in Australia are attracted because of the interactive learning environment, globally-acclaimed universities, affordable educational programs, and scenic attractions.
Moreover, the country is known to open new doors of opportunities that promote personal and professional growth.
Consult an expert advisor to get the right plan
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4 essential tips on investing in your child's education
Life becomes easier and more manageable with planning. A very important part of a happy and balanced life is managing your finances well.
This responsibility becomes manifold if you have a family to provide for. Prioritizing the prior planning of your child’s college education can make your retirement life effortless and stress-free.
Put away savings to preserve wealth. Invest money to generate more wealth. At the end of the day, gaining that fine balance between your savings, investments, and spending habits is what will secure a beautiful future for you as well as your family.
Here are some pro tips on how to invest and save for your children’s college education.
1. When to start?
Timing is everything. The logic is simple - the earlier you start, the more wealth you can generate and accumulate.
You may begin as early as the family planning stage itself. Even if you do not have a clear sight of the stream of academics your child might pursue later in life, it does not hurt to put away money.
As your child grows up, they might decide upon what line of academics they want depending on their career goals.
Your savings will come in handy in reassuring your child that you are perfectly prepared to back them in realizing their dreams as there will already be a considerable amount of funds they can count on.
2. Compartmentalise your savings
The habit of saving money regularly is one of the healthiest habits one can inculcate. But mastering the art of saving requires self-regulation and a sense of organization.
Putting away a bulk of money indiscriminately is not the most effective way of saving.
Keep track of your expenses and your income; device upon an amount you can afford to put away as savings. Make a list of all the things you need to save for - emergencies, education, health, housing, and so on. Divide your savings accordingly.
The act of compartmentalizing savings can also be effective in regulating your spending habits. You can also inculcate this healthy habit in your child from an early age by encouraging them to save money from their monthly allowances.
3. Consider different investment options
Investing is always an improvement upon saving because investments can generate new wealth. Thus, it is not enough to just put away money as savings; you also need to allocate funds to certain investments that suit your monetary goals.
There are different kinds of investment channels you can opt for. Some of us prefer fixed or recurring deposits while others want to generate more returns and go for mutual funds.
Mutual funds can be of different types depending on the factors like the amount of risk, duration, return rates, etc.
The mode of payment can also vary. For example, you can go for a one-time investment or you can choose monthly SIPs. Be well aware of all kinds of investment plans available so that you can choose the best one for yourself.
4. Invest in a global education
Your savings and money made from investments will be especially useful when you send your child abroad to pursue a college education.
Even if you are not sure about the possibility of global education in the future, it is always advisable to remain prepared for the same.
Simply saving money is not enough. Investing is a better idea and in the case of global education, it can be beneficial to invest in foreign stocks.
This is because the value of the Indian currency is forecasted to fall in comparison to other stable currencies in the world.
This means that the cost of living and studying abroad will be way higher than the cost of living and studying in a new city within India.
Once you set your financial goals, find out about investment schemes with international equity funds from countries like the US, so that you can make money in a more stable currency.
Conclusion
There can be several investment goals relating to different parts of your life like yourself, your spouse, relatives, housing and accommodation, health, gadgets, and emergencies. Mixing these up will only cause chaos and distress.
Hence, it is important to think separately about saving for your children’s college education and indulge in smart investments.
Consult an expert advisor to get the right plan
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4 Reasons why you should have an EduFund
Why should you have an education fund dedicated to your child’s college education?
Don’t you already have to worry about saving up for your home, your retirement, and any other emergency that may arise? With all these goals it might look daunting to have another fund for education as well.
Is it such a big deal?
Well yes, It is a very big deal!
Here are the top 4 reasons why you need to start saving up for education, as soon as you can, even if your child is just 4 years old!
1. The cost of education will most likely jump (a lot!)
education-cost-jump
In India, the cost of education is increasing at a rate far higher than the inflation rate. According to a report by the National Sample Survey Office (NSSO) - between 2008 and 2014, the average annual private expenditure for general education (primary level to post graduation and above) shot up by a staggering 175 percent while during the same period, the annual cost of professional and technical education increased by 96 percent.
The expenses typically include course fees, books, transportation, coaching, and other related costs. A recent ASSOCHAM survey also reflected this trend - parents are ending up spending almost 50% of their income on children’s education, today.
