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How much should you save for your child to study abroad?

Financial tips hello university masthead

How much should you save for your child to study abroad?

No sooner than your child is born, family and friends will start talking about whether the little one is going to study overseas to be a doctor, or study economics at an Ivy League college.

16% of parents in UAE* rank their children’s education as among their top 3 priorities.  But with sky-rocketing costs – especially for overseas education, how many can really achieve these goals?

What are the costs?

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In no time at all, 18 years will have passed and you will be waving your children goodbye as they leave for university. Whether they decide to study locally in  UAE, or overseas in the UK or the US, here are the tuition costs you could be looking at by today’s standards.

Annual Tuition Fees

University in Australia                   $34,135 – $45,398

University in UK                                    $33,186 – $41,657

University in US                                    $56,086 – $66,134

Of course, like everything else, costs are on the rise and if you are looking at educating your child in UAE and overseas, it could cost you up to AED 1 million which includes (2 years at pre-school, 6 years each at primary and secondary schools, and 3 years at a UK university)2.

Costs Don’t Stop at Tuition Fees

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It’s worth remembering that on top of university tuition fees, you will have to find a way of funding books, transport, food and accommodation. On-campus living, for example, can be expensive, costing around AED 40,000 (USD 11,000) 3 year in the US. Other incidentals like flights home and paying to store belongings between the end of one university year and the next can all add up.

But the good news is that the sooner you start, the easier it is. Find out how much will you need for your child’s university education by using our online calculator.

Don’t delay. Start today.

Regular savings make it more affordable

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Reaching what might seem a daunting target is made much easier if it’s through small regular amounts.

Let’s look at Lopa Kapoor, 35, a successful business manager with a two year old son. She has decided it’s the right time to invest in his education, and will put aside $1000 a month in an savings plan for the next 16 years to pay for his education.

By the time Lopa’s son reaches his eighteenth birthday, his mum will have invested $192,000.  With a projected rate of return of 5% per year, she stands to have $293,000 in his education fund.

Investing over the long term means that Lopa  will be able to ride out any losses, and her investment plus compound interest should meet all her son’s education needs.

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There are always tears when your children leave home to study, make sure it's not because you can't afford to pay for their education


This article is brought to you by Standard Chartered UAE. This information is neither an offer to sell, purchase or subscribe for any investment nor a solicitation of such an offer. This information is general and does not take into account a person’s individual circumstances, objectives or needs. Investments carry risk and values may go up as well as down. Standard Chartered is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.