You may have young kids at present, but we’re sure you’ve put some thought on securing your children’s futures as early as now. That includes saving up so you can send them to top schools to maximize their potential and ensure they have plenty of opportunities career-wise. But how much money do you need to set aside if you have a 3-year-old now and headed to college in 15 years’ time?
A group of financial consultants called Save, Invest then Harvest did the math, considering factors like annual tuition fee hikes and inflation rates, and generated a tuition fee projection for seven universities in the Philippines.
“We have generated another tuition fee projection for seven universities using their approved actual tuition fee increase for Academic Year 2017-2018 and actual tuition fees for [the] academic year 2017 to 2019,” said the group on its Facebook page. “We have gathered the information from CHED’s (Commission on Higher Education) website as well as from the corresponding websites of the given universities.”
Projected tuition fees for universities in the Philippines
We already know sending our kids to college is costly, and these projected fees highlight the need to start saving as early as possible if we want to afford these schools. As Save, Invest then Harvest shares on Facebook, factors that affect the increase in fees, like inflation rates, stock indices, and other commodities, are not fixed and always vary.
“The bottom line is that tuition fees are always on the rise. We should expect that their costs will keep on increasing exponentially. Inevitably, household incomes may not be able to cope [with the increase],” wrote the page.
If you have a 3-year-old child today (2019), and you plan to enroll him or her to a college or university in 2034, here are the projected tuition fees, according to Save, Invest then Harvest.