The challenges in higher education include the rise of online learning, privatisation, increasing tuition fees, education quality and lack of practical training. One of the most preferred ways to prepare for these issues is to invest in your child’s future education.
All human lives revolve around education. Education is the ultimate doorway for your child's mental and moral development and reinforcement. While higher education in India has grown significantly in recent decades, it often demands a great portion of a parent's lifetime savings.
Despite numerous challenges, the Indian higher education system is expanding rapidly, and financial hurdles can be overcome. This article will discuss the major challenges to higher education in India and how to prepare for them financially.
Top 5 Challenges in Higher Education
Rise of Online and Hybrid Learning
With the advent of the pandemic, the new teaching approach combines both online and in-person learning. As online education becomes a lasting trend, schools and colleges must invest in technology, which may result in increased tuition fees.
Due to this, parents may need to allocate more funds for rising technical costs.
Privatisation of the Education Sector
Private classes, schools and colleges now provide education at a considerably higher cost and often require donations. For example, numerous private engineering and medical institutions request "capitation fees" before admission, which involves gathering a specific sum.
Education Quality and Career Prospects
The quality of education and the potential career opportunities are major concerns for many families in India. The rising population of students now opt for study abroad courses in foreign universities to make more opportunities accessible to them.
One of the biggest challenges for international students in higher education is funding their tuition fees while managing other living costs, which brings us to our next challenge.
Increasing Costs and Tuition Fees
Many parents are forced to forgo higher education for their children due to financial constraints. Specialised institutions and colleges in India tend to be costly, making higher education in certain fields unaffordable for the parent
For instance, the fees at the renowned management schools in the top-tier cities may go up to ₹20 lakhs for MBA programs.
Lack of Practical Learning
There is a shortage of practical knowledge: The Indian education system primarily emphasises memorising theories and ideas. As a result, parents may find it necessary to enrol their children in skill-based courses to acquire practical knowledge and the ability to apply these concepts.
How to Prepare for the Future Challenges in Higher Education Financially?
The financial issues facing higher education institutions in India are complex and challenging. Still, by employing these strategies, you can ensure a successful and thriving future for your child.
Choose an Investment Plan
When aspiring to provide your child with the higher education they desire, it's crucial to think about investment. Higher education comes with uncertainties regarding future expenses and living costs. Nevertheless, investing in your child's future doesn't have to strain your finances.
Investment plans in the current market set a reasonable minimum premium. It offers a comprehensive and attractive solution to address this concern, delivering a wide range of benefits and assurances.
Determine a Fund
Before you begin investing in a financial product for your child, establish a target fund amount. Calculate an approximate figure you have in mind and then select a financial product accordingly. Having a rough estimate simplifies the investment planning process.
Commit to a Long-Term Investment Support
The cost of fulfilling your child's aspirations may appear substantial at present. However, it is destined to rise as time passes.
Hence, you must roll out a financial strategy that caters to your child's enduring requirements. The main approach to attaining these objectives hinges on choosing the potential of long-term investments.
The major challenges to higher education in India concern online/hybrid learning, privatisation, education quality, increasing tuition costs and lack of practical-based knowledge.
However, as the cost of education continues escalating, prudent planning and investment are necessary to secure your children's academic journey. One of the most efficient ways to secure your child’s future education is to opt for reliable investment and savings avenues.
Opt for Investment Plans that help you gather a significant amount of funds, fostering wealth growth without hindering the progress of your funds and ensuring a secure future for your child's education.