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Should your child opt for Health Insurance while studying abroad? Health insurance is a mandatory requirement for many colleges abroad. Every student planning to study in Australia requires a health plan to get student visa approval. But what is health insurance? Health insurance pays for doctors and additional medical expenses if you fall sick or injured. It can provide you with a financial backup in case of medical emergencies. What is Student Health Insurance? Student Health Insurance is similar to a medical insurance plan that we create for medical emergencies. It is specifically designed for students pursuing their international education and offers financial security to students in case of any medical emergency. Contrary to the belief that student health insurance is expensive, it is quite affordable and can be customized to your budget and needs. It offers a variety of benefits and covers various pre and post-hospitalization costs.  What are the benefits of Student Health Insurance? Option to customize your plan according to your needs and college requirements.  Access to top medical facilities  Access to an extensive range of hospitals and instant cashless claim settlements. Option to select an extended 2-year health insurance covering the entire period of studies.  Easy online renewals for up to 3 months without waiting for policy expiration. No health check-up is required to apply.  Features of Student Health Insurance Plan Let’s look at the features of the Student Health Insurance Plan.  Hospitalization Coverage: Some hospitals offer pre and post-hospitalization costs of up to INR 50,000 in case of any untoward accident.  Comprehensive package: You get a high coverage limit of up to INR 1,00,000 at a nominal price when you buy insurance.  Education Coverage: In the event that the parent who was funding the child’s education passes away in an accident, the policy will cover the expenses of the education. This feature is of utmost importance considering the unpredictable situations in life, especially after COVID-19.  Multiple Payment Options: You get multiple options to pay for your child’s health insurance. For example online account transfer, UPI, mobile wallets, debit card, credit card, etc.  Let’s take a look at what is included and excluded in a Student Health Insurance Plan.  Inclusions Pre and Post hospitalization expenses in case a student meets with an accident. Covers Out Patient Department (OPD) expenses which are restricted to fractures, dislocation of bones, and contused lacerated wounds.  In the event of the accidental death of the earning parent, the policy pays a substantial amount to the college/ institution ensuring continuity of the child’s education.  Exclusions The policy does not cover the treatment of sexually transmitted diseases such as HIV, or AIDS.  Pre and Postnatal care and sports injuries are not covered in the policy.  Some plans do not cover dental and vision treatments. Treatment of pre-existing illnesses and self-inflicting injuries are not covered in the policy.  How to apply for Student Health Insurance? For students studying in Canada, they can either take private insurance or their school/ institution provides insurance to cover their study period.  The Australian government has designed Overseas Student Health Cover (OSHC) for international students to cover their medical and hospital care while studying in Australia. These are provided to students who don't have access to Australian Public Health Care - Medicare.  There are 4 easy steps to get an insurance plan.  Fill out the application form on the insurer’s website. Upload the required documents. Pay the premium amount online. Download the insurance policy instantly.  How to claim Student Health Insurance? Claiming a Student Health Insurance is hassle-free as well.  Register your claim with your insurer Upload the supporting documents or medical bills.  The insurer will assess your claim. It usually takes some time to decide on your application and you can either check it online or contact your insurer for an update. Why student health insurance is essential for your child studying abroad? 1. Pays for medical emergencies  Medical treatments in foreign nations can be expensive. Apart from the cost of education, you have to bear the burden of paying for your child’s medical expenses. With a health insurance plan in place, there is no need to worry about expensive medical treatments. Even something as minor as a chipped tooth can add hundreds of dollars to the bill in countries like the USA or Canada. Thus, having proper health insurance will help your child tackle medical emergencies effectively without hurting your pockets.  2. Get financial protection from unexpected situations  Parents typically think that the premium of health insurance is an additional expense when their child studies abroad. However, in exchange for the premium, the insurance company pays for all the medical expenses. In simple words, your child is better protected from unnecessary costs with health insurance. Moreover, with health insurance, your child will get timely access to quality healthcare. There is no need to defer treatment when your child has a proper health insurance plan.  3. Get access to additional coverages  Most health insurance plans for students studying abroad offer additional coverage. Hence, your child insured by a health insurance plan will get extra coverage. For instance, they will get coverage for lost luggage, political evacuation, personal liability, etc. In most cases, your child will get financial assistance for lost passports. You should always ensure that your child is insured by a proper health plan to guard against unforeseen situations in a foreign land.  How Single Parents Can Plan Finances? Read More How to choose the best health insurance plan? Before selecting a particular policy, you should consider the scope of coverage offered by the insurance provider. This should include a waiver of tuition fees in case of long-term absence emanating from medical conditions and expenses due to unforeseen situations.  With a proper health insurance plan for your child, you’ll be able to retain your saving-corpus during any emergency. Here are some ways in which you can select the best health insurance for your child studying abroad:  1. Network Hospital  Insurance agencies offer cashless hospitalization in case your child gets admitted to any of the listed network hospitals. Hence, before applying for the health insurance plan, thoroughly check with the insurance company.  Check whether they provide cashless hospitalization in the country where your child will study. In most cases, it is always advisable to opt for a health insurance policy where the insurance company has a vast chain of networked hospitals in many foreign countries. During any type of medical emergency, it will be easier for your child to get the right treatment.   2. Waiting periods  No doubt, waiting for something is stressful. And when the context is about waiting for the benefits of a student health insurance plan, it can be annoying for your child. Note that all student health insurance policies have a specific waiting period.  The waiting period is the prohibited time when your child cannot claim any benefits. In this period, the insurer won’t settle the claim filed by your child. For instance, the initial waiting period gets activated after thirty or sixty days once you buy the insurance plan.  In this time period, your child cannot file claims, except for accidents. Hence, while choosing an insurance coverage plan for your child studying abroad, always consider the waiting period.  3. Know the sub-limits of the health insurance plan  While opting for a health insurance plan for your child studying abroad, always be aware of the sub-limits. Sub-limits are conditions where the insurer won’t offer complete coverage.  It implies that the insurer will cover expenses only up to a specific limit and the amount above this limit shall be paid by you or your child. If you don’t want your child to have unpleasant surprises while studying in a foreign land, always opt for health insurance that doesn’t contain sub-limits.  FAQs How to get Health Insurance from abroad for my child’s international education? Insurance policies cost 5 to 6 times more if purchased from abroad. They cost much cheaper in India. What is the minimum age requirement for Student Health Insurance in India? The age is generally around 18 years, however, it will depend on the insurance service provider. Can students claim Tax benefits for Student Health Insurance premiums? Yes, students can claim tax benefits under Section 80D of the Income Tax Act. Is Student Health Insurance mandatory? Yes, since it is a prerequisite in many universities. How much does a Student Health Insurance Policy cost? A Student Health Insurance in India for INR 5,00,000 coverage will cost you approximately Rs. 447 per month. The amount varies with different insurance service providers. TALK TO OUR EXPERTS

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. 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.

