What is the Cost of Higher Education in India?
Looking at the new developments in the educations sector it’s really tough to gaze at the future of education cost. Private universities like Jindal & Ashok pr even for that matter Manipal provides quality education but at cost. If we are just talking with the perspective of inflations – let’s assume it’s the same 10% going forward:
- If the cost of engineering education in India in some premier institute cost today 10 Lakh – The education cost in India after 15 years would be 40 to 50 Lakh.
- If medical education costs today Rs 25 lakh in private college – you can safely assume you have to build 1 crore corpus in 15 years.
India is one of the fastest developing countries in the world. Not only India’s rich heritage and culture but lately education have also attracted aspirants from all over the world. Moreover, due to the rich history of education, India has a reputation for innovation and growth, which can contribute greatly to your personal and professional life. With thousands of institutions providing specialized to choose from, you are sure to find the right university and /or college for the education. Below are the most crucial factors that affect the cost of studying in India:
Tuition Fee: The first and foremost factor that one needs to consider before enrolling in Indian universities is that the annual cost of education along with living, which can be around Rs 350000 on average.
Accommodation: A number of Indian Universities provide accommodation for international students or Indian students within their campus. However, in case the university or college you have chosen for pursuing your studies does not provide this facility, you can easily find personal accommodation.
The students have various options such as a private hostel or rent a single/double room and/or get a flat/apartment on rent. In fact, there are numerous benefits of opting for private accommodation. When it comes to expenses you can easily find a comfortable stay for a month within Rs 10000, which is annually Rs 120000.
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- Eating out: Rs 1500 to Rs 4500 per week
- Utility: Rs 200 to Rs 500 per week
- Transportation( Public): Rs 50 to Rs 100 per week
- Transportation( Private): Rs 500 to Rs 1000 per week
- Leisure Activities: Rs 500 to Rs 1000 per week
You can buy a BMW or spend on your child. That might sound cruel because parenting a child is way more challenging and satisfying than buying a depreciating asset like a car. As your child grows, nature and the amount you spend on her changes dramatically.
In Government schools, education is free for children aged 6 to 14 yrs old, and Private schools charge Rs 1200-2000 per month (on the lower end). Parents end up spending approx Rs 192000 to give their children a good primary education for 8 years
Secondary Higher Education:
Secondary education covers children aged 12 to 18, providing secondary education to children in a government school for 6 years now cost approx Rs 30600 whereas the same education in a private school cost approx Rs.396000. If the Kid is studying in a boarding, then the parents spend approx Rs 1800000 for the next 6 years.169% has been the rise in inflation in primary and secondary education from 2005 to 2011, according to a survey by Assocham.
Graduation and Post Graduation education cost in India
- Govt College cost around Rs 5-6 lakhs
- Private College will cost around Rs 8-10 lakhs
- Abroad will cost around Rs 1 crore.
Cost of Medical education in India
- Govt College cost around Rs 5-10 lakhs
- Private College cost around Rs 18-20 lakhs
- Abroad cost around Rs 1 Crore
Cost of Commerce & Arts education in India
- Govt College cost around Rs 2000-15000
- Private College cost Rs 2.5-5 lakhs
- Abroad will cost Rs 50 lakhs
Cost of engineering education in India
Engineering is still the most sought out stream of education in India & why not that’s a high-paying & satisfying job. US silicon valley is filled with Indian engineers.
The normal cost of engineering is Rs 1.25 lakh per year or Rs 5 Lakh for the 4-year course. But if we talk about premier colleges like IIT or BITS Pilani – parents should be ready to pay anywhere between 10 to 15 lakh.
For Post Graduation – Again similar amount should be considered.
Becoming a doctor after completing Medical education is still an uncacheable dream for students & their parents. The biggest reason is seats are very limited in government colleges & competition is very high.
Fees are very reasonable in government colleges & 5 years courses can be completed with less than 10 Lakh Rs. But in Private college Rs, 50 Lakh is standard for the same cost.
If someone is interested in PG – he should be prepared to pay another Rs 30 Lakh in a private institute.
We have created an infographic so that you get a complete picture visually. As they say, A picture is worth a thousand words.
Hope this infographic helped you in understanding that “All is not well” in case of raising kids. You should also read “Complete Guide on Child Future Planning”.
Financing of Higher Education – Calculator
Note: Monthly numbers may not be perfect – two reasons:
- With time your income will increase & you can increase your savings. So someone can start with Rs 2000 saving but it can be Rs 10000 after 10-15 years.
- In the above example, one goal is at the age of 15 & another at 26. So once the first goal is achieved, parents can think of diverting that amount for other goals.
If you have any practical experience regarding the cost of education in India – please add that in the comment section; it may help other readers.