Raising a kid in India in any family today has become so difficult that the parents and the family can think of only one option like whether to save money and plan for their future or to make for their child's education. But this does not mean that the parents will only focus on saving money and not making their child study and arrange for his or her education, rather this means that a family will only be able to give minimalist education to a child at an affordable price and not like how the rich people are giving education for their children. And here comes the difference between the quality of education that the children of 2 families (rich and poor) are getting.
So, let's discuss this here with the cost of education;
Children between the ages of 6 and 14 receive free education in government institutions, whereas private schools charge between Rs. 1200 and Rs. 2000 per month (on the lower end). To provide their children with a quality elementary education for 8 years, parents ultimately spend about Rs 192,000.
Children in secondary education are those between the ages of 12 and 18. Six years of secondary education at a government school presently costs around Rs 30600, whereas the same education in a private school cost almost Rs 396000. If the child is boarding, the parents will pay around Rs 1800000 over the course of the following six years. According to an Assocham poll, inflation in elementary and secondary education increased by 169% between 2005 and 2011.
Cost of undergraduate and graduate education in India:
Approximately Rs 5–6 lakhs were necessary to attend a government college.
Costs for private colleges range from Rs 8 to 10 lakhs.
It will cost about Rs 1 crore to travel abroad.
The price of medical school in India
Approximately Rs 5 to 10 lakhs is the price of a government college.
Costs for private colleges range from Rs 18 to 20 lakhs.
Around Rs. 1 crore was spent abroad.
The price of arts and commerce education in India
Govt. colleges typically cost between Rs. 2000 and Rs. 15,000.
Cost of a private college: Rs 2.5–5 lakhs
The cost of travel is Rs. 50 lakhs.
In India, the cost of engineering education
In India, engineering is still the most popular field of study, and it makes sense given that it leads to a lucrative and fulfilling career. Indian engineers are prevalent in Silicon Valley in the US.
Engineering typically costs Rs 1.25 lakh per year, or Rs 5 lakh for a 4-year education.
For students and their parents, being a doctor after finishing medical school is still an unreachable ideal. The main cause is that there are few places available at government colleges, and there is fierce rivalry.
In government universities, tuition is incredibly affordable, and five-year programs may be finished for less than ten lakh rupees. However, private colleges often charge Rs. 50 Lakh for the same price.
If someone wants to attend graduate school at a private university, they need to be ready to pay an additional Rs 30 lakh.
Your income will grow over time, allowing you to expand your savings. So, if someone starts saving Rs. 2000, it may grow to Rs. 10,000 in 10 to 15 years.
In the aforementioned scenario, one objective is set for age 15 and the other for age 26. Parents can thus consider shifting the money for other aims once the initial goal has been accomplished.