How to Plan your Child’s Higher Education

Apr 06, 2015 | 4 years ago | Read Time: 3 minutes | By iKnowledge Team

It’s true what they say: “Once you are a parent, you will never be able to sleep the way you did before.” Nevertheless, regardless of the tiniest of parental worries that will test your nerves, nurturing and seeing your little child blossom into adulthood still remains the joy of all joys, making the journey worth all the trials and tribulations. However, in this dazzlingly prohibitive living standards in the cities and small towns alike, parents are often hard-pressed to fulfill their dreams of giving their child the highest standard of education. To allay your concerns, we have put together a few ‘How-to-s’ to help you plan your child’s higher education.

How to select the right college?

Yes, it is stressful for the student as well as the parent to select the ‘right’ college. We urge you to be proactive and always remain abreast with the best and latest happenings in the academic premise. You can be your child’s guide, which would help your child navigate through the complicated procedures involved. It isn’t necessary for the college to be the most elite of all; what’s more important is that your child fits in and avails the best programs. Some parents think it is absolutely necessary for a child to work hard and enter a prestigious college. This is important, but not so much compared to what your child really wants to do in life. Your child needs growth and learning in terms of knowledge, confidence, and self-esteem.

Fee Comparisons/Scholarships

The next step is to compare the fee structure from the list of colleges that you and your child have selected. It is extremely simply: go to their websites and make a detailed list of the advantages and disadvantages of every college, along with its fee structure. This helps you understand the worth of a programme offered in comparison with another/an array of institutions. For parents who face trouble affording a child’s college education, you should definitely look for a scholarship. There are a number of scholarship programmes available to students, but most fail to benefit from them due to lack of knowledge or prior information. You can make the most of it by providing all your child’s information, such as interest in sports or participation in activities, honours/accolades received, in order to avail the best possible opportunity.

Affordability – Child Plans

With the high cost and expenses of education, it has become a real task to save and provide your child with the best of opportunities. In such cases, we have certain provisions in the country for all those who would prefer to save money for their child’s education. This provision is known as ‘Child Plan’, and parents can save for long-term goals such as a child’s higher education. You can take advice from Financial Planners to avail the best possible deal for your child—all this needs to be thought out well in advance.

Education Loans

You can make use of an education loan provided by various banks in our nation to students of Indian Nationality who intend to pursue further studies such as a graduation degree, post-graduation degree or a professional course here or even abroad. You can avail such loans, for which the repayment procedure begins immediately after a completion of a year or until the student gets a job. Make sure you build a strong profile to provide collateral against the loan offered, in case there is no scholarship provided by the university.
An education loan covers equipment expenses, accommodation charges, examination and library fee, travel expenses, and even insurance premium. You require documents such as the admission letter, your child’s scores, fee structure, age proof, identity proof, address, bank statements, salary slips, etc.

Being a judicious planner from the very beginning can go a long way to secure your child’s welfare and education and fulfill your dreams.

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