Planning to pay for your child's university fees and living expenses? You're not alone. 75% of parents say they will pay for their children's living expenses so they can fully concentrate on their education. Of the 75%, 59% worry that they won't be able to support their children financially if they go overseas to study1.
It's important to estimate the cost and plan early to limit financial strain. There are a few ways to prepare financially. But first, you need to figure out what your budget is and what are some of the things to consider.
So, how do you estimate the cost of tuition fees abroad? Most universities post their tuition fees online. Cost calculators will help you estimate the cost for accommodation, living expenses and various financial aids. During the admission process, international students can apply for aid in the form of grants, scholarships or bursaries. There are even scholarships offered exclusively to women studying abroad. Get a professional education consultant to explain and help you navigate these options so you can make an informed decision.
The overall cost of studying overseas will depend on which university you go to and how many years you study. With some research, you can guesstimate costs and work towards a financial goal to finance your child's overseas education. These are some of the expenses to consider:
The simplest way to save for your child's education is to place your funds diligently in a savings account with a flexible withdrawal period, to accrue interest. The sooner you start, the earlier you'll enjoy the returns.
If your child still has some years to go before starting school, consider investments which can give you higher potential returns, which suits your risk profile*. Contact your Relationship Manager for more information on how to get started.
12 months before departure
9 months before departure
7 months before departure
3 months before departure
1 month before departure
It's important to start saving early. Long-term savings is a practical way to fund your child's overseas education. Open an HSBC Premier account to prepare for the future, leave your contact details and we'll contact you to get the process started.
New to HSBC Premier
To meet either one of the Premier criteria below:
2Total Relationship Balance (TRB) includes any: Deposits in Current Account/-i, Savings Account/-i, Time Deposits, Term Deposits-i, and/or Investments in Unit Trust funds/Shariah-compliant Unit Trust funds, Structured Investments/-i, Dual Currency Investments/-i and/or Direct Retail bond, and/or Cash value from Family Takaful/Life Insurance products with investment-linked and savings components.
*Investment involves risks. Past performance is no guide to future performance. Investors must refer to the respective fund's offering documents for further details of the fund and the risks involved.