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Financial Planning For Your Child’s Higher Education

With so many investment options in the market and their hidden risks, you may be at your wit’s end. So, how can you plan for your child’s ‘bright future’? Read on.

By Team ParentCircle with inputs from Catherine Kurian

Irfan and Prem are two colleagues working as Project Managers in the same IT company. Irfan’s 16-year-old daughter, Zoya aspires to become a fashion designer. She is eyeing one of India’s renowned fashion universities, which, of course, comes with a hefty price-tag. Irfan has been saving for his daughter’s education since the time she was a toddler. He has no worries at all – Zoya is set to go to the college she desires. Prem’s son, 17-year-old Nikhil, aims to be a biotechnologist. He has a few foreign universities in mind. Unlike Irfan, Prem did not plan well enough for his son’s education. He can manage some money from his other savings, but, he must depend on student loans for Nikhil’s education. Although both Irfan and Prem are almost the same age and working in identical positions in their company, one is equipped to handle his child’s educational needs while the other is struggling for solutions. So, what made the difference? The answer lies in financial planning!

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