How to Plan your Child’s education funding

If you want to achieve something in your life, then education is one of the medium through which you can reach your destination.

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“An investment in knowledge pays the best interest”   -By Benjamin Franklin

If you want to achieve something in your life, then education is one of the medium through which you can reach your destination. As parents, you have the responsibility to give your children the best education possible. You need to have a financial back up, and plan ahead of time to never miss an opportunity to support your child’s education whether it’s school, graduation, or higher education. But it is not easy to plan and have a financial back-up in this extremely costly world. With education comes other charges such as traveling, hostel facilities, books and so on.

Quality education is invaluable, but in today’s world everything has a value and cost of its own. It could be really difficult as a parent to fund your child’s education if you don’t start planning ahead of time. You could either start saving early by calculating how much you will be able to save until your child will need the financial aid. If one can save a sufficient amount of money then, you’re good to go. However, sometimes things don’t work as we want, or plan. What if you have to use your savings on something which requires more urgently? Then, how will you in such a short period span generate a large amount of money? Because it will easily cost you between 20-40 lakhs easily or more depending upon the type of course your child wants to pursue. .But, if not, then you will have to find ways through which you can fund their education. Many people tend to take a loan against their property, taking a huge risk of losing it if not able to re-pay the loan on time. 

Most of the people are not aware of the education loan provided by various banks to help the students get the education that they deserve. Once you talk to the bank about the future plans and goals, they will surely provide with the loan if they like your plans. And, if your child’s grade are pretty good foreshadowing his/hers bright future then bank would be more interested in investing in their education and sanction you an education loan. Plus, you  don’t have to worry about re-paying the loan because once your child finish your studies and starts earning s/he can easily repay the loan to the bank.

Education loan is the best option to make your child’s dream a living reality. And, as Ben Franklin very smartly said, the more you will invest in knowledge the more it will repay you with high and best interest.

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