Children education: How to plan finance for it

In Child Education | on February, 10, 2014 | by | 0 Comments

News from Moneycontrol.com:

Deepak Yohannan
myinsuranceclub.com

Education inflation is a problem. Rising costs are taking education, especially higher education, beyond the reach of even India’s middle classes. And God forbid if your child is eyeing an MBA at a high-ranking institution, a graduate degree at a foreign university and so on—the costs can be prohibitive.

Sure, your bright school-topper may be eligible for a full or part scholarship. If a scholarship is not available, readily available education loans can be of great help. But scholarships and loans come into play at the time when your child is seeking admission at the college or university of his/her choice; hence, they should be your last financial options for funding your child’s education.

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Your first priority in this respect should be to plan for your child’s future educational aspirations. Start when your child is in primary school, and by the time he/she passes the school-leaving examinations, you should have enough put away to foot all or, at least, a considerable part of the costs of higher education.

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News from STLtoday.com:

JEFFERSON CITY • Jennifer Stone struggles to pay the cost of child care for her children. She receives some state assistance but it’s still one of her biggest expenses. She said she really needs a second job but worries any increase in her income could cause her to lose the subsidy.

“If I got a second job I’d probably get cut off,” Stone, of the Lemay area in St. Louis County, said. “It’s a little bit more affordable for me so my kids can go to the center… I’ve been behind on day care several times, even with the assistance.”

When families start earning more then 123 percent of federal poverty guidelines — or about $ 2,400 a month for a family of four — they are no longer eligible to receive the full child care assistance benefit in Missouri. But under a proposal that’s part of Gov. Jay Nixon’s budget, that limit would be raised to make about 1,200 more families eligible for assistance.

The child care assistance program pays a set amount for a child’s care while a parent is working, in school or in a training program. The change would increase eligibility and raise the amount child care providers are paid.

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