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The escalating educational expenses are exerting pressure on families who are attempting to amass sufficient funds for their children’s academic dreams. A report recently published by the Times of India reveals that as of September 2022, the educational inflation rate has increased compared previous year in September 2021. This demonstrates that educational expenses are escalating more rapidly than general rate of inflation, thus complicating the ability of parents to accumulate enough funds.

“The escalating expenses related to education is a significant concern for Indian parents,” stated Raghwa Gopal, CEO of M Square Media (MSM), a global organization involved in education management. “It exerts pressure on family finances, complicating the parents’ ability to set aside sufficient funds for their children’s educational expenses.”

Gopal highlighted that the escalating expenses of education affect not just the middle-income families. Affluent families also find it challenging to cope with the soaring costs. “Educational expenses are escalating at a pace that outstrips even the most prosperous families’ incomes,” he remarked. “This is a grave concern that necessitates immediate attention.”

Underlying Causes

Multiple factors are contributing to the escalating educational costs. One such factor is the surging demand for education. With the expansion of the Indian economy, an increasing number of individuals are pursuing higher education. This exerts pressure on the availability of educational institutions, resulting in a surge in prices.

Another factor contributing to the escalated educational costs is the improved quality of education. Indian universities are becoming increasingly competitive, and are investing in superior facilities and faculties, leading to increased tuition fees.

Possible Solutions for Parents

Gopal suggested several strategies parents could employ to prepare for the escalating educational expenses. “Initiating savings early is crucial,” he suggested. “Parents should begin setting aside funds as soon as their children are born, and should prioritize consistent savings.”

Gopal also recommended that parents contemplate investing in educational savings plans. Such plans can aid parents in saving for their children’s academic pursuits and offer tax benefits.

“The escalating cost of education poses a challenge, but it is not unconquerable,” Gopal affirmed. “Through meticulous planning and savings, parents can support their children in accomplishing their academic ambitions.”

The Role of Digital Platforms

Digital technology can also contribute to making education more affordable. Online learning platforms present certain benefits, including reduced costs and enhanced flexibility. As technology progresses, online education is likely to become an increasingly feasible alternative for students and families.

“With diligent planning and exerted efforts, it’s feasible to guarantee access to quality education for every child in India, regardless of their family’s financial status,” Gopal pointed out.

About M Square Media (MSM): A Canada-based education company and a leader in technology and globalization initiatives in the international education sector. Headquartered in British Columbia, MSM serves 1200+ partner institutions in 36 countries, including Canada, the United States, the United Kingdom, Europe, Australia, and New Zealand, and has helped more than 135,000 students since its inception in 2012. Its suite of solutions includes student recruitment, global and in-country offices, edtech, pathways, and public-private partnerships (PPP). MSM teams are present in over 20 countries to assist institutions, recruitment partners, students, and service providers in the growing global industry.

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