Introduction The Fulbright scholarship for US education is one of the most prestigious awards offered by the US Department of state. The fully-funded merit-based program is administered by the Fulbright Commission along with the US embassies all over the global arena. The Fulbright Scholarship helps deserving students to continue with their academic endeavors. It is a brilliant way of promoting cross-cultural understanding and international collaboration because the scholarship is meant for both US students and international students. Fulbright scholarship program The Fulbright scholarship for US education is a fully-funded scholar program that includes two different scholarships. The first is for US students who want to travel abroad, and the other is meant for international students who want to travel to the US for further studies. Students who already have an undergraduate degree can apply for this scholarship program which covers funding for graduate studies, Ph.D. programs, Master’s degrees, or scholarly research. The program is for almost all fields of study like STEM fields, social sciences, business, agriculture, humanities, performing arts, etc. The Fulbright US student program is offered to 2,200 US students who want to travel to one of the 160 countries where the program is operational and 4,000 international students who want to travel to the US for higher studies. Important facts about the Fulbright scholarship program for US Education The Fulbright scholarship for US education is for an academic year only. Whether it is for the US academic year, which lasts from August to May, or the academic year of the host country depends on the course study. It is possible to extend the period to one more year only if the host country’s Fulbright Commission deems it necessary. The application form is available on the Fulbright Scholarship website, where the candidate has to select their country and fill it up with the necessary documents. The grant is fully funded, which helps students to lead a comfortable life without the worry of funds for the fee structure. The purpose of the grant is to support both US and international students who are interested in further studies but are unable to do so because of a lack of funds. The internationally acclaimed award encourages cultural exchange and cooperation between students of different countries. Additional read: Rhodes scholarship program Eligibility criteria for entering the Fulbright Scholarship Program The eligibility criteria for the Fulbright scholarship for US education include Applicants should be a citizen of the United States at the time of application, whereas international students entering the US must also be a citizen of their home country. Candidates who have served in the armed forces of the United States are given preference if their qualifications match the requirements and are equivalent to the qualifications of the rest of the candidates. Students in the US should have their bachelor’s degree, and international students should have an equivalent degree by the time they leave their place for further studies. Candidates must show proficiency to complete their study course or project. They must have experience in community service. Foreign applicants must not have any other degree in the US before they submit their application. Employer's endorsement is necessary for working candidates. Applicants have to be willing enough to represent their culture and serve as noble citizens of their country. Members and staff of the scholarship board, along with their immediate families, are not eligible for the Fulbright Scholarship Program. Is the Fulbright Scholarship program enough to meet the needs of your child’s US education? The Fulbright Scholarship Program is funded by the US Congress through an annual appropriation to the US Department of State’s Bureau of Educational and Cultural Affairs. It is also supported by host institutions, participating governments, various corporations, and different foundations from all over the world.  The Fulbright Scholarship grant includes Coverage of full tuition fees  Provides the required textbooks to the students Accommodation Two tickets from and to the country of study J-1 exchange visitor visa Monthly maintenance or living stipend Health insurance Settling-in-allowance Research materials and enrichment activities (optional) Computer (optional) Even though a Fulbright grant is a fully-funded program, it might not cover all the associated costs of studying abroad.  It is important to plan and save money for a study-abroad experience. The Edufund app helps Indian parents in the process of planning, saving, and managing money for their child’s education, be it abroad or in India.  FAQsWho is eligible for the Fulbright Program?   Eligibility criteria for the Fulbright Program can vary by country and program type. In general, applicants should be citizens or nationals of the participating country, hold at least a bachelor's degree, and have proficiency in English. Specific eligibility requirements will be available on the Fulbright Program website for each country.  What is the Fulbright scholarship?   The Fulbright scholarship is a prestigious international exchange program sponsored by the U.S. government. It provides opportunities for students, scholars, and professionals from various countries to study, conduct research, or teach in the United States and for Americans to do the same abroad. The initiative fosters intercultural dialogue and mutual understanding.  What is the Fulbright Program about?   The Fulbright Program is about fostering international cooperation and understanding through educational and cultural exchange. It offers a wide range of scholarships and grants to individuals from diverse backgrounds and fields, allowing them to engage in academic and cultural experiences abroad. The program emphasises promoting global peace and collaboration.  What is Fulbright Scholarship India? Fulbright Scholarship India refers to the Fulbright Program's opportunities and initiatives specifically tailored for Indian citizens. Indian participants can apply for various Fulbright scholarships, fellowships, and grants to pursue academic and professional experiences in the United States, such as research, teaching, or advanced study in their respective fields. These opportunities aim to strengthen ties between India and the U.S. through educational exchange.  Conclusion The Fulbright scholarship for US education is an educational exchange international program to build long-lasting connections between the US and other countries. The flagship program is one of the most effective ways of making dreams come true, enhancing learning, gaining diverse experiences, and unlocking innumerable opportunities for career growth. TALK TO AN EXPERT

According to an Indian Government survey, 44% of Indian students wish to move to the USA for higher education. Good quality of education, better job opportunities, and a healthy lifestyle are some reasons behind this demand.   However, there are many obstacles like high costs, limited seats, and intense competition. Let's look at 5 reasons why your child could miss their American dream! 5 reasons why your child could miss their American dream! 1. Lack of funds and savings Lack of funds is the top reason why your child could miss their American dream. The United States of America is home to some of the costliest universities in the whole world. Some of them are the University of Chicago, the University of Pennsylvania, Tufts University, Harvey Mudd College, and so on. The tuition fees of universities in the USA depend on which course you are pursuing. If you are pursuing an undergraduate degree in engineering, it will cost you around $40,000 to $80,000 per year (Rs 31,79,800 to Rs 63,59,600). Similarly, if you go for a medical or law degree, it will cost somewhere around Rs 1,98,73,500 if you go for a public institution and Rs 2,62,33,185 if you go for a private institution. Your child can apply for scholarship programs in the universities. If you feel that the cost is going beyond your budget, you can apply for a loan from a bank. Another solution is to start investing in long-term instruments like mutual funds if you have a time horizon of 8-10 years. You speak to a financial expert if you are looking at a shorter duration. Invest for their dreams with Mutual Funds 2. Not meeting the Eligibility Criteria  Another reason why your child could miss their American dream is eligibility criteria. To get admission to the respective university, you need to fulfill all their requirements. It is essential to understand the eligibility criterion so that your child might not face any problems later.   For example, if your child wants to get admission to Harvey Mudd College, then he or she needs to present a coalition application, school report, counselor recommendation, official high school transcript, and appropriate funds to cover the fees and cost of living. All the documents should be presented properly and your child should meet all their requirements.  3. Incomplete university applications   Application is one of the most important parts of the complete procedure. During this process, you should make sure that all your documents are ready beforehand and that your application form has no errors. The application form goes through a verification process in which every detail that you have filled in is checked. If the management of the university you are applying to finds out that the information you have provided is wrong, they might reject your child’s application.   Let’s take the example of the Massachusetts Institute of Technology. If you are applying to this university, you will have to fill out an online application which costs $75. They require you to present your past grade scores, coursework, competitive scores, and so on. Furthermore, they also expect you to take up competitive tests like SAT, PTE, TOEFL, and IELTS depending on the course you want to pursue.  GET 100% FUNDING FOR USA UNIVERSITIES USA University Fee Structure Read More 4. Not getting a US visa on time It is extremely important to get a USA student visa if you are going for higher education in the USA. Before you get a visa, a recognized university in the USA needs to accept your application which is certified by the student exchange and visitor program. Once your application gets accepted by the server, you will receive a form I-20 or DS-2019 which you will have to fill out accurately. The process can take weeks and the US visa office may require a set of documents that you need to provide to get the stamp. 5. Currency conversion rates   The rising cost of education is one of the major factors that can affect your child’s American dream. The inflation in education in the USA has been on the rise. According to EducationData.org, the inflation in higher education in the USA is 8% more than the annual retail inflation. The general living cost in the US is more than in India.   Furthermore, most of the parents make money in Indian Rupees rather than Dollars. The currency conversion rate provides 1 USD for every Rs 80. The currency rates alone can make US education far more costly for Indian parents.  These 5 reasons why your child could miss their American Dream should not stop you! Saving in dollars and preparing your child academically to impress the admissions committee – are two ways to support their dreams! Connect with our financial and education experts to turn this dream into a reality. Join our WhatsApp Community to learn more! FAQs How much does it cost to study in America? The USA is considered one of the most expensive destinations for studying abroad. : On average, public universities charge an annual tuition fee ranging from $8,000 to $35,000. Private universities in the USA charge between $25,000 to $55,000. The costs differ based on duration, university, and course. Is the USA cheap to study? No, the USA is not a cheap place to study. The costs can go up to Rs. 50 to 60 lakhs for many courses in the country. Is the USA good for Indian students? The USA is great for Indian students and the most preferred destination for Indians. It offers a wealth of opportunities to grow and make a successful career.

