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.
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.
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.