You dream of sending your kids to a top university here in the Philippines or abroad, but have you really considered how much it will cost you to do just that?
The cost of college education in the Philippines increases year by year. In fact, the Commission on Higher Education (CHED) has reported that college tuition fees have almost doubled in the past 10 years. In 2001, the average tuition rate per unit was P257.41. In 2010, the average tuition rate per unit was P501.22. That constitutes a 94.72% increase in a span of 10 years.
Imagine what the cost will be in 16 years when your newly born kid will have to go to college. How could you cope with the cost of college education?
That’s where a financial plan for college educational comes in. Such a plan would accumulate your savings and invest in a fund that allows your money to grow. When your kid goes to college, you can withdraw money from your fund every year for tuition and miscellaneous expenses.