Back in the day, education in India was somewhat affordable but as the years are progressing, Indian parents are being subjected to financial pressures due to the increase in the cost of education for their children.
As per studies, the cost of education in private schools increased by more than eleven times in the year 2014 compared to the cost of the same in 2013. Compared to this, the cost of enrolling a child in a government-run institution was much less and this trend continues to hold even in 2020!
Parents are finding it very hard to make financial arrangements for their child’s educational needs. On that note, it is evident that Indian parents will always be on the search for tips and tricks that can allow them to arrange for finances that they would need to provide for their child’s education.
The following section sheds light on some of them
As a parent, one must first evaluate what are the future needs of their child
As per the opinion of a veteran counselor associated with the renowned International School in Pune, a parent must consider as well as evaluate the needs of their child before formulating a financial plan set solely for the latter’s educational needs.
Post-evaluation, a parent must go after those needs-based objectives in a bid to be prepared to meet expenses that may arise out of the aspirations of their child that are too hard to predict initially.
A parent should start planning early by investing less
Let’s take into consideration the case of a parent who has a 3-year-old daughter Now, the little girl will graduate fifteen years from now, and as per the current trend, the parent would need to shell out anywhere between 20 lakhs after 15 years.
Well, the current cost of graduation is anywhere between 5 – 6 lakhs. If one takes into account the inflation rate at 10 % per year then the cost comes down to the aforementioned double-digit figure.
So what is the solution
Well, the parent would need to start investing now at a rate of anywhere between 4-5 thousand INR per month. In case the parent delays for say 5 years then he or she would need to invest around ten thousand per month to gather the double-digit figure he or she would need to spend during the graduation phase of their child.
Hence one can easily observe the benefit of investing earlier to achieve the same amount of money at the correct time is undeniable!
It is always a good idea to apply for scholarships
It is natural for a parent to seek scholarships for their children. Most scholarships fall into two categories - need-based and merit-based. While need-based scholarships are granted to students who do have the means to pay fees, merit-based scholarships are for deserving students.
Always reach out to the school or the body to understand eligibility, the tenure, and what the scholarship will cover. Hence, it would be financially beneficial for a parent to apply for scholarships that can help students with university applications in the future.
Providing education to their kid is one of the primary responsibilities of a parent, whether in India or abroad. This is the only way a society can progress and ensure the advancement of a nation. On that note, as a parent, when you follow the tips mentioned above, they can rest assured it can become easier to arrange finances for a child’s education.
Also read about:
Key Concept Of Human Relationship In 2021
Would you like to start your own business employing custom 3D printing
Why do you need to deploy a POS System in 2021