Studying abroad provides more options to students compared to the highly competitive and increasingly expensive higher education landscape in India.
However, getting admitted into a premier institute abroad requires students to shell out nothing less than a crore/per year, just for tuition fees.
For e.g. Stanford’s tuition fee for its MBA program is USD 140000/year and which is more than one crore, considering the currency rates that are prevalent now.
Even if you factor in an inflation rate of just 10%, it's going to cost double the amount to send your child to college, say 15 years later, than what it costs today.
Whichever destination you might choose to send your child to college, the money that you are going to spend, just on tuition fees, will be very high.
2. To avoid dipping into your retirement corpus!
retirement-corpus
It is more prudent to maintain separate funds for your savings and your child’s education.
This is due to the simple reason that no one is going to give you a loan to take care of your expenses post-retirement.
While your child may get a loan that will fund his/ her education expenses, you need to make sure that you and your spouse, are not dependent on one post your retirement.
Hence, EduFund comes to the rescue!
3. Let your child be debt-free!
Education loans are easily available from banks and other financial institutions and are attractive to many students who are not able to afford higher education – especially abroad.
But then again, education loans are termed at extremely high-interest rates, not to mention the collaterals attached to them. In this scenario, having an education fund will help.
Your child will not start her career with a debt burden hanging over her choice of job. And with the growing uncertainty in jobs due to the current global economic slowdown, there is no job security that assures steady income to pay off an education loan.
4. The Competition is just going to increase!
The competition to get into the best colleges, foreign or Indian, has always been high.
We all know the importance of studying well to get into the best colleges. But the increasing population and increasing enrolment in higher education have ensured that what was possible to achieve with 80% marks in the year 2000, now requires at least 95% marks. And, there are more people competing for the same number of seats.
So, getting into one’s college of choice on merit alone or with a scholarship is going to be much more difficult than it was.
In fact, parents are now having to prepare to handle competition even for KG admissions for toddlers. Many of them start planning right at child-birth on which school their child should go to.
So, start planning now!
When you start early, you have the freedom of choice in college as you don’t have to worry about the cost of college.
Having a corpus fund for education to draw from when the time arises is imperative to ensure a good education and a good career for your child.
And even if your child’s choice of career changes as time passes, you can adapt and be ready with the funds, when required.
FAQs
What is EduFund?
EduFund is an investment app dedicated to helping Indian parents save, invest and plan for their child's education needs.
How can EduFund help you?
EduFund can help you invest, save and plan for your child's education needs. It allows you to customize your plan, and invest in tools like mutual funds, US stocks, ETFs, and digital gold to diversify your investments.
It sets long-term and short-term goals for parents and children to save up time and help them achieve their goals. EduFund also helps you with education loans and connects you with the best loan partners in India and USA.
How can you set up an account with EduFund?
You can download the App from Play Store or apple store and set up your account free of cost. All you need is a bank account, an Aadhar, and a pan card to open your account and start investing in mutual funds.
Conclusion
We live in a world that is marred with competition, whether it's getting into a good college, or choosing the right investment instrument, being prepared for the future equips you to handle things better.
The stability of having a corpus and not being dependent on an education loan is a reassuring move for your child to choose his/ her dream college.
An EduFund may seem a far-off thing today, but it is a necessity for the future.
Plan, invest, and educate!
5 Reasons why Global Education is the Best for Indian Students
It is universally acknowledged that education is a very powerful weapon. Education can transform an individual and colleges can broaden a child’s horizon. Every child deserves to receive a quality education. There are various reasons why global education is the best for Indian students.
From our experiences, we know that when a student receives a world-class education, it helps them become their best version – professionally and personally.
Pursuing higher education outside of India seems to be promising in more ways than one. In this blog, we will talk about how studying abroad can affect your life for the better. Let's get started.
5 Reasons why Global Education is the best for Indian Students
When you think about it, there are innumerable ways in which a global education can benefit an Indian student. In this article, we will talk about the 5 major ones.
Let's get started.
1. Changes Your Life, for Good!
International exposure to study at a foreign university and the experience of living in a new country can be life-changing! The combined power of both results in gaining practical knowledge that can help you in life immensely.
