6 Step Guide to Plan Your Child s Higher Education Abroad

 

 

It is the first and probably the most vital part of planning for your child’s education abroad. You need to shortlist the countries that offer the best for your money. The choice of the course and the country can vary with the interests of your child in the future. Hence, it is important to maintain a level of flexibility in this and keep your options open

 

 

The next step involves deciding how you are going to finance the education of your child. The best way is to fund it from your savings or a corpus generated specifically for the purpose. You can also easily opt for education loans or child investment plans; however, you have the option of approaching a bank for a loan. You need to note that banks only fund 85% of the course fee. The rest of the cost is to be borne by the student. A preferred option suggested by experts is financing the education partly via mutual funds and other equities and partly via savings. For this, you can take the help of a financial planner, who can help you decide with the equities and investments.

 

Experts advise investing aggressively in the market in the earlier stages. In the initial stages, you can afford to take risks which can give you significant returns. However, as you approach your maturity, you need to cut down on risky investments. Instead, you can invest your funds in more secure funds and less risky ventures. It will ensure that the corpus that you have accumulated over the years stays undisturbed.