Why save for your child’s education? • To reduce the burden of taking on high debt to pay for his or her higher education. • It is better to have money in a fund than to NOT have money in a fund. • You WILL have to pay some of the costs of your child's education. • A healthy education savings fund may make it possible for your child to attend the school of his or her choice. • Time and consistency are your greatest allies. Begin saving early and invest on a regular basis.
University Costs What do these costs entail? Tuition University fees e.g. Registration fees, Lab fees, Equipment rentals etc. Books Room and Board Food Transportation
Average University Costs Average cost of University Average Tuition Total Costs for 1 University Fees, Room and Board and Costs (TTD) Year of Study (TTD) Books (TTD) The University of the West Indies, Cave Hill Campus, Barbados (meals GATE $ 30,432.00 $ 30,432.00 excluded) The University of the West Indies, Mona Campus, Jamaica (meals GATE $ 11,932.37 $ 11,932.37 excluded) The University of the West Indies, St. Augustine Campus, Trinidad GATE $ 14,906.00 $ 14,906.00 (meals excluded) Howard University, Washington D.C. , U.S.A. $ 144,672.05 $ 70,866.00 $ 215,538.05 Florida International University, U.S.A. $ 119,480.33 $ 15,765.00 $ 219,588.08 University of Pennsylvania, U.S.A. $ 291,401.50 $ 106,394.25 $ 397,795.75 • All quotes provided are for the current year 2014-2015. • Please note that these costs generally increase by at least 2% per year.
Average University Costs Average cost of University Average Tuition Total Costs for 1 University Fees, Room and Board and Costs (TTD) Year of Study (TTD) Books (TTD) University of Toronto , Canada $ 165,934.34 $ 89,603.80 $ 255,538.14 University of Waterloo, Canada $ 118,261.00 $ 70,402.62 $ 188,663.62 University of Cambridge, United Kingdom $ 228,795.40 $ 156,712.00 $ 385,507.40 University of Oxford, United Kingdom $ 189,188.50 $ 177,038.17 $ 366,226.67 National University of Singapore, Singapore $ 177,984.00 $ 52,251.90 $ 230,235.90 Peking University, Beijing, China $ 28,840.00 $ 46,350.00 $ 75,190.00 University of Malaya, Kuala Lampur, Malaysia $ 21,276.51 $ 14,643.90 $ 35,920.41 Australian National University, Canberra, Australia $ 160,444.58 $ 125,273.00 $ 285,717.71 • All quotes provided are for the current year 2014-2015. • Please note that these costs generally increase by at least 2% per year.
Create an Action Plan • How Much Do You Want to Save? Decide on how much of your child’s university education you want to cover. • Determine a dollar amount Pick a “target school” and obtain tuition, room, board, fee, and other expense estimates for the most recent year. • Take Inflation into Account It’s reasonable to expect a 6% annual inflation rate for these expenses . Calculate the portion of the education you intend to pay for, then adjust that amount for the correct number of years of inflation. • What’s the plan to reach that amount? Figure out how much you need to be saving, starting today. Estimate how much you need to be saving per month, then start a savings plan to reach this goal. • Start as young as possible The earlier you start, the easier it will be to help your children. If you have young children – or even a child on the way – get started today.
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