10 Reasons to Save Money for Higher Education

10 Reasons to Save Money for Higher Education: No one can deny that education is one of the most important elements to a well-rounded life. It gives us the knowledge and power to succeed not only financially, but it also fulfills us on a personal level.  Saving for education is another story.  For some families, the cost of tuition can be burdensome and cause anxiety when figuring out how to pay for it.  

10 Reasons to Save Money for Higher Education

Here are 10 reasons why you should save for higher education.

Quality Education needs Money:

Most colleges or universities require high tuition fees. A good quality education is expensive, but well worth the cost in the long run.

Entrance Fees:

Gaining admission to the university of your choice isn’t always that easy.  Many students are required to pay application fees or take prerequisite classes, and that can mean more money out of your pocket.

Room and Board Fees:

If a student chooses to live on campus, then room and board fees will be required.  Whether it’s dormitory living or renting an apartment, these expenses can add up quickly. 

Training:

Many times, internships and on-the-job training is a required part of the curriculum.  In order to earn a degree, students must take unpaid internships in exchange for course credit.  Commuting to work, buying business attire and footing the bill for supplies can all add up.  

Project work:

Project work is often mandatory in higher studies.  Take for instance, engineering students are required to purchase different materials, tools, and components to complete a project, so, money will be needed here, too.

Studying abroad:

While the education system in Canada is top-notch, many students have the opportunity to study abroad in Europe or another country of interest.. Tuition fees, living costs and transportation will need to be covered, and can be very expensive.     

Meal plans:

Meal plans on campus are expensive, and even if a student chooses apartment living, he or she still needs to consider buying groceries.  

Online courses:

In addition to taking classes on campus, a student may opt to sign up for online courses.  This requires the added costs of a functional computer or laptop as well as extra tuition fees.  

Open an RESP:

In Canada, there is a way to help your child set money aside for a post-secondary education when the time comes.  Contributing to a Registered Education Savings Plan, or RESP for short, from RESP providers like Children’s Education Funds Inc. (CEFI) is one way to begin.  Through a CEFI RESP, you can save for university education and work within your family’s budget – even a small amount can make a difference. CEFI reviews ways subscribing to an RESP can benefit parents through incentives such as government grants. CEFI RESPs are also easy to maintain.

Obtaining higher education is essential in an economy where jobs of the future have yet to be created.  The future looks bright, so, it is important to set money aside for your child’s education as soon as possible.

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