5 Things to Consider in Your Child’s Higher Education Plan!

When a child is born, it is the beginning of everything for a parent, be it hope, dreams or possibilities. And in this regard, parents want to provide best of everything to their child.

As a parent, when you think- “What can I do to make sure my child has an advantage in life?”.

‘Providing quality education’ is the first thought that comes to your mind. However, the escalating cost of education can harm your thoughts.

But the good news is- you can meet the rising educational expenses conveniently by purchasing a child education plan. These plans invest in mutual funds and provide the required economic support to meet your child’s education expenses.

Also, these plans provide the kind of flexibility that is essential for an education fund. If you want to invest in such plans, you must know the things to consider before buying one:

1. Tuition Fees

You must consider tuition fees primarily. From pre-school to secondary school, tuition fees alone, require major investment. I being a father of a pre-school going angel, can understand the cost and also the increasing cost of the tuition fees. Since last 2-3 years when she started going school, I am seeing on a regular basis that it is increasing month by month. And by the time your child reaches university, these fees will be significantly higher and will vary considerably depending on, both, the University of choice and field of study.

I doubt if I can be able to provide the education which my little angel wants in future?

Therefore, it’s vital to have a holistic view of the costs associated with quality education and various career opportunities.

2. Living Expenses

The living expenses of your child account for major areas of expenditure, such as food, clothing and housing. When considering the best options for student housing, it’s essential to explore diverse accommodations that meet various needs. For example, the Unilife student accommodation in Winchester offers an excellent balance of comfort and convenience, making it a great choice for many students. Not only does this option provide modern facilities, but it also ensures you’re well-connected to your university and the city. Making sure that your child eats healthy, enjoys every weekend and wears good clothes can be a costly affair. Thus, when it comes to the cost of raising your bundle of joy, the overall picture can be overwhelming.

Although no set figure can ever really sum up the myriad living expenses of your child, it’s vital that you consider these costs while planning for his/her higher education. Obtaining diplomas from a high school is really just the beginning of a long educational journey. As you navigate the expenses of college tuition, textbooks, and other necessities, it becomes increasingly important to budget wisely and explore available financial aid options.

3. Extra-Curricular Activities

Much is said about the rising cost of education. However, extra-curricular activities are not far behind.

From soccer to swimming, from art lessons to dancing, you always have to write a cheque to someone to cover the fees, cost of uniforms, and accessories.

So, know if your daughter dreams of being a ballet dancer or your son wish to play the guitar and wants to take courses like Gitarre spielen lernen. Likewise, increase your investment in the child education plan.

4. Travel and Accommodation Expenses

You might want your child to pursue his degree from a reputed university, either domestic or foreign. In such case, it’s better to consider the travel expenses.

Many universities provide accommodation for students within their campus. However, in case the university or college does not provide this facility, your child will have to find personal accommodation. Hence, along with travel expenses, it is vital also to consider accommodation expenses while purchasing a child education plan. Another necessary cost to consider is the student visa.

5. Startup Funding Expenses

You want your children to become confident, fearless, and imaginative. You want them to follow their dreams, take chances.

So, if your child wishes to start his business, you can make that experience a success by funding his startup. So, if possible, stipulate the funds that you would like to contribute towards funding your child’s startup and include those expenses in your child education plan.

Conclusion:

Child education plans that invest in mutual funds can help you successfully realise the superior goals of your child’s educational needs.

In simpler words, child education plans are an essential part of child education planning. So why not promise your kid a bright future by investing in one today?