CHILD EDUCATION
CHILD EDUCATION
Inflation may be down to nearly zero but a major expense of the average Indian household is growing at a fast clip. The cost of higher education is already high and rising at 10-12 per cent a year. Children’s education is one of the biggest cash outflows that families must plan for.
A four-year engineering course costs roughly Rs 6 lakh right now. In six years, the cost is likely to touch Rs 12 lakh. By 2027, it would cost Rs 24 lakh to get an engineering degree .
Lifestyle inflation, too, has affected the cost of children’s education. “As your standard of living rises, it affects the decision about where you send your children for higher education. Children who have grown up amid greater affluence are less willing to attend government colleges that have minimal infrastructure.”
However, the big question worrying Indian parents is: Will they be able to fund their children’s higher education? They can, if they plan ahead and take the right step.