Inflation may be down but a major expense of the average Indian household is growing at a fast clip. The cost of higher education is already high and rising at 10-12% a year. Children's education is one of the biggest cash outflows that families must plan for. A four-year engineering course costs roughly `6 lakh right now.In six years, the cost is likely to touch `12 lakh. By 2027, it would cost `24 lakh to get an engineering degree.

Lifestyle inflation, too, has affected the cost of children's education. "As your standard of living rises, it affects the decision about where you send your children for higher education," says Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors.

The question worrying Indian parents is: will they be able to fund their children's higher education? They can, if they plan ahead and take the right steps. We look at the challenges parents face while saving for their child's education and how they can be overcome.......click for more

source web page:THE TIMES OF INDIA