Higher education planning

Higher education planning (1)

Are you prepared for your Children’s higher education?

More than 1,30,000 Indian students have gone to USA this year to pursue  higher education. This is the highest number of Indian students in a single year and the second highest of foreign students in USA. Many parents desire  to send their children for higher education abroad for quality education and the trend is increasing every year. As per a study reported in Business Standard on 20th Nov 2015, parents are saving 30-40% of their income for children’s higher education. The destination countries are USA, UK, Australia, Singapore and other EU countries. The major challenge is affordability of the rising cost. The fees of universities are rising every year and it is much higher than the normal inflation. It is estimated that the minimum increase is more than 15% per year. The maximum bank loan for higher education abroad provided by Banks in India  is Rs20 lakhs which is not sufficient for meeting the cost. Besides the university fees, there are living cost which comes to Rs10 -12 lakhs per year.

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