Rising education costs can be managed if planned well. If you are short on funds, worry not—education loans and scholarships could turn into a way out, by Rounak Kumar Gunjan
The fee that one pays at the graduate and post-graduate level can gauge the cost of education in India. The marquee engineering from any of the IITs costs ₹2 lakh annually just on the fees, so you can imagine what the total cost would be for the four year programme. The costs run into several lakhs if you are pursuing your MBA from the IIMs, which could go as high as close to ₹20 lakh for the two-year course. These jaw-dropping figures are scary even if you look at institutions in the next level.
According to a survey conducted by the Associated Chambers of Commerce of India (ASSOCHAM) in 2016 nearly 1,600 working parents in cities like Delhi, Mumbai, Lucknow, Dehradun, Pune, Bangalore, Kolkata, Chennai, Chandigarh among others, it was found that college fees was up by 150 per cent when compared to the same period in 2005. The sad side to the survey was the fact that 9 out of 10 parents found it very difficult to meet their ward’s college fees and expenses. In several families, the cost of education is close to 30 per cent of the household monthly income.
Whether you are a meritorious student or one who is average in your studies, when it comes to education the costs are high for all. For parents it becomes natural to save for this one financial goal that is very close to them. Moreover, from the protected environs of home, the moment a child enrolls into a college, the first brush with managing their money on their own is equally challenging and very tough. While most of the college fee is taken care of, it is the expenses on daily needs like commute, food and other things necessary in college life, the pocket money may never be enough.
Riding on scholarship
Esta historia es de la edición November 2017 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 2017 de Outlook Money.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.