How you can save enough to send your child to study in preferred foreign countries

Many parents who approach us have the same expression when they hear about the side expenses they will have other than the tuition fee of college degree. And it’s a bit predictable that not every parent knows that there ward will someday be interested in a foreign degree. Studying in a foreign university was once a dream only the uber intelligent or the super rich could see. But now, every Tanmoy, Deepak and Hari aspires for a foreign degree. And for good reason too. The supply of quality education in India is outstripped by the demand. 

Every year, some 11 lakh candidates vie for the 11,000 seats in the IITs. The cut-off percentage for some of the coveted courses in top colleges has hit 99%. “The acceptance rate in Indian colleges offering quality education is below 2%. This has forced many Indians to look overseas. According to World Education News and Reviews, an education news portal, the number of Indian students enrolling in seven key foreign destinations has more than doubled from 1.38 lakh to 2.8 lakh in the past decade. 

Here is a perfect article form economic times which help parents make it more easy to be prepared for that kind of money.The going will be very easy for those who have time on their side. Financial planners say one should start saving for the child’s education as soon as the child is born. The SIP required to amass a corpus of Rs 50 lakh will not be prohibitively high. The outflow will be in small portions and will, therefore, not put a burden on your overall finances. You will also get enough time to put a dynamic strategy in place, changing the asset allocation as per the market changes and increasing the SIP amount in line with the increase in your income. 
But studying abroad can be prohibitively expensive. One year’s tuition fee in some Ivy League colleges can be almost Rs 30-35 lakh— almost equal to the total expense incurred on the child’s school education. Even second rung colleges cost the earth. A master’s course from a public US college costs Rs 20 lakh a year. You also need to factor in inflation and rupee depreciation. The rupee has fallen to 70 against the dollar, which is bad news for those planning to study abroad.
Then there are other costs to look at as well. If you take the cost of living, comprising accommodation, conveyance, academic supplies, health insurance and entertainment, add another Rs 10 lakh. The cost of living in foreign countries is also significantly higher but don’t worry we have services which will make it easier. For more details please read the article and visit your nearest GKworks office today!