With entry to the top educational institutions becoming more and more competitive and the costs gradually rising, it’s now more important than ever to plan ahead so that your children get the best possible start in life.

A university education is expensive so it’s best to consider all the implications and costs up front. While there are the more obvious tuition and course fees, room and board, living and travel overheads to consider, there are many other costs to take into account. For example, some countries require health cover and amenity fees to be paid. Some courses require specific equipment. And if you want the security of your children living on-campus, the accommodation tends to be more expensive. Providing the quality education your children deserve could be more affordable than you think, as long as you plan your savings in advance.

College Name	Tuition Fees	Total Cost per year	4-Year cost
USA
Harvard University	USD 42,292	USD 60,240	USD 240,960
Stanford University	USD 42,690	USD 59,689	USD 238,756
Yale University	USD 44,000	USD 61,333	USD 245,332
Cornell University	USD 45,358	USD 62,869	USD 251,476
Europe
Cambridge University	USD 24,153	USD 48,913	USD 195,652
Swiss University	USD 16,896	USD 48,300	USD 193,200

Source: http://money.cnn.com/tools/collegecost/collegecost.html

If you didn’t start saving for your children’s education at birth it’s not too late, but the sooner you start investing the less it will cost and the easier it will be (especially, if you have more than one child). With some careful long term planning, you can put an effective arrangement in place that will help your children fulfill their potential. Whatever career choices your children make, if you have committed to realistic financial plans for their education you can rest assured that you have laid a strong foundation for their future. You might also want to consider safeguarding your investment should anything happen to you and you become unable to meet your financial obligations. Adding life cover, critical illness cover and/or total and permanent disability benefit to your plan should allow your children to complete their education, even if you are not able to be there in person and share in their success.

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