Education is probably the most important inheritance parents can leave their children. This is especially true for middle and lower-class families, who don’t have enough assets and properties to leave their children behind. And while a business can sustain a family while the parents are alive, the same cannot be said once they are gone, especially if the children lack proper education.
Unfortunately, getting properly educated can be quite costly. In an article published by Coins.ph in September 2021, Grade School tuition fees range from PhP25,000-PhP100,000, while High School tuition fees range from PhP40,000-PhP150,000. This is often the reason why many Filipinos are not degree holders.
Ensuring Your Child’s Education
There are about 112 universities in the Philippines that offer free college education. However, the number of students aiming to get into these universities outnumber the number of students these universities can handle. So, getting into a university can be quite challenging for a child. Nonetheless, you can monitor your child’s study habits to ensure that he or she gets good grades to increase your child’s chance of getting into one of these universities.
Another way is to check if your child can qualify for scholarships and/or government assistance. As you may know, the Department of Education has a Senior High School (SHS) Voucher Program, which it offers to ‘qualified’ students. These students will receive tuition subsidies of about PhP17,000 to PhP20,000 to enroll in participating private SHS. Apart from DepEd, The Department of Science and Technology also provides scholarships to exemplary students.
Investing on stocks and having small businesses can also help ensure your child will get proper education. Local banks, cooperatives and Pag-IBIG are among the best investment options. Even though there might be risks involved, the gains you get from these investments outshines the risks. Also, there is a way to minimize the risks.
Getting an Education Plan
Local Insurance Companies offer education plans. Often these policies are a mix of investments, savings and insurance that fit your child’s education costs. It will also serve as a safety net in cases where you get critically ill or died due to an accident. But the best feature of getting an Educational Plan from a trusted Insurance Company is that it will give you a chance to grow your savings more than if you were to save your money in a local bank.
FREE Personal Financial Planning Services
Pinoy Financial Advice provides FREE Financial Planning Services so you can comfortably finance your children’s education. Contact us via mobile phone or send us an email to schedule an appointment with our friendly, Licensed Financial Advisor. What’s even better is that our Financial Advisor will meet you in the most convenient way.
Schedule your appointment and choose whether to conduct your meeting via Zoom or FaceBook; or meet our Financial Advisor at a local place like a Coffee Shop. Please take note, however, that as of the moment, we only do Face to Face meeting within Naga City, Camarines Sur.
Hurry and contact us now to start planning a brighter future for you and your loved ones!
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