What does refinancing a loan mean?   Refinancing an education loan lets a new lender take over the existing loan and pay out the old lender. The new lender typically offers a lower interest rate on your loan, may offer a refinancing bonus, and provides better pay-back terms and service, making the shift attractive.    Why do students refinance education loans?   Most education loans have a tenure ranging from 5 years to 20 years. During this tenure, the loan rates may change in the market, and the current lender may not pass on the benefits of lower interest rates to the borrowers.    To ensure your education loan has the lowest interest rates, you can monitor the education loan market closely after taking the loan. Even a slight lowering of interest rates can impact the repayment tenure or per month EMI. As your child starts their career and begins to repay the loan, every small amount saved will enable them or them to repay the loan faster.    There are usually three main reasons to refinance an education loan:    To optimize the monthly pay-outs   Lower the interest rate   To change the loan tenure   Additional read: 5 ways to make getting an education loan easier for your child What are the eligibility criteria to refinance an education loan?   To refinance an education loan in India, the student should have taken the loan to pursue graduation or post-graduation degrees from well-known institutes and colleges.      The repayment process of the education loan usually begins once the student has already started earning.   Accordingly, the student should have completed the course and either could have begun the repayment process or be in the process of starting repayment.    The borrower must have a good credit history and score, with financial resources in terms of a regular salary to pay back the EMI month after month. Most lenders will also check on the other debt that the borrower may have.    Dos and don’ts of refinancing an education loan   Apply for Education Loans While refinancing an education loan, ensure you do the following:   Do due diligence before rushing in to shift the loan to a new vendor. In India, refinancing a loan may invite charges from the old and the new lender. The Old Lender typically charges a foreclosure penalty, and the New Lender has processing charges upfront that will add to the overall payout. Before deciding to shift your lender, check on the additional costs that the refinancing will incur.   Monitor the education loan market carefully. Changing rates can impact the total amount payable by you considerably. When you find the market rates dropping, you can speak to your existing lender to refinance your existing loan at the current rate or connect with a new lender for the same.    Opt for a fixed interest rate, and explore the possibility of a student loan refinancing bonus. These amounts can considerably impact young students starting out in their careers.    If your child’s refinancing application has been rejected initially due to low salary / insufficient funds, a promotion or salary increase can make them eligible later. Ensure your child uses these career developments smartly to refinance the education loan.    Instruct your child not to default on the student loan as it impacts the individual’s credit score in the long run. Poor loan repayment habits will affect their chances of getting a refinance and even new loans in the future.    To see how a change in interest rates will affect the monthly pay-out and tenure of your education loan, check out our Loan Calculator. This will help you understand the benefits of having the education loan refinanced.    If your refinance application is rejected for any reason, you will do well to start saving money through our various investment options and build your own corpus to settle the education loan at the earliest. Early loan repayment helps you minimize the interest you are paying and keeps your overall payout under control. FAQsIs it good to refinance student loans?  Refinancing student loans can be a good financial decision if you can secure a lower interest rate than your current loans, potentially reducing monthly payments and saving money over the loan's lifetime. However, it may not be suitable for everyone, so carefully evaluate your situation before deciding.  What happens if I refinance my student loans?  When you refinance your student loans, you basically take out a new loan with different terms to pay off your existing loans. This may result in a lower interest rate, a different repayment term, and a new lender. It can lead to lower monthly payments, cost savings, or both, depending on the terms of the new loan.  What is not a good reason to refinance a student loan?  Refinancing may not be a good idea if you're relying on federal loan benefits such as income-driven repayment plans, loan forgiveness programs, or deferment/forbearance options. Refinancing federal loans into a private loan could make you ineligible for these valuable benefits. Additionally, if you have a low credit score or unstable income, refinancing may not yield favourable terms.  Is it beneficial to refinance a loan?  Refinancing a loan can be beneficial if you get lower interest rates, reduced monthly payments, or faster loan repayment. It can save you money and simplify your financial situation. However, the benefits depend on your specific circumstances, so it's essential to carefully assess the terms and compare them with your current loan before refinancing.  TALK TO AN EXPERT

How do education inflation and rupee decline affect the cost of studying in the USA? After remaining low during the first & second waves of the pandemic, education inflation is now emerging drastically.  According to the Ministry of Statistics and Programme Implementation, the rate of education inflation in India was approximately 0.63 percent until April 2021. In May 2021, it increased to 1 percent. But in 2022, the rate has increased to 4.12 percent! On the other side, the rupee depreciation continues to affect overseas education, from everyday items becoming pricer to skyrocketing tuition fees. How education inflation and rupee decline is affecting USA academic costs? According to reports, the rupee hit 79 against dollars. This means, that the rupee currency is falling, while the dollar is increasing. The fall in the currency can be a result of certain parameters, including: Emerging crude oil prices Higher current account deficit The rising educational cost cannot solely be attributed to higher tuition fees. Different parameters affect the overall academic expense in the USA. Some are: Accommodation cost: Students stay in hostels or pay guests. Nearly 50% stated that their living costs have increased around 1.5 times. Food expenses: Increased food prices lead to a higher budget on daily products a student spends each day. Because of the increased prices of travel expenses, food, and beverages, students abroad need to deal with expensive educational costs. Important factors that affect the educational expense in the USA Administration expenses Technological updates by academic institutions Transportation charges become another factor In short, the depreciating Indian rupee against US dollars directly impacts a student’s education. Learners who plan for higher education overseas in the US will bear the brunt of the sharp depreciation of rupees against US dollars.   They must determine the exchange rate fluctuations and plan their finances accordingly. Nonetheless, the ongoing rupee-dollar exchange rates shouldn't influence a scholar's dream of studying abroad. So, they must plan & evaluate the alternatives too. Outlining the impact: cost of living & tuition costs Tuition & living costs are two crucial elements that affect a scholar's overall expenditures while studying in the USA. In today's age, the rupee is losing streak, leading to higher cost of living and fees. So, an Indian scholar who had paid 65 rupees per dollar in 2017 has to pay 78.20 rupees for every dollar in 2022. How should parents support a child to overcome this situation? Managing the situation is the only step left for students who wish to study abroad. Aspirants and their parents set aside a value of the corpus for foreign education after factoring in the initial requirements. The calculation evaluates the total loan amount. Pupils who don't determine the charges of native currency fluctuation against the destination's currency may face difficulties in the future. The INR's depreciation against dollars impacts the burden of studying in the USA. Exchange rate fluctuations send financial planning downhill. And it adds to the overall financial stress. Parents who fund educational expenses can save in US stocks. On this note, the EduFund app comes in handy. The app is India’s first investment advisory application that focuses on higher education. It allows you to invest in the SIP mutual funds & build a more prosperous future for a child. Alternatively, loan schemes are also important for scholars. Students who manage their own finances may choose financial loans to cover tuition fees and their cost of living. They can also invest in secured education loans tied to the collateral's value or education expenses. They cover full tuition fees as determined by the university and the living cost. In addition, students can also apply for a second education loan when they have an existing loan. But in that case, additional funds are required to finance their overseas education.  Another striking way to escape the fluctuations is by getting a scholarship. Scholarships are a blessing in disguise for deserving candidates.  FAQsHow does inflation affect the education system?  Inflation can impact the education system by driving up the cost of tuition, textbooks, and other educational expenses. As prices rise, students and families may struggle to afford higher education, potentially limiting access to quality schooling and increasing student loan debt.  Why is education so expensive in the US?  Several factors contribute to the high cost of education in the US, including administrative expenses, faculty salaries, infrastructure, and the availability of federal loans. Additionally, a lack of strong government funding for public universities and the competitive nature of higher education can drive up tuition fees.  What is the inflation rate for higher education in the US? The inflation rate for higher education in the US varies from year to year but tends to exceed the general inflation rate. On average, it has been around 2-3% higher than the overall inflation rate, making college and university costs grow faster than other goods and services.  What is the correlation between inflation and rupee value?  Inflation can have an inverse correlation with the value of a currency like the rupee. When a nation experiences high inflation, the purchasing power of its currency reduces, leading to depreciation. However, other factors, like interest rates and economic stability, also influence currency values.  Conclusion Since the rupee is losing its value against dollars, foreign education becomes more expensive. One's decision to pursue higher education abroad doesn't necessarily have to be influenced by ongoing trends of rupee-dollar exchange rates. Aspiring students and parents must conduct an intensive survey about both countries' economic aspects. In addition, they must also plan to send students for overseas education. These are just some ways education inflation and rupee decline affect the cost of studying in the USA. Consult our professionals today to protect your child’s fine future! Consult an expert advisor to get the right plan TALK TO AN EXPERT

