FUNDING FOREIGN EDUCATION: SHOULD YOU SAVE OR BORROW?

Education financing needs vary, but early planning is key to building your desired corpus

- SANDEEP BATRA

As festivities bring families and friends together, dinner table conversations more often than not turn to children and their future. This time it was around higher education, a topic that is particularly resonant for me as a parent of a 13-year-old son. With high school approaching, I want him to explore the world and its opportunities, so he can make informed decisions about his educational path, which will shape not only his academic journey but also his future.

I am personally a strong supporter of the Indian education system, particularly higher education, where our institutions offer impressive academic capabilities. However, we do see increasingly students and parents evaluating overseas education for higher studies, with the top five destinations being the US, the UK, Canada, Australia and Singapore. In The HSBC Quality of Life Report 2024, we found 78% of Indian respondents either aspire to send their child overseas to study or already have a child studying in a foreign university. In fact, over two million Indian students are expected to study abroad by 2025.