According to Adil Shetty, CEO of BankBazaar.com, it is important for parents planning their children's higher education to know how much it will cost in the future. It is important to calculate exactly how much higher education can cost children. There are some special things to keep in mind.
It is very important for every parent to keep in mind that the cost of education depends on which course your child chooses. This is because the cost of admission to a private college or professional course such as engineering and medical is high. While studying abroad is also expensive. Today, MBA from a reputed institute costs around Rs 20 lakh, medical course costs around Rs 25 lakh, foreign education costs around Rs 50 lakh. These costs may increase in the near future.
The rate of inflation is highest in education. For example, the cost of a two-year MBA at IIM Kolkata in 2004 was around Rs 2.5 lakh. Which has increased to around Rs 27 lakh in the year 2020. This means that these costs are growing at a rate of 15 percent per year. This is why it is so important for parents to save for their child's higher education.
It is very important for the parents to invest in the right place for the good higher education of the child. These include PPF and Sukanya Samrudhi Yojana. Apart from this, you can also do SIP in a mutual fund. It pays off well. Apart from this you can also invest in schemes like fixed deposits. An investment of Rs 1.5 lakh for 15 years will fetch Rs 40.68 lakh in PPF and an investment of Rs 1.5 lakh for 21 years in Sukanya Samrudhi Yojana will fetch Rs 63.65 lakh. Doing so will help you reach your goal.
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