Education inflation directly affects your child’s higher education decisions. From which country to study to what they should study is directly affected by inflation. Education inflation increases the cost of tuition and a host of other educational expenses that are bound to impact your child’s future plans.   Education inflation affects your child’s higher education decisions in a number of ways such as:   1. Location of Study   While many students aspire to study abroad or at top-notch universities, not everyone can afford it. The cost of education across the globe is rising and to attend the world’s best universities, you either need an education fund or take on student loans to pay the fees. Unfortunately, most Indians do not have an education fund and not everyone is entitled to an education loan, thus, students have no choice but to look for cheaper alternatives without compromising on the quality of their education. For instance, a medical degree in India from a private college can cost you up to 1 crore, since most parents cannot pay this expense, they send their children to countries like Russia, Ukraine, Bangladesh, or Nepal to study medicine.   2. Course Preference  Education inflation can affect the child’s higher education decisions like what to study. Your child may be a great artist or cartoonist and aspire to study graphic design and illustration. The cost of studying in a graphic design program can be huge and most parents cannot afford it. Unfortunately, this may push the child to opt for a different course that is cheaper and inexpensive in comparison.   There are certain degrees that can be more expensive to afford and may force students to choose inexpensive alternatives affecting their course preferences as well as future career preferences.   3. Monthly Expenses  Education inflation affects your monthly expenses as well. It not only drives the cost of studying to rise but also affects everyday costs that are linked with education. As a student living abroad or in a different city, there are living costs to consider. Students have to bear the growing cost of rent, food, travel, and other expenses and budget accordingly. There are some cities that are cheaper than others and students must make certain lifestyle decisions in response to the rising education inflation in the world.   Sharing an apartment with your friends, limiting your expenditure, or taking up part-time jobs to cope with daily expenses are some ways education inflation may affect your child’s higher education decisions. Many students even opt for countries that allow longer working hours for students to cope with the expenses and ease the burden on their parents.    Additional read: 5 reasons why your child's college education is at stake 4. Variable Costs   There are many hidden costs of studying that parents do not consider. Buying a new laptop for a course, paying maintenance fees, security deposits or opting for a program to upskill can be some variable costs of studying. These are hidden expenses that all students and parents have to pay and can affect your overall education budget.   5. Career Prospects   Another aspect of higher education is career prospects. Every child has to consider the scope and ROI of their course and whether the college provides any placement assistance. Consider you want to send your child to the UK for their higher education, you need to consider if they can apply for a post-study work visa and make the most of their degree. This gives them a greater ROI on their course and the prospect of working in the country directly impacts their decision to study there in the future.   6. Dropout Rates  The 2020-21 report by Unified District Information System for Education Plus (UDISE+) revealed that the annual dropout rate of secondary school students was 14.6%. Girls are more likely to drop out of school or college due to rising costs than boys. While college is a stepping stone to success, many are not fortunate enough to apply for it or see it through.   These are some ways education inflation can affect your child’s higher education decisions. Many students are forced to change their career plans and even drop out of college to support their families because of the sheer cost of studying. To combat this situation, parents can start saving early on for their child’s college and ensure that the education inflation does not ruin their child’s bright future!  FAQsHow does inflation affect the education system?  Inflation can impact the education system in various ways. It often leads to rising costs for educational institutions, resulting in higher tuition fees and expenses for students. This can make education less accessible and increase the burden of student loans.  What is the inflation rate of child education?  The inflation rate for child education can vary significantly by region and over time. It generally reflects the rising costs of school fees, books, uniforms, and other educational expenses. It's essential to consult local data or financial experts for specific inflation rates in your area.  How to beat education inflation?  To mitigate the effects of education inflation, consider options like:  Saving early and consistently in education-focused accounts.  Exploring scholarships, grants, and financial aid.  Comparing costs between institutions and choosing more affordable options.  Investing in education savings plans that offer tax advantages.  Which country has the highest inflation?  Venezuela had one of the highest inflation rates globally, with hyperinflation causing rapid price increases. However, inflation rates can change rapidly due to economic and political factors, so it's crucial to check the latest data for up-to-date information on countries with the highest inflation rates.  Consult an expert advisor to get the right plan TALK TO AN EXPERT

Your daughter comes running breathlessly only to tell you her selection for the next basketball match. Oh! Did she mention the money she needs for the uniform and kit? Children's enthusiasm touches heights when they get the correct exposure. For this, their skills must align with their passion. To do this, parents must work on exploring the child's inert capabilities/passion and provide them with the right platform. Exploring activities that can help your kid's career is the first step toward this discovery. Let’s know why. Importance of extracurricular activities for kids Help gain expertise in a niche Learn teamwork Develop problem-solving skills Improve creativity  Enhances career prospects Top 5 Activities That Can Help Improve Child’s Career Prospects Here is the list of activities that may help boost your child’s career. You may also find some tangible ways to fund your child’s extracurricular activities. 1. Music Some children prefer to play music while others sing. Your child may excel at both. When your child learns music, apart from knowing how to play instruments and knowing about music's origins, they may also learn discipline, how to socialize, and cultural skills. They feel confident about themselves and perform well academically. Analyze the inclination of your child and the instrument they like the most. Gaining expertise in playing a musical instrument requires consistent practice. Thus, the expenses may include- musical classes, buying instruments, etc. You can buy a used instrument initially or check out the discount on the same by exploring multiple sites. 2. Sports  Cricket is the most popular sport in India. Cricket, chess, badminton, or basketball, every game helps nurture discipline, competitiveness, and strategic and creative thinking. The sporting journey entails various expenses, from tournament participation to buying the kit, travel, coaching, etc. You can seek a scholarship to fund these. 3. Cooking and baking Most kids are naturally inclined towards the interesting blend behind delicious dishes. Cooking teaches your kids important concepts like the right balance, temperature, volume, quantity, and taste. If you find your child experimenting in the kitchen, fund his dreams. Set up a different savings fund to pay for their sudden demands- cooking classes, setting, or attending overseas cooking competitions. 4. Martial arts Martial Arts like Karate, Taekwondo, and Judo help your child develop personality by learning self-defense skills and strengthening muscles. These skills help your child master overcoming aggression and control strength. It also helps build a good physique. 5. Sewing Classes Sewing may not be the first thing on a parent's mind as an extracurricular activity, but it helps one get creative with colors and patterns. Many children grew up as fashion -designers learning the skill. Additional read: How to know you are investing in the right mutual fund? How to fund your child’s short-term dreams easily? Parents often shiver at the price tag associated with kids' activities. And worse, sometimes it falls uninvited. As per the News 18 Survey of 2218 households, "63% of guardians have an average income of below six lakhs". On average, a guardian spends Rs. 850 a month on children's extracurricular activities.” The growth of extracurricular activities fueled by smartphone use will increase by 8 billion by 2023. Here is how you can plan financially before exploring activities that can help your kid's career: 1. SIPs SIPs enable investors to make fixed-amount investments instead of a lump sum in a mutual fund scheme. You could invest as little as 500 a month and set it up as a recurring deposit. Market volatility and timing hardly affect it.  2. Scholarships If your child is pretty good at sports, they may qualify for a scholarship. Scholarships help cover stay costs, practice costs, equipment, and travel.  It grants ample opportunity to experiment, learn, and gain knowledge and expertise over a certain skill. 3. Invest in high-dividend stocks  Investing in high dividend stocks means investing in equities yielding good dividends for your investment. Some companies provide up to 200 rupees in dividends. Investing in companies like this can help you earn 4000-5000 in 3 months. It could assist you in meeting the child’s extracurricular activities.  4. Fixed Deposits It is the best high-return option for short-term investment. Capital safety and guaranteed returns make it a viable saving option. With a fixed deposit calculator, you can calculate the total amount to deposit and the returns to expect after maturity. It can help you fund activities that can help your kid's career.  5. Savings account Savings accounts provided maximum liquidity. You can earn interest on your savings yearly. The account helps improve an individual's income. Explore the highest interest rates before opening an account. TALK TO AN EXPERT