Living alone in a foreign country can be daunting in the beginning, but it teaches you an immense number of values, and ethics, and not to mention, you become a pro chef!
You learn what is not written in the textbooks. Such experiences also shape your personality and groom you as a responsible professional.
2. Holistic And not just Academic Development
The Indian education system offers academic rigor. However, there still is room for improvement and development.
The cut-offs in premier Indian colleges soar to touch the sky. But whether these colleges provide excellent holistic development is still a big question mark.
Regardless of the foreign country you prefer to study in, most global universities focus on not just academics, but also professional qualifications, leadership, and personal development.
Foreign programs have gained popularity because the faculty is invested in a student's all-around growth.
3. Opens closed doors
Whether it is studying for a master's abroad or a Ph.D. – Foreign universities offer what you commonly don’t find in India.
An array of courses across all fields and subjects like - Artificial Intelligence and Data Security or Criminology, and Media Relations. You name it and they have it.
As per reports released by the USIEF, in 2019, Indians studying in the U.S. made up 17% of the international student population there.
If you want to take the road less traveled or pursue a career in a highly specialized niche, global education opens closed doors.
4. Brighter Career Prospects
Indian students who have received good foreign education have an edge over others. You wonder why? Recruiters view international experience as an asset.
It is reflective of many things like your skills to compete in a global setting and your ability to adapt to diverse cultures. Global education helps you hone your skills and grow exponentially.
After completing their degree, outstanding students can bag an international job as well.
5. Diversity
They appreciate unique students.
Many top-notch B-schools and other universities seek to promote diversity and inclusion. This means that the admissions team deliberately tries to encourage people from different walks of life to join the classroom. Highly reputed universities welcome meritorious international students.
Some even try to strike a balance in their gender ratio thereby including talented girls and giving them an equal chance to fly.
As the saying goes- "Sometimes the smallest step in the right direction ends up being the biggest step of your life!" Take the first step towards a brighter future. And, live the life of your dreams!
FAQs
Why is global learning important for students?
International exposure gained while studying at a foreign university and the experience of living in a new country can be life-changing!
The combined power of both results in gaining practical knowledge that can help you immensely in life.
What is the value of global learning?
Indian students who have received good foreign education have the edge over others. You wonder why? Recruiters view the international experience as an asset.
It is reflective of many things like your skills to compete in a global setting and your ability to adapt to diverse cultures. International education helps you hone your skills and grow exponentially.
Why foreign education is better than Indian education?
They appreciate unique students. Many top-notch B-schools and other universities seek to promote diversity and inclusion.
This means that the admissions team deliberately encourages people from different walks of life to join the classroom. Highly reputed universities welcome deserving international students.
Why do Indians prefer foreign education?
Indian students prefer foreign education because of many factors. Studying at an international university will give students great exposure in terms of meeting people from different cultures and countries.
It will also create excellent employment opportunities abroad. Having studied at a foreign university will add value to a student’s resume.
Conclusion
These are some of the major reasons why global education molds an individual for the better.
In reality, there are many more points that one can consider. Whether it is the quality of education- or the experiences one attains, education abroad is a stepping stone toward untapped opportunities.
We know many of us are now thinking, "What about the funds required to study abroad?". Well, saving up for higher education is not as hard as you think.
5 reasons why your child's college education is at stake
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
5 steps to apply for art school admission
If you are of an artistic bent, becoming a professional artist must have crossed your mind at least once. Art is exciting, certainly more exciting than being buried in spreadsheets in a corporate job.
It is through art, and through art only, that we can realise our perfection.”
Oscar Wilde
But what does art as a profession really entail? What are the things you need to know? What kind of education plan do you need to follow?
Is a scholarship enough or do you need an education loan? Also, how do you make money from an art degree anyway?
Well, here are some things you can do.
1. Knowing your education & career options
Art degrees are not really as monolithic as you may think. They can lead to many different career avenues. As a matter of fact, there are many different kinds of art degrees! You have to figure out which degree is right for you.
A Fine Arts degree is quite different from an Applied Arts or Design degree. In addition, there are specialized design degrees like graphic design, fashion designing, web designing, and many more.
Fine arts, similarly, has specialized degrees in fields like painting, sculpture, printmaking, and so on. There are also degrees and disciplines that are loosely allied with arts but have different scopes and interests, for example, art history and curation.
