Securing Their Future ; Higher Education Is Not Out of Bounds for Your Children As Banks Are Ready to Finance Their Dreams. Here's How to Fund Their Education.

Summary

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A good education costs a lot these days. And if you include the pre-education costs a student incurs, the sum looks like a small fortune. Take the case of 20-year-old Abhinav Padhy, a final-year student of Business Economics in the University of Delhi. Last year, he spent more than Rs 40,000 towards coaching for business management, application forms and admission tests. I applied to about 10 institutes. Given the tough competition, I had to keep several options open, he says.

It was not easy for Padhy's middle class family to spend such a large sum. But this is a typical story that plays out across the country. Besides, education costs have shot up. Premier institutes like the seven Indian Institutes of Technology (IITs) and the six Indian Institutes of Management (IIMs) have nearly doubled fees for the 2008-09 academic year, prompting students to look at education loans. Kanoo Sahajwala, 24, is one such student.

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Extract

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Securing Their Future ; Higher Education Is Not Out of Bounds for Your Children As Banks Are Ready to Finance Their Dreams. Here's How to Fund Their Education.

After securing admission to the oneyear diploma in management at Chennai's Great Lakes Institute of Management (GLIM), Sahajwala, checked with the State Bank of India (SBI) and HDFC Bank for education loans, before settling on Indian Bank. Both SBI and HDFC Bank were offeri...

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