Introduction New Zealand boasts of a top-notch education system that is preferred by many students in the world. The world-renowned universities, unique learning environment, and academic reputation especially for bachelor’s degrees are revered by the global faculty as simply the best. Parents from all over the world, especially in developing countries like India, want to send their children to get a bachelor’s degree in New Zealand. The only roadblock to this dream is the high fee structure that most middle-class families cannot afford. Parents who are serious in their desire to send their child to New Zealand for a bachelor’s degree must try to save at least 50 lakhs so that their dream of a better future can prove fruitful. Parents who do not save for their child’s education have to take on education loans which put a lot of mental stress on the student as well as the parents. The pressure of keeping everything afloat can prove harmful in the long run hence it is better to save and invest in safeguarding your child’s future. Start Saving with EduFund Top bachelor’s degrees in New Zealand  New Zealand is a hub of an entire range of bachelor courses for both domestic and international students. Some of the best bachelor’s in New Zealand include Bachelor of Business  Bachelor of Nursing  Bachelor of Advanced Science Bachelor of Agriculture Bachelor of Law Bachelor in Arts Top Scholarships in the USA for your child Read More Cost of studying in New Zealand The cost of a bachelor's degree in New Zealand for overseas applicants is affordable compared to some of the other countries in the world. The cost of a Bachelor in Nursing degree is an estimated 51 lakhs whereas a Bachelor of Information Technology costs nearly 10.1 lakhs. Bachelor's in Law degree costs nearly 19.80 lakhs whereas a Bachelor's in Journalism degree costs INR 13 lakhs for online programs Besides the fee structure, there are also related expenses like accommodation (8,000 INR to 13,000 INR per week), traveling, food, books and study materials, etc. You can calculate the total cost that the student will have to incur after adding all the relevant expenses with the College Cost Calculator.  There are hidden expenses like health insurance, travel insurance, visa fees, and security deposit that you may have to consider before planning your child’s journey. Although the country is not as expensive as some of the other countries like the USA, UK, and Australia, compared to India it will seem highly expensive. As the course lasts from two to three years the total amount becomes considerably higher. Students can apply for scholarships but not every student desiring to get a bachelor’s degree in New Zealand can benefit from it.  Save 50 lakhs for a child’s bachelor in New Zealand Parents who are interested in saving 50 lakhs for their child’s bachelor’s in New Zealand have to take some concrete steps. These include: Start planning as early as possible as it will give you a large window to plan, invest, and save at least 50 lakhs for your child’s bachelor’s in New Zealand. It is important to set goals and keep a specific sum of money aside for your child’s education because the fee structure of reputed universities abroad is quite high. Do not get fixated on only one plan instead take the help of financial experts to know more about how, when, and where to invest for higher returns.  Look at various investment opportunities like mutual funds, fixed deposits, government-backed schemes, specially designed child endowment schemes, term plans, etc.  SIPs are the most preferred investment options in recent times as they help regular investors to accumulate funds quickly. Consult reputed investment advisors who are adept at handling the planning and investing stage. Edufund is the best platform that has reputed analysts and investment advisors attached to the platform. They help parents to plan and invest so that they can easily save at least 50 lakhs for their child’s bachelor's in New Zealand. Remember to build a portfolio of several schemes so that the money is evenly distributed and you are not dependent on any one plan.   Remember you are investing for a longer period and the compounding factor will help to gain interest on interest over time and ultimately give you more returns down the line. Choose and create a plan that you consider will reap the maximum benefit. Conclusion New Zealand boasts of a high influx of international applicants every year interested in the various bachelor courses provided by the top universities. The benefit of studying at such highly acclaimed universities and getting a bachelor’s in New Zealand is immense as they open innumerable doors of opportunities in a person’s career path. GET UNSECURED LOANS FOR STUDYING IN NEW ZEALAND FAQs How to afford to study in NZ? There are many ways to finance your foreign studies: You can opt for scholarships, financial aid, and education loans and if you have time, you can start investing so that you have an education fund. The best way to achieve an education corpus is mutual funds. They offer amazing returns and are managed by experts so you don't have to worry about an investment strategy. If you are a parent, you can start an SIP for your child and give them enough funds to study anywhere in the world. Is New Zealand good for Indian students? Yes, New Zealand is a friendly and well-developed country with plenty of opportunities for Indian students. The country has a limited number of universities but all these offer amazing programmes and courses that can build your career. How much does MS cost in New Zealand in Indian rupees? On average, studying MS in New Zealand will cost between INR 24,00,000 to INR 35,00,000. The cost also depends on the university and program. However, there are scholarship programs available for meritorious students that can offer partial and full funding. DisclaimerMutual funds are subject to market risks, read all scheme-related documents carefully. CONSULT OUR FINANCIAL ADVISORS

COVID has increased the cost of studying abroad and impacted the world economy significantly. The increase in the rate of education inflation has thrown budgets off the chart. It caused unprecedented disruption and major changes in the education system.   Although COVID increased the cost of studying abroad, it did not diminish the demand. Student-friendly policies and universities welcoming international students back to campus encouraged this demand. Let’s look at how the pandemic and other economic changes increased the cost of studying abroad and how you can manage it.  Start Investing in Mutual Fund Exchange rate and annual cost hit for Indian students According to a survey conducted by the Indian Government, the education inflation in India rose to 4.12% after the COVID pandemic. In countries like the USA or the UK, inflation rose to 10%, touching an all-time high. This has directly impacted the fee structures as well as the cost of living in these countries.   The pandemic led to a steep depreciation of Indian Rupees against the US Dollar. According to the government data, $1 had a value of Rs. 73.12 as of June 12, 2021. As of 2022, there is a 6.16% decline in the Indian Rupee compared to the US Dollar. Hence, if you had to pay 1 lakh until the previous year, you will have to add Rs. 6,575 to your amount this year.  When it comes to tuition fees, in particular, the annual inflation in higher education in the USA is 8% which exceeds the annual retail inflation.   The National Centre for Education Statistics conducted a survey in which they found out that the average fee for a 4-year degree program in the USA was around Rs. 25,22,000 in 2010-2011 which rose to Rs. 29,91,000 in the year 2020-21. If you consider the example of Harvard University, you will know that the total cost of education for an undergraduate program for one academic year has increased from Rs. 65,38,000 in 2021-22 to Rs. 68,15,000 in 2022-23.  Take Education Loans to Study Abroad Negative financial impact and intention of studying abroad Before the era of the pandemic, the cost of higher education abroad was often more than justified based on substantial long-term economic return on that investment. Tertiary education is considered to have a significant impact on the starting salaries of graduates and lifetime earnings. Getting an education abroad is a transformative experience for students. Also, the experience and income gained are further extended if the students seek temporary or permanent migration to the country.  Despite the existence of COVID-19, 91% of Indian students still choose to study abroad. This survey was conducted by UNESCO during the year 2021. Out of this 91% of students, 71% of them want to move abroad because of better healthcare facilities. The Ministry of External Affairs sent out a report that states that 261,406 Indian students were admitted to a university abroad in the pandemic year 2020. No exchange rate shock for education in the UK or Canada There has been huge volatility in the exchange rates of the Indian Rupee to the British Pound and Canadian Dollar in the last year. But if you compare the volatility on a year-to-year basis, you will not find a significant difference in it. Hence, we can say that the students studying in these countries did not have to face major exchange rate movements and a hike in the tuition fees of the universities.   To counter future exchange rates and sponsor your child’s foreign education, you can invest in global equities, and US stocks and diversify your investments.  While COVID increased the cost of studying abroad, it also revealed how underprepared Indian families are to deal with financial and health crises. Break the cycle, don’t rely on education loans to sponsor dreams. Save for them and invest in tools you trust to create wealth!  FAQs Is it more expensive to study abroad? Yes, generally speaking, the costs of studying abroad outweigh the costs of studying in your home country. There are factors like currency exchange, living expenses costs, accommodation, and even the tuition fees is higher, especially if you are an international student. How does the US recession affect Indian students? Yes, big economic events like the US recession do affect Indian students. They can lead to higher tuition fees and living expenses for students who are on a budget. What was the impact of COVID-19 on the cost of studying abroad? Despite the pandemic and the introduction of online classes, many foreign universities increased the cost of studying by raising their tuition fees. Dalhousie University in Nova Scotia increased their fees by 3%, and the University of Calgary and the University of Alberta increased their fees by an average of 7% for new students.

