In recent times after Roti, Kapda and Makaan, managing expanses of a child’s education are one of the biggest challenges for both rural and urban parents. When it comes to funding higher education abroad, it needs to be planned in a proper channelised way to deal with education inflation, currency appreciation and depreciation scenario. Parents’ financial literacy plays a key role during the funding phase. If you are also wondering how to fund your child’s higher education abroad, this blog might have the answers you need.
The Cost of Studying Abroad
Starting with the tuition fees which are the biggest expense followed by miscellaneous expenses including food, electricity, accommodation, transportation and utilities. Basically cost of studying abroad is primarily divided into two important categories one is tuition fees and another is the cost of living. The actual cost of study completely depends on the standard of living as well as education quality in that particular country. The overall cost of study range from 20-25 lacs to 1.0-1.5 cr. To bear all these expenses, parents need to do a flawless financial analysis balanced budgeting and long-term investment.
When is the Right Time?
Is it said by elders that “those who start early always get the edge”. The right time to plan the funding of your child’s higher education from abroad is when he/she has at least 10-15 years left to start. Maximum numbers of remaining years lead to a burden less investment for the future expanses. Getting a detailed consultation from experienced study abroad financial experts is also a smart decision.
How to Fund?
Finding the right ways to fund a child’s education is a critical task so it requires proper planning and the right execution. Here are some methods through which study abroad expenses funding can be done.
- Prioritise the Expenses
Parents aspire to foreign education for their wards especially those belonging to the middle class. They need to prioritise their monthly to annual expenses smartly. They don’t get the liberty to spend like others without realising its impact on their children’s study abroad dream.
- Separate Goal-Based Investment
Separate goal-centric long-term investment be it in fixed deposits, children’s education plans and other financial saving products available in the market is considered a wise decision by financial experts.
- Scholarships and Sponsorship
Scholarships and financial grants are big saviours or we can say game changers for the students while dealing to manage study abroad expenses. Scholarships are categorised into different categories such as merit-based scholarships, need-based scholarships, fully-funded scholarships, partially-funded scholarships, university-offered scholarships and government-offered scholarships. Sponsorships are provided by philanthropic organisations and corporate firms are both merit-based as well as need-based.
- Immediate Available Options
Now as days there are also on-time funding options available to fund students’ higher education expenses such as education loans from reputed banking institutions at lower rates of interest. These educational loans come with the most flexible post-study repayment plans.
In this article, all the possible ways to fund a child’s higher education abroad are discussed. We hope all the doubts and myths related to studying abroad funding are now cleared now. To read more blogs related to the study abroad you can log in to Leverage Edu and enrich your knowledge.