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What Does It Cost To Educate A Child In India, And How To Plan For It?

Raising a child in a private school in India costs an astonishing Rs 30 lakh

In India, raising a child with a private school education is expensive.

While inflation has reached uncomfortably high levels, experts argue that these numbers don’t adequately reflect the suffering caused by rising college costs, as that’s not part of the composition considered to measure price change over time.

Raising a child aged three to 17 in a private school in India costs an astonishing Rs 30 lakh, according to an ET Online survey.

Analysts in that study said the cost of expanding private education, which weighs only 4.5 percent in the consumer price index based on a ten-year-old formula, has not been properly reflected in inflation figures.

According to research by ET Online, educating a child aged three to 17 in a private school in India costs an astonishing Rs 30 lakh.

A report in Economic Times states that between 2012 and 2020, the cost of education in India increased by about 10-12 percent, according to EduFund. Periodic increases in not only tuition but also the cost of transportation and exams affect parents’ overall expenses.

According to the Economic Times report, the calculations were made on the assumption that the students were enrolled in a private school.

The entrance fee is a one-time cost associated with registering a child at 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 at the same time, some institutions give parents discounts ranging from Rs 10,000 to Rs 20,000.

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Kindergarten and daycare are included in the kindergarten. In most schools in Tier-I and Tier-II cities, the annual tuition can range from Rs 60,000 to Rs 1.5 lakh.

Children are enrolled in nurseries where both parents work. In certain metros, professional nurseries charge between Rs 5,000 and 8,500 per day.

The cost of primary education ranges from Rs 1.25 lakh to Rs 1.75 lakh. Parents have to budget Rs 5.50 lakh for their children’s primary education.

The average annual high school tuition fee is between Rs 1.6 lakh and Rs 1.8 lakh, and the total cost is almost Rs 9.5 lakh.

From grade XI, many schools require parents to make separate monthly book payments of Rs 4,000 to Rs 7,000. It is proposed to budget about Rs 9 lakh for general education in high school, the ET report said.

Most institutions charge an additional Rs 1,500 to Rs 2,500 per month for transportation. Parents typically spend Rs 25,000 a year on transportation, but as fuel prices rise, this could change.

Most middle-class parents now start saving early for a college education, which is even more expensive than school.

The costs of elite higher education are also high. It costs about Rs 4 lakh to Rs 20 lakh to enroll at a top institution for a four-year BTech or a three-year BSc course.

Coaching fees for entrance exams like JEE and other tests can cost anywhere from Rs 30,000 to Rs 5 lakh.

A professional Accountancy course costs around Rs 86,000 excluding coaching costs. According to experts, the ET report states that parents should start planning for their children’s education as soon as possible.

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To properly allocate their savings, parents can split their short-term and long-term goals.

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