Sending your child abroad for education is a huge life decision. A lot of mental and actual preparation is involved in the process, and it can get overwhelming at times. It is crucial to start planning as early as possible to prevent any loopholes and have your finances in place.
At what age of your child should you start planning?
There is no specific age at which you can start planning your child’s education abroad. When your child reaches an age when he/she is mature enough to decide if they want to study in a foreign country is a good age to start planning the technicalities along with the mental preparation needed. However, financial planning needs to start way earlier than that to harness the power of compounding.
How can you create an effective plan to support your child’s abroad education dreams?
You should have an effective plan to provide all the support your child needs to embark on their abroad education journey. You can follow the framework given below to make your plan:
1. Have an open discussion and set reasonable goals.
The reason to send your child abroad for education should not be just about following another fancy trend or another way to spend your money, because you can. Sit with your child and have an open-minded discussion about their academic goals, expectations, and preparation levels. Does your child think a degree from abroad is beneficial for the career path they want to pursue? Does your child have the level of academic preparation required to study abroad? Only a productive discussion with your child can help answer these questions.
2. Do extensive research
Next, dig deep into the different education locations, universities, and courses related to the interests and aspirations of your child. Research the living costs in preferred locations, and figure out which location fits your budget the best while also providing the maximum opportunities. List the best universities in your preferred location, their placement data, curriculum, and professors, and sort them according to your preference and budget. The most crucial step is to understand which university provides the best courses in the field your child wants to pursue a career in. If your child has not yet decided, book a consultation with a career counselor.
3. Stay on track with the tests, application dates, etc.
Different locations abroad and universities have different eligibility criteria, admission procedures and requirements. Once you have shortlisted two or three universities, keep track of all the language tests, other eligibility tests, application dates, etc. Start tracking all the tests a year before your child plans to move so that you do not miss any crucial dates. Guide them with the visa application process and other application forms your child has to fill out to enroll in a foreign university.
4. Guide your child in the preparation process.
There are a lot of admission tests, language tests’s, etc. your child has to appear for to secure a seat in a foreign university. You can either enroll your child in courses to prepare for the tests or help them personally in their preparation. Ensure that your child has effective and comprehensive guidance on the entire process and has good enough preparation levels to crack most of the tests and interviews.
5. Plan finances effectively
Having a foolproof financial plan to fund your child’s education is a necessary step to avoid any last-minute emergency loans that can increase your expenses significantly. Keep a financial goal in mind and invest in different mediums for the long term to achieve that goal. If you are not skilled at financial planning, you can either self-educate or talk with a financial consultant. A financial consultant can provide you with comprehensive financial advice personalized to your financial situation and goals.
6. Discuss the potential challenges with experienced people
If you have any friends or relatives who have also sent their child to study abroad, reach out to them and discuss the challenges they have faced in their journey and how they solved them. If not, you can also book a consultation with a professional counselor to help you through the entire lengthy process and solve all your doubts.
7. Ensure your child’s safety through proper insurance plans.
The average healthcare coverage cost ranges from $200 to $1000 yearly, depending on your destination country. Research the different insurance companies that sell affordable healthcare plans for students. Many educational institutes partner with insurance firms to offer insurance policies specially catered to international students, making it more accessible. However, expand your budget if you plan to go for university-sponsored insurance, since they are more expensive than non-university insurance plans.
There are also some countries and universities that only accept health insurance plans from specific insurance providers. Some universities also offer scholarship programs to students that include medical plans as well. If you are a citizen of Switzerland, the EU, or the EEA, and your child plans to study in a European country, you will be able to issue a European Health Insurance Card (EHIC) that will give you access to state-provided healthcare, which means you can get health insurance plan at the same cost as that of insurance plans of local and sometimes there might be free plan options as well. However, these cards do not cover private medical expenses.
Health insurance coverage for your child should include:
- Emergency hospital treatment
- Ambulance and other emergency services
- Repatriation and emergency evacuation
- Appointment with the doctor
- Emergency dental work
- X-rays and Test
There can be some additions or exclusions from this list. It depends on the educational institution or country. Consider all these factors before estimating the cost of health insurance coverage in your financial plan.
8. Ensure travel safety
Sending your child alone thousands of kilometers away can be worrisome if you do not have a travel safety plan. You can make your child sign up for a safety program and buy travel safety insurance.
9. Figure out accommodation
Your child’s safety and health should be the highest priority while sending them away for education. Research the different student accommodations in the nearby areas of your child’s university. You can even check out the list of verified study abroad accommodations by the university. Check the health and safety measures taken in the area, i.e. regular cleaning and sanitation, CCTV surveillance, etc, and sort the best accommodation within your budget accordingly.
10. Figure out trusted international banking and money transfer services.
Research the different fund transfer methods you can use to transfer money to your child, such as forex cards, wire transfers from the branch, cross-border UPI, FCDD, or anything else convenient for you and your child. Figure out the most trusted international banks in the location your child is moving to and select the one that offers maximum services and convenience with the best rates.
11. Train your child with crucial life skills.
Sending your child away to a foreign land at such a young age can be difficult if you do not start training them with all the essential life skills beforehand, like cooking, washing clothes and utensils, cleaning their room, etc. You have to teach your child to be as independent as possible, be it doing all the necessary chores or solving any unexpected problem by themselves. Make sure your child feels confident enough to handle themselves and all their issues alone before you send them away.
12. Plan occasional visits
Your child will be quite young when you send them abroad for education, so it is crucial to provide sufficient emotional support. You can either make plans beforehand regarding the times of the year your child will be coming to visit you or vice versa. Plan visits in a way that does not hamper your child’s study plan (for instance, during summer breaks or Christmas breaks). Stay connected with your child virtually whenever they need you.
Sending your child abroad for education is a massive, financially and emotionally challenging decision for both parents and their child. It requires a lot of confidence and meticulous planning to do the same. Still, what makes it worth it is the huge career benefits your child can get from a foreign education. Be it the global exposure to opportunities or solid personality and character building, your child’s career and life trajectory will be immensely rewarding due to an abroad education, which makes all the risks and challenges worthwhile.