Most mother and father wish to present the very best schooling to their kids. However, excessive value of schooling within the non-public establishments and better price of inflation within the instructional sector make it tough for a lot of mother and father to do it.
“Indian parents usually support their kids for at least 20 years of life without expecting any returns. However, for middle-class parents, it is fairly difficult to finance their children’s expensive study abroad dreams. In most cases, they do it by making huge sacrifices and often using their retirement savings or putting their properties/homes as collateral against loans,” mentioned Prashant Ok Bhonsle, founder CEO and Founder of Kuhoo Fintech.
“Similarly, many talented students drop their study abroad dreams just because they don’t want to burden their parents or start working early to save a few bucks,” he added.
How to finance greater schooling
To keep away from lacking a chance of getting greater schooling of selection in a most well-liked establishment, you might prepare funds within the following methods:
Student Loan
Student loans could also be used to fill the hole between the funds out there and funds required. Such loans usually present flexibility in reimbursement and in addition tax advantages on curiosity paid.
“With the advent of new-age fintech platforms specialising in providing assistance in financial higher education, planning for the future has become more accessible, affordable, and convenient,” mentioned Bhonsle.
“Student loans are no longer subjected to uncertainty, long queues and chaotic documentation. Fintech platforms like Kuhoo are using technology to provide student loans at utmost ease,” he added.
“Undoubtedly, today, Student loans are the easiest way to give wings to your study abroad dreams. It can easily support your financial troubles and will not add pressure or burden on the parents or guardians,” Bhonsle additional mentioned.
Saving and Investment
To be certain that the out there funds don’t fall in need of the funds required, mother and father ought to plan early and begin saving and investing as quickly as potential.
“Most parents are continuously under pressure to ensure the financial constraints don’t hinder their child’s educational journey. Therefore, parents must start planning finances ahead of time and take the right steps to support their child’s future endeavours, especially in terms of education,” mentioned Bhonsle.
“Foremost, it is vital to set a goal for higher education. This can vary between Rs 2.5 lakh to Rs 1.5 crore or more, depending on your child’s aspirations, capabilities, and higher education dreams. It is advisable to start investing in regular SIP and compounding so that you can reach your fund goals with ease and efficiency,” he added.
Source: www.financialexpress.com”