In India, raising a child in a private school is expensive.
Although inflation has reached uncomfortably high levels, experts say these figures do not adequately reflect the suffering caused by rising college costs, as this is not part of the mix considered to measure price change on a period.
Educating a child in a private school in India from the age of 3 to 17 costs an incredible Rs 30 lakh, according to ET Online research.
According to the analysts of this research, the expenditure linked to the expansion of private education, which weighs only 4.5% in the consumer price index based on a ten-year-old formula, has not been correctly taken into account in the inflation figures.
According to ET Online research, educating a child in a private school in India from the age of 3 to 17 costs an incredible Rs 30 lakh.
A report in Economic period states that according to EduFund, between 2012 and 2020, the cost of education in India has increased by around 10-12%. Periodic increases not only in tuition, but also in the cost of transportation and exams impact parents’ overall expenses.
The calculations, according to the Economic Times report, were made assuming the students were enrolled in a private school.
Admission fees are a one-time cost associated with enrolling a child in school.
Most schools in Tier I cities have an entrance fee ranging from Rs 25,000 to Rs 75,000. If a second child is enrolled in school simultaneously, some institutions grant parents discounts ranging from Rs 10,000 to Rs 20,000.
Kindergarten and crÃ¨che are included in preschool. In most schools in Tier I and Tier II cities, annual tuition fees can range from Rs 60,000 to Rs 1.5 lakh.
The children are enrolled in day care centers where both parents work. In some metros, professional daycare centers charge between Rs 5,000 and 8,500 per day.
Primary school tuition fees range from Rs 1.25 lakh to Rs 1.75 lakh. Parents should budget Rs 5.50 lakh for their children’s primary education.
The average annual tuition fee for the college is between Rs 1.6 lakh and Rs 1.8 lakh, and the total cost is almost Rs 9.5 lakh.
Starting from Class XI, many schools require parents to make separate monthly payments for books of Rs 4,000 to Rs 7,000. It is suggested to budget around Rs 9 lakh for the whole school. secondary education, says the ET report.
Most institutions charge an additional Rs 1,500 to Rs 2,500 per month for transportation. Parents typically spend Rs 25,000 on transport per year, but as fuel prices rise this may change.
Most middle-class parents now start saving early for a college education, which costs even more than school.
The cost of elite higher education is also high. It costs around Rs 4 lakh to Rs 20 lakh to enroll in a top-tier institution for a four-year BTech or a three-year BSc.
Coaching costs for entrance exams like JEE and other tests can cost between Rs 30,000 to Rs 5 lakh.
A professional chartered accountant course costs around Rs 86,000, not including the coaching fee. According to experts, the ET report indicates that parents should start planning for their children’s education as soon as possible.
To properly allocate their savings, parents can allocate their short-term and long-term goals.