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This is not to scare any of you, but it is a big and rude fact of life.
Last few months I have been working on our financial goals and in the process found the hard to digest educational fee that I will have to be ready with for my children’s studies.
I am glad that I am not a spend thrift or have fake show off lifestyle, unlike many who I am sure are unaware of the figures below. I have two sons in class 3 and 1 now. So this is a snapshot of the funds I have to generate in four different years starting from 2021, 2023, 2025 and 2025. The figures are indicative only though the current fee for most courses are quite close to the reality except for the medical as it totally depends on the states, cities and the colleges.
Now all you parents start to make your own financial goal and find out when you need how much for your kids education lest they curse you for not being sufficiently ready.
I would recommend that you discuss with your children about the funds that will be needed in the language they understand.
What ever is your status and lifestyle, after providing for your retirement, start planning on the kids education NOW!
This is the only time am very thankful that I had children late, giving us enough time to plan.
|To provide for son who is in class 3 Post graduation fees||Fee in 2012||fee in 2025|
|Master in Engineering||120000||310,000.00|
|Masters in others||200000||520,000.00|
|Masters in business||1500000||4,000,000.00|
|To provide for son who is in class 1 Post graduation fees||fee in 2012||fee in 2027|
|Master in Engineering||120000||330,000.00|
|Masters in others||100000||550,000.00|
|Masters in business||1500000||4,350,000.00|
|To provide for son who is in class 3 Graduation fees||Fee in 2012||fee in 2021|
|Bachelor in Engineering||240000||480,000.00|
|Bachelor in others||200000||400,000.00|
|To provide for son who is in class 1 Graduation fees||fee in 2012||fee in 2023|
|Bachelor in Engineering||240000||540,000.00|
|Bachelor in others||200000||460,000.00|
In case you need help, do post a comment here.
Updates a few figures from per year to total years taken for each course.
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