Should we plan for Kids Education?

As a parent, we want to give our children the very best of everything. The top most priority for us is to provide our child quality education. By providing good education, we equip our children for the future, so that they can take care of their material, social and other needs. However, this is easier to say, but difficult to achieve. We need to plan in advance both financially and mentally for our kids’ future. This three-part article, seeks to highlight some of the important considerations we need to take into account while planning for our kids’ educational needs.

Also, Education costs are going up. Hence, as a parent, if we plan and execute well, we will be able to generate the required corpus when the Child is ready for college.

Rising cost of Education

The January 2019 edition of Parent Circle carried an article on How to Get A ‘NEET’ Entry as part of learning special. It was a comprehensive article for both Parent and the Child who is interested in getting a MBBS seat.  Now let us look how much does it cost to do MBBS, in a private college. Last year, the cost of MBBS in Karnataka was capped at Rs. 6.8 Lakh per annum and for BDS its was Rs. 4.8 Lakh. The Fee regulator committee allowed a maximum of 8% increase over previous year fees. Considering other costs, the cost of 5-year MBBS degree would be upwards of Rs. 40 Lakhs. In Tamil Nadu, the cost of doing MBBS in a private college may exceed 1 Crore. As a parent, are we prepared financially? All it takes is a one-time investment of Rs. 5 Lakhs. I’m sure you are puzzled. Will revert in few days 🙂