Not all artists spend all their time in their studios or make money the same way. Design degrees can get you a well-paying corporate or freelance career.
Fine arts degrees can also be lucrative, especially if you plan on teaching. It is important that you determine what kind of art course you want to take to understand the career options that would be available to you.
2. Finding the best fit
Once you have determined what kind of degree and career path you want to undertake, you need to find a university or school that would be the best fit for you.
Art school is one career path where studying abroad is worth it and makes a lot of sense. This is because universities abroad offer much better infrastructure, networking, and job opportunities, all crucial for any budding artist.
Image from Andrea Piacquadio on Pexels
Research universities that are the best fit for you. This involves looking at their location, faculty, infrastructure as well as funding opportunities.
Make sure that the university you are choosing is a good fit for the kind of artistic career path you have in mind. Choosing the right university is crucial to your education plan if you want to study abroad.
3. Convincing your parents
If your parents are encouraging and supportive of your choice to pursue an art degree, that’s great! You are lucky! In fact, you are part of a lucky minority.
Most parents tend to be a little iffy about any non-traditional career paths. If your parents fall into that majority, you may need to sharpen your persuasion skills a little.
Talking to your parents and persuading them is not as difficult as you may think. What you need to do is research and prepare a proper education plan.
This plan is to show your parents that you have properly considered the details and intricacies of your decision and are prepared for any issues that might pop up.
Image by Rodnae Productions on Pexels
If that does not work, you can take the help of an education and guidance counselor. Counseling can help bridge the gap between you and your parents and bring them on the same page as you.
Education counseling can also help you smooth out any kinks in your education plan. It can help you come up with comprehensive and pragmatic solutions that will enable you to follow your passions without reaching a career dead end.
You can even look for education counseling online if in-person sessions are not possible.
4. Securing Funding
Art school is expensive. Not just tuition costs, but the costs of procuring materials and art supplies for projects and assignments can get pretty high.
You should look into the websites of the colleges you are applying to and talk to the admissions officer about funding opportunities.
Look into the kinds of scholarships they have available and that their students and alumni have availed. Research one-time grants or fee waivers that you may be eligible for.
You may need to secure an education loan. In that case, you should try to familiarise yourself with them. Find out how to apply for an education loan, the procedure, documents required, interest rates, repayment rules, etc.
It could also be helpful to use an education loan calculator to figure out how much you can borrow and how much you would have to repay.
Talk to your parents because they are likely to have investments and savings set aside for your education. Education funding can be stressful but it is a necessary part of higher education planning.
5. Creating A Portfolio
Portfolios are important when you are applying to an art school. A portfolio is a collection of your best work that basically acts as your resume.
It presents the work you have done and are capable of doing so that admission committees can judge your skills and workmanship. A portfolio should therefore feature your best work but should also be diverse.
You want to show people that you can do more than one kind of artwork and have more than one skill set.
You should refer to the websites of the universities you are applying to find out what they are looking for in a portfolio. Talk to admissions officers and current students and alumni of that university.
You can also try to go online and look at other people’s portfolios to get an idea of how you should structure your own and what kind of artwork you should include.
A portfolio contains artwork that is not just simply pretty to look at but also showcases the versatility of skills. For example, a simple landscape may be pretty to look at but does not really show any exceptional talent, skill or vision.
Choose pieces that show your artistry with brushwork or impasto work. Pieces that are unique and show complexity and expertise with different materials or media are perfect for portfolios.
What’s Next?
Art school is a great place to both satisfy your passion and begin an exciting and promising career. You will be learning not just how to make great art but also how to sell and market that art.
You will need to remember that you are not just here to learn artistry but to learn how to make a career out of that artistry. But even more than that, you are in college on an adventure! Remember to have fun on this adventure!
FAQs
How do I get into art school?
There are many art schools across the world. The best way to start is to build a portfolio and check out the requirements for your chosen course.
What subjects are needed for art school?
You do not need to study any particular course for enrolling at art school. However, having an art subject like drawing, photography, fashion, designing or painting can be helpful. It gives a creative outlook and helps you build your portfolio that is required by most design/art schools in the world.
What are the five steps for applying to an art school?
