Planning for your child’s overseas education? Here is how to be financially prepared

Overseas education is an expensive proposition and while planning, parents need to consider various factors such as college fees, along with living expenses, travel expenses, etc. for the overall budget.

Education loan in such a situation, have been emerging as a one-stop solution for financing.

Many parents find it difficult, even after their lifelong savings, to send their child abroad for studies. It is so because savings are usually not sufficient. Over the years, education costs have increased to a great extent. Not only for higher education in a foreign country but also for secondary and higher education within the country. Having said that, experts say with proper financial planning, parents can ensure their child’s educational dreams, be it within the country or abroad.

How should you plan financially for your child’s studies abroad?

Overseas education is an expensive proposition and while planning, parents need to consider various factors such as college fees, along with living expenses, travel expenses, etc. for the overall budget.

Suraj Shroff, Founder of Infiniti Investments says, “Ideally to build the required corpus, parents should start building the corpus when the child is young. Earlier the better to experience the power of compounding. As the child grows, you will also see the portfolio grow over the years.”

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