Looking to send your child abroad to study? Here are the main financial tips to follow

Looking to send your child abroad to study?  Here are the main financial tips to follow

While it is easy to be captivated by the dream of sending your child to college in the UK or the US, the harsh reality of tuition fees is a slap in the face for many Indian parents. Regardless of what they earn, no parent is really prepared to shoulder those high tuition fees. And usually, when that breathtaking moment appears, parents realize that they should have had a plan in place.

With tuition rising, Eela Dubey, founder of EduFund, says a child’s higher education abroad should not be left to chance. Still, it seems most Indian parents don’t consider putting a financial plan in place.

According to Dubey, most Indian parents are not aware of all the additional costs associated with an education abroad.

Also read: 7 tips that will help you gain financial freedom

She goes on to explain this.

“The cost of a four-year private university in the United States has increased 4.2% over the past 20 years. To put this in context, US household inflation rose 2.2% over the same period. Living expenses, such as rent, transportation, and meals can add up very quickly, especially if her child is studying in a major international city (New York, London, San Francisco, Toronto). New York University (NYU), a global dream school for many international students, charges $ 74,124 just for tuition and accommodation, ”she says.

An equally important, but often overlooked, pain point for Indian parents is the rupee …

Source

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