Here are the 5 steps for applying to an art school -
Knowing your education & career options
Finding the best fit
Convincing your parents
Securing Funding
Creating A Portfolio
Consult an expert advisor to get the right plan
TALK TO AN EXPERT
5 ways to deal with rising college fees for your child!
According to Money Control’s recent statistics, “education inflation in India rose by 10% from 2012-2021” It has disrupted the lives of parents and aspiring children to ensure ease of admission.
The data shows that education costs rose above food and healthcare despite the hard-hitting pandemic. "IIT (Indian Institute of Technology)- all units in the country, doubled their fees by Rs. 90000 to Rs 2Lakh for all undergraduate courses in 2021."
The worst figures are yet to blow the minds. According to the Economic Times, “parents will have to spend 1.5 crores on the child’s education.”
To ensure parents do not struggle to meet the growing costs of raising a child, here are some ways to deal with rising college fees for your child!
https://www.youtube.com/watch?v=VvqzQx8kCpw
Ways to deal with rising college fees for your child
1. Invest via SIPs
SIPs are ideal if you wish to begin small in the market. In this, you can start by saving ₹5000 every month for ten years at 15% interest (assumed), and you can accumulate up to 7.93 lakhs for your child’s education. A SIP provides long-term gains and consistent savings.
Continuously diversify your SIP investments in 2-4 equity-oriented mutual funds with a mix of large and mid-cap investments.
Tap into equity-linked saving schemes to save for a child’s college fees and save on tax. The earlier you invest in SIP for a child’s education, you may reap more returns.
Start Investing in Mutual Funds
2. Invest in US Stocks
You can invest in US stocks from India in 2 ways, that is, Direct investments in stocks and Indirect investments in stocks through Mutual Funds
In the case of Direct Investments, you can invest in stocks through an overseas trading account with a domestic broker or by creating an overseas trading account with an overseas broker.
In the case of Indirect investments, you can invest in US stocks from India in the form of Mutual Funds, or ETFs (Exchange Funds Transfer and Investing Applications.
As per RBI guidelines under the Liberalized Revenue Scheme (LRS), one can invest up to 1.9 crores or 250000 dollars per year.
Start Investing in US Stocks
3. Invest in PPF (Public Provident Fund)
A PPF is a 15-year scheme that helps create a tax-free savings account for your child’s educational expenses.
A guardian may withdraw some amount after 6 or 7 years of maturity. If your child wants, he too may contribute towards the fund after maturity.
One can extend the account’s validity after maturity. Always remember, that PPF is a debt account. Hence, inflation blows might affect investments.
The combined limit for the PPF account is 1.5 lakh per annum. Under Section 80C of the Income Tax Act, a PPF account with 1.5 lakh is eligible for tax benefits. One can leverage the use of interest and maturity amount tax exemptions.
4. Unit Linked Insurance Plan (ULIP)
Insurance companies provide ULIP with the flexibility to cover multiple investments under a single scheme for investors.
With one policy, you can choose among high, medium, and low-risk investments. An investor can either choose a fixed sum or an investment premium.
Evaluate the risk appetite and invest accordingly in the low, medium-, or high-risk investment options. In an unforeseen situation, investors can withdraw a sum after 5 years. The premiums offered are exempt from tax under section 80C.
As per research, “A ULIP fund provides 10% returns on average.” For this, an investor must invest for 10 years in the ULIP funds. It is considered an ideal investment for a long-term child’s educational goals.
5. Fixed Deposit
It is one of the safest options to eliminate the college fees blues regardless of inflation. Fixed Deposits provide guaranteed returns on investments.
Always analyze the interest rates, yield, and interest compounding frequency from different providers before settling for one.
The higher the interest rate you get on FD, the bigger the child education fund corpus. However, FD may not provide 10-15% returns, but it is a volatile-free debt instrument.
The current educational costs may vary significantly from future educational costs. EduFund eliminates the guessing game by providing a tangible view of investments through a trusted college calculator.
The experts help design a personalized child education investment plan highlighting the guardian’s current income and future educational costs, hassle-free.
FAQs
What are some best ways to deal with college fees?
While there is no one-size-fits-all solution, a few options can be explored depending on your monthly budget, your choice of college, and the stream your child wishes to pursue. Below are some of the best ways to deal with college fees.