The Indian government offers tax benefits on child education fees to encourage a higher literacy rate and child education in India. The tuition fees paid by a parent for their children are excluded from income tax and are subject to various benefits that you can avail of. Parents can enjoy tax benefits on their child’s education fees and additional deductions that are permitted for the same under section 80C of the Income Tax Act. Deduction for tuition payments received under section 80C The tuition fees paid to a university, college, school, or other educational institution may be claimed by parents. Transport and development fees, among other fee components, are not deductible under Section 80C. Together with the deduction for insurance, provident fund, pension, etc., the maximum deduction for payments made toward tuition fees can be recorded for up to Rs 1.5 lakh in a fiscal year. Eligibility of tuition fees for Section 80C deductions People who pay any amount or fees for their children's education may be eligible for a tax deduction under Section 80C if they meet the requirements listed below: Only an individual parent, guardian, or sponsor is qualified for this deduction. A limit of 2 children per person is eligible for the deduction. Therefore, a maximum of 4 children's deductions, or 2 for each parent, may be claimed. Every financial year, each parent may deduct up to Rs. 1.50 lakh individually. Please be aware that the parent's total deductions under Sections 80C, 80CCC, and 80CCD cannot exceed INR 1,50,000. Regardless of the class the child attends, a deduction is possible. Even if it is partnered with a foreign university, the institution, college, or university must be located in India. Only full-time education programs that have a nursery school, creche, or play school are eligible for the deduction. As an illustration, the amount that the parent pays in April 2021 for the quarter ending in March 2021 will be eligible for a deduction in the fiscal years 2021–22. A parent who is divorced or unmarried may also claim tax benefits. School costs for an adopted child are also deductible. Non-eligibility of payments toward tuition fees Payments made for development fees, charitable contributions, private coaching centers, or other expenses like mess fees, library fines, or similar payments are not eligible for the deduction. Paid tuition for part-time courses is not eligible for the deduction. The deduction cannot be used to pay for the education of yourself, your spouse, your brother or sister, your mother or father, or any other relative. This deduction does not apply to tuition fees paid to foreign universities that are located outside of India. Additional School Fees Parents Must Save For Read More Exemption for hostel and education expenses for children Employees in India are given the following exemptions*: Children's Education Allowance: Up to two children are eligible for a monthly allowance of ₹100 each. Allowance for Hostel Expenditure: ₹300 per month for each child, up to a maximum of 2. (*Only in cases when expenses are made in India following Section 10(14) of the Income Tax Act.) The Income Tax Act of many countries offers exemptions for certain expenses related to children's education and hostel expenditures. These exemptions aim to alleviate the financial burden on parents while promoting education. Taxpayers can often claim deductions for tuition fees paid for up to two children, and in some cases, for hostel expenses as well. Specific limits and eligibility criteria vary by jurisdiction. It's crucial to understand local tax laws, keep proper documentation, and consult tax professionals to ensure you're accurately availing of these exemptions within legal boundaries.  Deduction on Tuition Fees under Section 80C  Section 80C of the Income Tax Act in many countries provides taxpayers with the opportunity to claim deductions on specified investments and expenses, including tuition fees. While section 80C is commonly associated with investments like Provident Fund contributions and life insurance premiums, it also includes deductions for tuition fees paid for the education of children.  Taxpayers can claim deductions for tuition fees paid to educational institutions for up to two children. The deduction is available for full-time education, including any fees paid for play school, primary school, secondary school, and higher education courses. However, the deduction does not extend to coaching classes, development fees, donations, or other similar expenses. It's important to note that the tuition fee deduction under section 80C is part of an overall limit, which can vary by jurisdiction. Taxpayers need to be mindful of this limit and any other deductions they claim under section 80C. To avail of this deduction, individuals should ensure that they have proper receipts or evidence of payment from the educational institution. This documentation is crucial in case of any scrutiny by tax authorities. While claiming deductions can help reduce taxable income and the overall tax liability, it's recommended to thoroughly understand the provisions of section 80C and other relevant tax laws. Consulting a tax professional or financial advisor can provide guidance tailored to individual circumstances and ensure compliance with legal requirements.  https://www.youtube.com/watch?v=q_aEt61HEuk Eligibility for Tuition Fee Deduction under Section 80C:  To be eligible for the tuition fee deduction under Section 80C, taxpayers must fulfill certain criteria:  Parent-Child Relationship: The deduction is applicable to individual taxpayers who are parents or legal guardians of the child for whom the tuition fees are being paid.  Full-Time Education: The deduction is available for tuition fees paid for the full-time education of up to two children. This includes expenses for education from play school to higher education courses.  Recognized Institutions: The tuition fees must be paid to a recognized educational institution, whether in India or abroad. This typically includes schools, colleges, universities, and educational boards.  Restricted to Tuition Fees: The deduction is specifically for tuition fees and does not cover other expenses such as development fees, transport charges, or hostel fees.  Total Deduction Limit: The tuition fee deduction falls within the overall limit of deductions allowed under section 80C, which can vary by jurisdiction.  Taxpayers should ensure that they retain proper documentation such as fee receipts, admission letters, and any other relevant proof of payment. This documentation is essential in case of any tax assessment or audit. Before claiming the deduction, it's advisable to understand the provisions of section 80C and consult a tax professional or financial advisor to ensure accurate compliance with tax regulations.  Non-eligibility for Tuition Fees Deduction under Section 80C:  While Section 80C offers a deduction for tuition fees, there are certain situations where taxpayers might not be eligible to claim this benefit:  Not a Parent or Legal Guardian: Taxpayers who are not parents or legal guardians of the student for whom the tuition fees are being paid cannot claim this deduction.  Other Expenses: The deduction is specifically meant for tuition fees and does not cover expenses like development fees, transport charges, or hostel fees.  Not Recognized Institutions: If the tuition fees are paid to an institution that is not recognized as an educational institution by relevant authorities, the deduction may not be applicable.  Part-Time Education: The deduction is applicable only for full-time education. Part-time courses or self-study programs are generally not covered.  Exceeding Limit: The tuition fee deduction is part of the overall limit of deductions under section 80C. If the total of all deductions under this section exceeds the prescribed limit, the taxpayer may not be able to claim the full deduction.  It's essential to thoroughly understand the eligibility criteria and limitations of section 80C before claiming any deductions. Consulting a tax professional or financial advisor can provide accurate guidance based on individual circumstances and help ensure proper compliance with tax laws.  How to claim tax exemption for Children’s education allowance and tuition fee deductions?  To claim tax exemptions for Children’s Education Allowance and tuition fee deductions, follow these steps:  Collect Documentation: Gather receipts, fee payment proofs, and any necessary documents from the educational institution for both allowances and tuition fee payments.  Calculate Eligibility: Determine the eligible amount for Children’s Education Allowance and tuition fee deductions based on the relevant tax laws and your expenses.  Fill in the Income Tax Return (ITR): While filing your ITR, look for sections related to these deductions. In some jurisdictions, Children’s Education Allowance might be under "Other Allowances" and tuition fee deductions under "Deductions."  Enter Details: Provide accurate details of the expenses, allowances, and deductions as required in the ITR form. Double-check the information to ensure accuracy.  Attach Documents: Attach supporting documents like fee receipts and proofs along with your ITR filing. Many jurisdictions allow for electronic submission of documents.  Review and Submit: Review your ITR form to make sure all information is correct. Submit the ITR with the attached documents through the designated online portal or via your tax consultant.  Keep Records: Maintain copies of all submitted documents and ITR for future reference in case of any audit or inquiries.  Remember, tax laws and procedures can vary by jurisdiction. It's advisable to consult a tax professional or refer to the official tax authority website for specific guidelines and regulations relevant to your region.  