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The cost of education doubles every 8 years.
Calculate the cost of sending your child to college with EduFund’s college cost calculator.
Using data from over 500 universities around the world, the EduFund college calculator helps parents get the future cost of their children’s higher education. We study your child’s unique interests – course, degree type, and country of study —to give you precise cost estimates and help you start planning.
What you should know as a parent
Education inflation is the rising cost of education over time. In India, education costs go up 10-11% every year. Abroad, this is even higher.
Age matters because as your child grows, so does the cost of their education. How old your child is today helps us give you better estimates of your child’s education cost for both UG and PG.
College fees are not simply just tuition. There are many unseen costs ranging from – accommodation, transportation, food, travel, insurance-that can increase a family’s cost.
Education costs are rising quickly. Don't delay in planning your child's future. Start to investing today.
What is included in the cost of college?
College costs go beyond just tuition, meals, and housing. Here are some of the typical costs to consider:
College costs encompass more than just tuition, meals, and housing; they include a variety of additional expenses that students must consider. When institutions create a financial aid package, they start with the total cost of attendance, which consists of both direct costs—such as tuition, housing, and food—and indirect costs like textbooks, transportation, and personal expenses. Textbooks alone can add hundreds of dollars each sem, while fees for technology and activities further increase the financial burden. Understanding these categories is crucial for students to effectively budget and prepare for the hidden costs of college life, ensuring they account for both direct charges and essential living expenses throughout their educational journey.
What is education inflation?
Education inflation refers to the gradual and ongoing rise in costs associated with education over time. Similar to general inflation, which affects the prices of everyday goods and services, education inflation specifically focuses on the increasing expenses tied to schooling, including tuition fees, textbooks, school supplies, and other related costs.
Inflation during nursery and primary education
For families with young children, the financial burden of education begins early. Rising costs for uniforms, transportation, and essential supplies can strain budgets and limit access to quality educational options. As prices increase, families may find it challenging to enroll their children in preferred schools, impacting educational outcomes from the very start.
Inflation during secondary education (K-12)
As students transition to secondary education, the stakes become even higher. Extracurricular activities, technology fees, and advanced course materials contribute to mounting expenses. Families must navigate these rising costs while ensuring their children receive a well-rounded education that prepares them for future success.
Inflation during higher education (college and beyond)
In higher education, education inflation reaches critical levels. College tuition has surged dramatically in recent years, leading many students to rely heavily on student loans to cover escalating costs. This financial strain can result in significant debt burdens that affect graduates long after they leave campus.
Why it matters
Education inflation not only impacts individual families but also poses challenges for educational institutions striving to maintain quality amid rising operational costs. As expenses continue to climb, access to quality education becomes increasingly limited for many students.
Plan for the future
Understanding education inflation is crucial for families at every stage of schooling. By planning financially and staying informed about rising costs, you can ensure that your children receive the quality education they deserve without compromising your family’s financial stability.
Why are costs rising?
The escalating education costs have become a big concern for students and families. As tuition and related expenses continue to rise, understanding the underlying factors is essential. Several key elements contribute to this trend, affecting both the affordability and accessibility of education at all levels.
Here are the main factors driving the increase in college costs:
- Increased demand: As more people seek higher education, the demand for college and university programs grows, resulting in higher tuition and associated costs.
- Amenities and facilities: Colleges and universities often invest in state-of-the-art facilities and amenities to attract students, contributing significantly to rising college costs.
- Economic factors: Inflation in the broader economy affects education costs as expenses for utilities, maintenance, and staff salaries rise, further increasing college costs.
- Market competition: Institutions compete for students by enhancing programs, technology, and services, which can lead to increased spending and higher prices that contribute to overall college costs.
- Privatization of schools in India:
With increased demand and limited seats in government-funded institutions, private institutions have gained prominence. The lack of government regulation on fees has further driven education inflation, making it less affordable for many students.
Together, these factors create a complex environment where education costs continue to escalate, often outpacing general inflation rates.
What is rupee depreciation? How does it affect your child’s foreign education?
Rupee depreciation refers to the decline in the value of the Indian rupee relative to other currencies. This means that it takes more rupees to purchase the same amount of foreign currency. Several factors can lead to rupee depreciation, including inflation, changes in interest rates, economic instability, and trade deficits.
How does it affect my child’s foreign education?
Increased tuition costs: If the rupee depreciates, the cost of tuition in foreign currencies becomes more expensive. This can significantly raise the overall cost of your child’s education abroad.
Higher living expenses: Alongside tuition, daily expenses such as housing, food, and transportation will also increase when converted to rupees, putting additional financial strain on families.
Budgeting challenges: Families may need to adjust their budgets or savings plans to accommodate the rising costs associated with a depreciating rupee, potentially delaying or altering their education plans.
Loan repayments: If your child takes out loans in foreign currencies, depreciation can increase the burden of repayment in rupee terms, complicating financial planning after graduation.
How to prepare to overcome education inflation?
To mitigate the effects of education inflation, families can take several steps:
Start investing early: Begin setting aside funds as soon as possible to benefit from compound interest. Consider dedicated education investment plans focused on college costs.
Budget wisely: Create a detailed budget that includes current and projected college costs, such as tuition, books, and living expenses. Regularly review and adjust your budget as needed to stay on track.
Explore scholarships and grants: Research available scholarships, grants, and financial aid options that can help reduce the financial burden of college costs. Encourage your child to apply for as many opportunities as possible.
Consider cost-effective institutions: Look into community colleges, online programs, or less expensive universities that offer quality education without the high college costs.
Plan for currency fluctuations: If considering foreign education, monitor currency trends and plan accordingly to manage college costs. Consider hedging options or saving in the foreign currency if feasible.
Increase financial literacy: Educate yourself and your child about personal finance, student loans, and investment options to make informed decisions regarding college costs.
Stay informed: Keep up with trends in college costs, policy changes, and economic conditions that may affect future expenses, allowing you to adjust your plans proactively.
