Combining Learning With Earning

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

- 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