How to claim the tax benefits on your child’s education fees? Parents can submit the school's receipt for the fee paid throughout the fiscal year to their employer. Before filing the investment proofs at the close of the financial year, parents must additionally demonstrate it in form 12BB. You must prove the number of fees paid under section 80C on the income tax return to claim the deduction for a person who is not a salaried employee under the VI-A schedule. The children's education allowance, which is a part of the wage structure, and the fees paid for the children's tuition are both separate deductions, it is vital to note this. As a result, these may be claimed individually up to the permitted maximum (given above) by the rules of the Indian Income Tax Act, 1961. You should utilize these tax benefits to reduce the cost of your children's education and lower your overall tax burden. By taking advantage of these exemptions, you can lower your tax liability and use the money you save to invest further and create a fund for your children's higher education. Therefore, as a way of increasing literacy rate and awareness, the Indian government has provided an opportunity for everyone to educate our children by exempting parents from paying taxes when it comes to our children’s tuition fees, but of course, it has its limitations. This is an attempt at national development and for us to reach new successes and explore what we can do with education. FAQs Can an unmarried person claim a deduction u/s 80C of the Income Tax Act, 1961 for school fees paid for 2 children? Yes, taxpayers can enjoy tax benefits on their child’s education fees and additional deductions that are permitted for the same under section 80C of the Income Tax Act. Is school fees eligible for an 80C deduction? Yes, school fees are eligible for tax benefits under Section 80C deduction. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year. Can we get tax exemption on school fees? Yes, school fees are eligible for tax exemption under Section 80C deduction. The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year. How much I can claim for tuition fees? The amount of tax benefit is within the overall limit of the section of Rs 1.5 lakh a year. How do I fill my tuition fee in ITR? Salaried employees need Form 12BB to claim tax deductions for tuition expenses along with the necessary documents in support of the declaration. Self-employed or non-salaried professionals can claim tax benefits under Section 6 of the Income Tax Return (ITR) form. Can I claim a deduction u/s 80C of the Income Tax Act, 1961 for my adopted child’s school fees? Yes, it is possible to claim a deduction for adopted kids as well under Section 80c of the Income Tax Act. Can I claim a deduction under section 80C for tuition fees paid to an Indian institution for my wife’s education? No, you cannot claim a school fees deduction for your spouse under section 80c of the Income Tax Act. I and my wife both paid for the education of our one child. My wife paid 70,000 and I paid 1,10,000/- can we both claim a deduction? Yes, both parents can claim a deduction on your income tax return for the amount you paid. I am a working woman and I am paying the education fees for my husband's education. Can I claim the deduction for this? No, it is not possible to claim a deduction for your husband's education fees under section 80c.

Many young adults’ first experience with financial management is in college. Parents must understand the value of this information, but some struggle to convey it to their children, and the majority of universities do not provide courses in this area. You can teach your children money management skills that they will need throughout their lives, and the money management habits they form in college are likely to stick with them for the rest of their lives. As parents, the lessons you teach about money management will give them the confidence to manage their finances in the future, save money, and stay out of debt by putting good money management skills into practice. Your children will be better prepared for the tension-free financial future they deserve if they learn how to manage money early. Long-term money management strategies As college students, they are always short on time as well as money and that is precisely why it is the right time to start building their financial habits. Some long-term strategies you can teach your child are- 1. Teach them how to budget Creating a budget is extremely important and it is something you should teach your child before sending them off to college. Recognizing the line between wants and needs is the key to budgeting. Make sure they fully portray their spending patterns by having them list their expected monthly costs for things like books, school supplies, laundry, eating outside, meal plans, and personal care products. Don't forget to include recreational activities. They will be on the right path to the future with better money management by establishing these limitations in advance. 2. Emergency savings fund Starting an emergency savings fund is essential for anyone's long-term financial stability, whether they are students or not. An emergency fund acts as a safety net that one can rely on for those "rainy days" when they find themselves in a financial crisis. They will be able to recover thanks to their emergency money. It is up to them how much money they save each month. No matter how tiny the amount may appear at first, they must save something each month. 3. Finding cheap housing Housing is a significant and inevitable expense in college. If you are preparing your child to manage their funds and create a budget on their own, encourage them to explore the options available on campus. The most affordable option to have the entire college experience is to live on campus. When it comes to housing, living with roommates is also a great way to save money. Your child needs to interact with the students around them who are also looking for a place to live. Who knows, maybe they'll find some of their closest friends! Money Management Tips for HomeMakers Read More Try to Save Money as Much as Possible Saving money isn't just a financial practice; it's a mindset that sets the tone for responsible adulthood. Even as a young adult, adopting a disciplined saving approach can yield substantial benefits over time. Here's how you can lay the groundwork for a successful savings journey:  Set Clear Goals: The foundation of effective saving is setting specific goals. Whether it's building an emergency fund, planning for a dream vacation, or saving for a down payment on a house, having well-defined objectives provides direction and motivation.  Automate Savings: Capitalize on automation by setting up automatic transfers from your checking account to your dedicated savings account. Treating saving as a non-negotiable expense encourages consistency.  Start Small, Think Big: It's not the initial amount but the consistency that matters. Even if you can only save a small percentage of your income initially, remember that small contributions compound over time to create substantial savings.  Embrace the 50-30-20 Rule: Divide your income into three categories: necessities (50%), discretionary spending (30%), and savings and debt repayment (20%). This balanced approach fosters responsible spending while prioritizing saving.  Build an emergency fund with enough money in it to cover three to six months' worth of expenses. This cushion safeguards you against unexpected financial shocks.  Start Investing in Mutual Funds Keep Track of Your Debts Effectively managing your debts is a pivotal aspect of financial stability. Proactively addressing your debt situation during your early adult years can avert future financial turmoil. Here's how you can navigate the complex terrain of debt management:  Catalog Your Debts: Start by creating a comprehensive list of all your debts, ranging from student loans and credit card balances to any outstanding loans. Note down interest rates and minimum payment requirements for each.  Prioritize High-Interest Debts: Tackle high-interest debts with unwavering focus. By paying off these obligations first, you're effectively minimizing the total interest you'll end up paying overtime.  Punctual Payments: Ensure that you meet at least the minimum payment requirement for each debt on time. Timely payments not only prevent late fees but also bolster your credit score.  Prudent Borrowing: Exercise discretion when considering new debt. Only borrow when it's necessary and within your means. Keep in mind that every debt you take on affects your future financial commitments.  Start Investing in US Market Stop Spending on Unnecessary Things Disciplining your spending habits is pivotal for maintaining financial equilibrium. Developing the ability to differentiate between essential needs and superfluous desires is a hallmark of fiscal prudence:  Create a Budget: Formulate a comprehensive budget that outlines your monthly income and expenditures. This provides clarity regarding your financial standing and empowers you to allocate funds judiciously.  Practice Delayed Gratification: Cultivate the habit of delaying purchases. This approach offers a cooling-off period that helps you evaluate whether a purchase is truly essential or merely impulsive.  Prioritize Quality Over Quantity: When making purchases, quality gives precedence. Investing in a few high-quality items that endure over time is more cost-effective than buying numerous lower-quality products.  Opt for Cash or Debit: Minimize reliance on credit cards. Opting for cash or debit cards makes you more mindful of your spending and curbs the tendency to overspend.  Guard Against Lifestyle Inflation: As your income increases, resist the urge to immediately inflate your lifestyle. Instead, continue living within or below your means, allowing you to save and invest more substantially.  https://www.youtube.com/shorts/jjXF-KC9iWI How to earn while in college? Your child will be able to cover their costs while in college and gain valuable work experience that will benefit them in the long run. They will be able to avoid future debt by making some income themselves. Students have a lot of work opportunities at universities. Your child should find out about working at the school bookstore or as a (resident assistant) RA. College students may also be eligible for additional employee benefits from several nearby businesses. Ask them to think about applying for summer jobs if work becomes a burden while studying. 1. Daily money-saving strategies You can teach your child a variety of money management techniques to help them become more frugal while they are in college. Here are a few daily financial management techniques. 