Manage your Budget
Creating a budget to manage your finances efficiently goes a long way in setting up a disciplined way of life. It helps in monitoring your spending, prioritizing essential expenses, and cutting down on unnecessary costs, thereby helping you save for your child’s education.
Invest Early
Investing early on is a smart move as you get enough time to create a corpus of a substantial amount for your child’s education. This also saves you from borrowing money from relatives and taking on educational loans.
Invest in SIP (Small Investment Plan)
Begin by investing small amounts in a smart investment plan. This will help you get comfortable with the idea of investing in education. A flexible investment plan is also a good option that allows you to increase your investment at a later stage.
Invest in US stocks
You can invest in US stocks, either through Direct Investments or Indirect Investments.
Direct Investments allow you to invest in stocks through an overseas trading account with a domestic broker or by creating an overseas trading account with an overseas broker.
Through Indirect Investments, you can invest in US stocks from India in the form of Mutual Funds, or ETFs (Exchange Funds Transfer and Investing Applications).
Educational Loans
An educational loan is also an option for those seeking to study abroad as well as for those who wish to educate their child in one of the expensive institutions in India. Edufund helps you in calculating your college costs along with living expenses providing you a transparent report of the expenses involved. Based on this, a suitable hassle-free loan option is provided.
Scholarship Programs
Most educational institutions provide scholarships to students who excel in academics but are unable to bear the cost of expensive institutions. You can apply for the same after reading all the terms and conditions.
The first step should be to avail yourself of a counseling session to deal with all the doubts and queries you may have. EduFund provides this first step in a very transparent and efficient manner. As mentioned above, solutions are provided based on your budget and requirements and you can choose the one that suits you the most.
What is the best time to save for college fees?
The best time to start investing would be as soon as you plan to have your child, or even earlier if possible. This helps in accumulating a decent amount by the time your child starts college.
Having said that, it’s never too late to start investing. Begin your investment journey with right now!
What are the 5 ways to save for college fees?
Here are the 5 ways to save for college fees:
Invest in SIPs (Small Investments Plans)
Invest in US Stocks
Invest in PPF (Public Provident Fund)
Unit Linked Insurance Plan (ULIP)
Fixed Deposit
Why are college tuition costs rising so fast?
There are several common factors which contribute to escalating tuition costs:
Administrative costs: Many universities have seen significant growth in staff and expenses and investing in appropriate technology.
Infrastructure costs: With growing competition, institutions need to keep adding or upgrading their existing infrastructure and facilities.
Additional Services and Facilities: Additional services and facilities such as providing counselors, a robust medical service, and co-curricular activities such as sports, arts, trekking, excursions, etc. require additional manpower driving up costs for parents.
Education inflation: Inflation that affects the general public also affects universities and institutions increasing operational costs. It increases the costs of studying and related education expenses.
Technological costs: Technological advancement improves the overall education system, but it also drives up costs due to investment in infrastructure and equipment as well as in their usage training.
Reduced Government Funding: The government can reduce its funding for several reasons and universities have to face the rising costs. It forces them to increase tuition costs to make up for the shortfall.
What are the solutions to rising college tuition costs?
Here are 2 solutions to the problem of rising college tuition costs:Invest in mutual funds: Mutual funds are the best way to beat the rising college tuition costs. They offer great returns and are often known to beat inflation. You can start an investment plan for your kid's future when they are in school and invest till they are off to college.
Invest in US ETFs: Another way to beat college costs is US ETFs. They are great if you want to send your kid abroad to study. They can beat inflation, and rupee depreciation and they offer great returns in US dollars.
5 ways to financially prepare yourself to send your child abroad
Education is the most valuable investment. This is why millions of Indian parents aspire to send their children abroad for foreign education.
Countries like the United States and the United Kingdom offer academic excellence and better infrastructure. But with the increase in tuition costs, sending your child abroad is tougher.
5 ways to financially prepare yourself to send your child abroad.
1. Start early with long-term financial goals
The first rule of saving is to start early. Examine your spending habits and eliminate unnecessary costs. Set aside a certain amount of funds on a monthly basis for your child's education.
Saving and making investments early in life increases your chances of reducing your ability to procure loans and minimizing the effect on future cash flows.
