Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/ae and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/ae


Proceed to third party website

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?

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

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

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.

Ae savings policy my future plan
Ae financing your childs education stories
facebook icon twitter icon instagram icon email icon
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

Disclaimer

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.