2. Meal plans Ask about the college's meal plans. Teach your child to make the most of what they have by using it to the fullest. They should buy snacks they could use the next day if they have any spare cash left. 3. Student discounts A student ID card has a lot more uses than just serving as identification, including various ways your child can use it to save money. You should advise them to call ahead the next time they want to go watch a movie, get school supplies, or go for a haircut to see if the business provides any student discounts for nearby college students. They will have access to all campus facilities, including the gym, pool, library, etc., with their student ID card. 4. Cooking at home Teach them how to cook and how to utilize ingredients. Cooking their own food will help them save a lot of money that they’d be spending if they ordered or went out for meals. These are great skills they will value for life. They can also make cooking a fun activity by inviting their friends over and trying out new recipes. 5. Public transportation If your child does not live close to their college, they should take public transportation instead of driving there. They will be able to save money and avoid the stress of crowded school parking lots thanks to public transport. They will also save on the cost of car insurance, gas, and university parking passes. FAQs How do I teach my child to manage money? Start with simple concepts like saving, spending, and giving. Use clear jars for each purpose. Set an allowance, encouraging saving for goals. Involve them in budgeting decisions. Teach about needs vs. wants. As they grow, introduce bank accounts, investments, and wise spending. Be a role model for responsible money habits. What are the best money management tips? Create a budget, track spending, and prioritize saving. Pay off high-interest debt. Build an emergency fund. Invest for long-term goals. Live below your means. Avoid impulse buying. Comparison shop and look for deals. Continuously educate yourself about personal finance. Regularly review and adjust your financial plan. How do I teach my 4-year-old about money? Introduce coins and their values through play. Use a clear jar to show savings. Associate coins with small rewards. Teach basic needs vs. wants. Keep conversations simple and age-appropriate. Use stories or games to explain money concepts. Be patient, reinforce lessons, and set a positive example of smart money choices. How can a 10-year-old save money? A 10-year-old can start by setting a savings goal, like buying a toy or game. Help them create a simple budget and allocate a portion of their allowance or gifts to savings. Use a piggy bank or a savings jar to visually track progress. Encourage patience and celebrate milestones together. Conclusion The main conclusion is that although college is expensive, there are ways to lessen the financial pressure. Early financial management in college will help your child set themselves up for success in the future. Money management will make it easier for them as well as you while they’re studying in college. If they have the basic knowledge of how to handle their finances before going to college, they will be able to do it stress-free and be able to learn better with time. TALK TO AN EXPERT

Primary education is the first step in your child’s education journey. It forms the bedrock of a child's educational journey, laying the groundwork for intellectual, emotional, and social development. Primary education typically starts from kindergarten (KG) to the upper primary level (Class 1 to Class 8). Kids are 5-6 years old when they enter primary school.In India, primary education is compulsory and plays a pivotal role in shaping young minds and fostering a love for learning that lasts a lifetime. In this article, we delve into the benefits of primary education, highlight some of the best primary schools in India that excel in providing it, and offer insights for Indian parents to prepare for the average costs! What is Primary Education? At its core, primary education encompasses the essential years when children embark on their formal educational journey. It introduces them to foundational concepts in subjects such as mathematics, languages, science, and social studies. Beyond academics, here are some benefits of primary education. Primary education promotes socialization, communication skills, critical thinking, problem-solving abilities, and creativity. It is a time when children develop their cognitive abilities, curiosity, and sense of self.During these formative years, children are introduced to the joy of learning, and educators play a pivotal role in fostering their natural inquisitiveness. Moreover, primary education paves the way for a smooth transition into higher education and equips children with the skills needed to face future academic challenges. Benefits of Primary Education Primary education is more than reading, writing, and learning maths. It’s more than playtime for your children. It is the stage in life where your child has the opportunity to develop socially and build communication skills. It is the first time in your child’s life that they are exploring the social world on their own. They are in a learning and nurturing environment that allows them to develop as an individual! Let’s delve into the 5 main benefits of primary education that make it extremely vital for your children: Foundation of Learning: Primary education establishes the foundation upon which subsequent learning is built. The skills and knowledge acquired during these years serve as building blocks for higher-level academic pursuits.Holistic Development: Beyond academics, primary education nurtures emotional intelligence, social skills, and character development. It helps children develop empathy, respect for others, and a sense of responsibility.Critical Thinking: Primary education encourages children to think critically and approach problems analytically. These skills empower them to make informed decisions throughout their lives.Language Skills: Language acquisition is a vital aspect of primary education. Proficiency in language facilitates communication, enhances cognitive abilities, and opens doors to various opportunities.Love for Learning: A positive early educational experience can cultivate a lifelong passion for learning. Children who enjoy their primary education are more likely to remain curious and engaged throughout their academic journey. Best Primary Schools for Primary Education in India with Average Costs India has the largest education system in the world and its home to thousands of primary schools that shows quality education. We have listed out some brilliant primary schools in India with their average fees to help you gauge the costs better. Primary school education is essential; it sets a strong foundation for your child’s growth. Let’s check out the listed primary schools in India The Shri Ram School, Delhi: Renowned for its child-centric approach, The Shri Ram School provides a nurturing environment for primary education. The school's innovative teaching methods focus on experiential learning and individualized attention, fostering well-rounded development. Average Annual Cost: Rs. 2,00,000 - Rs. 3,50,000. 1. Podar International School, Mumbai: With a commitment to holistic development, Podar International School offers a comprehensive primary education program. The school places a strong emphasis on character-building and values-based education. Average Annual Cost: Rs. 1,50,000 - Rs. 2,50,000. 2. DAV Public School, Chennai: DAV Public School is recognized for its balanced curriculum and dedicated faculty, making it a preferred choice for primary education. The school's holistic approach focuses on academic excellence, character development, and co-curricular activities. Average Annual Cost: Rs. 80,000 - Rs. 1,50,000. 3. The Heritage School, Kolkata: The Heritage School is known for its student-centered approach and experiential learning opportunities. The school's commitment to fostering creativity, critical thinking, and social responsibility makes it an ideal choice for primary education. Average Annual Cost: Rs. 1,50,000 - Rs. 2,00,000. 4. Delhi Public School, Bangalore: With a strong academic reputation, Delhi Public School offers a well-rounded primary education program. The school focuses on developing core skills, values, and a sense of global citizenship. Average Annual Cost: Rs. 1,00,000 - Rs. 1,80,000. Preparing for Primary Education Costs: A Parent's Guide As primary education is a significant investment in a child's future, parents should proactively plan for the associated costs. Here are some strategies to consider: Early Financial Planning: Begin financial planning for your child's education as early as possible. Explore education-specific investment options, such as mutual funds or education savings plans, to accumulate funds over time. The best way to save your child’s education is by investing in a mutual fund with EduFund. You can start a SIP for just Rs. 10,000 and potentially save up to 20 lakhs by the time your child is off to college! Start Investing Scholarship Opportunities: Research potential scholarships, grants, or financial aid offered by schools. Many institutions provide merit-based scholarships or assistance based on specific criteria. There are need-based scholarships provided by central and state governments in India to help students afford rising education fees. Scholarships are the best way to fund your child’s education but they are highly competitive as well Scholarship Opportunities Budgeting and Saving: Budgeting and saving are essential if you have kids. Education expenses are more than just tuition fees. From registration fees to uniforms and transport, there are many more expenses related to schooling. This is why it's important to create a detailed budget that includes tuition fees, textbooks, uniforms, extracurricular activities, and other miscellaneous expenses. Set aside a portion of your monthly income specifically for education-related costs.Comparison Shopping: Research and compare different schools' fee structures and offerings. Consider the value each school provides in terms of academics, extracurricular activities, and overall development. For instance, choose the school board and school location carefully. These categories can affect your child’s future as well as time. They also impact the total school fees you will be paying every year.Utilize Tax Benefits: In India, certain investments and expenses related to education may qualify for tax deductions. Consult a financial advisor to understand how you can leverage these benefits. Conclusion By choosing the right primary school and planning for the associated costs, you can provide your child with a strong foundation that will serve them well throughout their academic and personal endeavors. Plan your child’s education costs on the EduFund App, you can save for their big expenses like school fees and future college fees with the help of Mutual Funds and US Stocks! Talk to an Expert