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Nowadays, the first criteria for the parents to choose the educational institution is not the quality standards, but the fees they have to pay. This criterion has not been in practice with the willingness of parents as they are forced by the skyrocketing prices of education.
India is a developing country with the largest youth population. The education industry has progressed with rising in the percentage of youth attending schools and colleges as compared to previous years. But not only this has shown progress, but the cost of education also has soared with great aggregates. From primary education to post-graduate degrees, parents are combating to fulfill the financial needs for their children’s tutoring. Here is an overview of the cost of higher education at different institutions on different levels along with their outgrowths.
Quality education but only at high Tuition fees
With the significance of education in improving the country’s situation, concerned authorities have been providing education at government schools and colleges with low tuition fees but securing a seat at government institutions is not an easy task. With fewer seats and high cut-off, not every financially unstable student can get help from government colleges. Even if students who secure a seat in these Private institutions do offer good opportunities and standardised pedagogy but at a higher price which is beyond the reach of many scholars.
The cost of higher education differs by a great percentage in urban and rural areas. In Urban areas, the average cost of professional courses is Rs. 64,763 while in rural areas, the cost is Rs.32,127 which is half of that of urban cost. As compared to 2007, the cost of professional courses has risen by 52% as in 2017 on an average.
The average cost of the popular professional courses is given below as stated by CARE Ratings.
Management Rs. 58,555
Law Rs. 37,707
Engineering Rs. 63,280
Medicine Rs. 71,620
Information Technology Rs. 58,928
Even if parents do spend so much amount for their child’s future, the returns on this investment are not certain for everyone given the limited employment opportunities. It is ascertained that an MBA course of cost 10 Lakhs would require approximately 34 lakhs after two decades which is around thrice of the actual cost. Similarly, the medicine study, which costs 25 lakhs today in private institutions, would cost around 1 crore after 20 years.
Apart from tuition fees, there are a lot of other expenses also to be incurred by parents. Books, stationary, projects, coaching classes, etc are also accounted as the cost of education which is not included in tuition fees. Also, if the child lives in any other city, away from their home, then the costs increase - traveling, accommodation, food, other miscellaneous expenses. And these costs are the same for government college students and private college students. As a result, most of the savings of parents are swiped by the education industry.
Cost of secondary higher education (students between the age of 12-18)
In government schools - Rs 30,600
In private schools - Rs.3,96,000
Cost of graduation and post-graduation (students between the age of 18-24)
Government College - Rs 5-6 lakhs
Private College - Rs 8-10 lakhs
(Rest depends on the type of course and stream, you have chosen.)