Early Savings Help in Child's Future
Read More
2. Estimate present and future cost
When calculating and budgeting, it is recommended to anticipate rising prices. The more funds you save now, you are in a better position to use them for your future needs.
This gloomy outlook will ultimately allow you to improve your probability of establishing a prospective foundation that outweighs actual expenditures.
3. Consider inflation and currency exchange
While planning to send children overseas for higher studies, it is required to consider the country's inflation rate as well as the currency's potential depreciation fluctuations.
Investigations and knowledge of historical inflation and depreciation trends will help calculate the additional amount required to manage education overseas.
For instance, the falling rupee has directly affected the budgets of hundreds of Indians studying in the USA today and increased their cost of living and parents who wish to send their children in the future.
Why save 10 years in advance for Child's College?
Read More
4. Find the best investment opportunities
Investigate medium- and long-term investment possibilities in which you may begin investing as soon as feasible. Determine your risk tolerance and investing capacity, and then invest accordingly.
A well-diversified technique with an optimistic approach will allow you to develop a progressive investing strategy.
5. Speak with an investment advisor
Don’t shy away from consulting with an expert, if you are concerned and underequipped with your framework agreement.
Investment advisers and foreign education professionals can assist you in analyzing your possibilities and establishing a more comprehensive and attainable approach.
source: pixabay
What makes foreign education more expensive?
Without a doubt, the expense of studying overseas is more than the cost of education in India. The amount varies depending on the university, country, course, and length of the program. As a result, it is critical to choose universities that are within your financial means.
The currency exchange rate and higher cost of living make foreign education expensive. Let’s look at more factors contributing to this cost!
1. Tuition Fees
Tuition fees are the largest mandatory expense. Depending on the course and location of study, it can vary. Master's degrees are more expensive per year than bachelor's programs.
Courses like Criminal Justice, Philosophy, English, and Mathematics are considered the most affordable subjects in terms of tuition fees. Courses like Health Sciences, Physical Sciences, Business & Nursing are considered the most expensive subjects in terms of tuition fees.
Tuition fees may be standardized or depend on the selected course. The report of probable tuition fees across the world's favorite destinations is as follows.
2. Academic Supplies
Another expense to prepare for is Academic resources, which range from textbooks and stationery items to computers and art tools. The report on average educational supplies costs worldwide are as follows:
3. Rent and Utilities
Accommodation is usually the second-largest expenditure for overseas students after tuition. Students can rent accommodation in small towns closer to their universities to save on costs. The report on monthly rent cost country-wise is as follows:
4. Shopping and groceries
To cut down on costs, students can buy products that are at maximum discounts. Rather than purchasing big brands, students can buy cheaper brands that are more valuable.
Students can plan to cook in batches and freeze the cooked meal for consumption. The report on country-wise monthly grocery costs is as follows:
There are various other costs associated with being educated abroad. These costs include visa costs, insurance, and university commuting expenses.
To manage all these examples, one must be financially prepared before sending your child for education abroad.
Higher education abroad is an enriching journey with several advantages; it can be affordable if you start saving consistently. These 5 ways can help you financially prepare yourself to send your child abroad and help them achieve their dreams stress-free!
FAQs
How do I plan for my child’s education abroad?
The first rule of saving is to start early. Examine your spending habits and eliminate unnecessary costs. Set aside a certain amount of funds on a monthly basis for your child’s education.
Saving and making investments early in life increases your chances of reducing your ability to procure loans and minimizing the effect on future cash flows.
Why do you want to send your child abroad?
Studying abroad has many benefits. The quality of education is outstanding in foreign universities. These universities also give students an opportunity to gain practical knowledge while studying.
Leading companies are attracted to students graduating from top universities abroad. The experience of studying in a different country offers students a different perspective and boosts confidence.
How much money is required for foreign education?
International education is expensive. Parents need to start saving early to support their child’s education dreams abroad. A few tips to stay prepared for your child’s foreign education include:
Start early with long-term financial goals
Estimate present and future cost
Consider inflation and currency exchange
Find the best investment opportunities
Consult a financial expert
What are the benefits of children studying abroad?
Studying abroad has several benefits. It gives students global exposure and allows them to interact with people from different cultures. It also provides students an opportunity to be involved in research and development, which may be difficult to find in India.
Consult an expert advisor to get the right plan for you
TALK TO AN EXPERT
