Created in partnership with Edukasyon.ph
When it comes to thinking about the things you have to prepare for or plan ahead when starting a family, your child’s education is usually one of the first things that come to mind. It’s important to ensure that your child will have the best education experience possible to grow up to become their best selves! And that is why Education Planning is crucial. It helps you prepare yourself for the educational needs of your child. So, what exactly do you need to anticipate and plan for? Well, here are five of them!
1. Range of tuition fees
Here in the Philippines, the cost of tuition fees varies depending on different factors: where the school is located, how “known” that school is, what year/level/course your child will be enrolled in, and those are just some of them! You should also consider unforeseen events like inflations, recessions, pandemics, and calamities as these affect how schools compute their tuition fees. Start making a budget plan for your child's education as early as you can. A savings fund of around PHP 100,000-500,000 per year can cover your child's education from elementary school up to college. This might be a daunting task, but you can save in increments. By doing so, you can better monitor and manage your finances for your current needs while saving up for your child's future.
While attending public schools is an option, it’s still worth planning for tuition fees if you ever want to send your child to a private school. At least, you have the choice and peace of mind — and that’s what’s important.
2. Schools and universities
Another thing you must consider is the school or university they would attend. More than the cost of schools’ tuition fees, you also have to consider the quality of education that the school can provide. Luckily, accreditations exist, and they usually offer a good insight if a school or a university’s program is worth getting into. For example, the Commission on Higher Education (CHED) accredits programs of Higher Education Institutions (HEIs) to show how good their curricula are. A program with a “Center of Development” accreditation means it’s generally a good program, while a “Center of Excellence” means it’s a program that can really produce the best graduates.
Accreditations, titles, and awards provide a good basis in choosing schools, but top-of-mind considerations such as proximity to your house and access to public transportation are also valid. Just make sure that the final decision of which school to go to is a consensus between you and your child.
3. Non-tuition costs
While tuition fees cover much of the cost of your child’s education, there are other expenses that you also must keep in mind. For example, consider expenses for their uniforms, bags, and other school supplies. You should also consider their daily allowances for their meals and transportation and expenses from extracurricular activities your child may be a part of. These things can easily pile up if you forget about them. So, save up on these as well.
4. Your child’s career path
Another thing to anticipate is the career path your child wishes to pursue since this will also dictate how long they might have to be in school. Some professions and careers call for further, more specialized education and this can take years — beyond the usual K-12 plus 4 or 5 years in college. Do they want to be a medical doctor? That would add another 8 to 10 years of learning, for example. Understanding the interests of your child helps you gauge the career path they’re most likely to take. And knowing their desired career path can help you anticipate things like the three items we discussed earlier!
5. Other sources of support (scholarships, government subsidies)
Finally, try to consider getting support from scholarships and government subsidies which can alleviate some of the worries you might have in your Education Planning (e.g., tuition costs). Several schools and non-government institutions offer scholarships, especially for students who excel in their studies. The government also does this, such as the one offered by the Department of Science and Technology (DOST). There may be some terms and conditions to these scholarships and subsidies (e.g., a “Return Service Agreement”), but these are generally favorable both in the short term and long term.
Now, if you're a parent or planning to be one, it's normal to feel all kinds of emotions about your child's future. However, keep in mind that there are things you can do to plan and prepare ahead of time. There are also people and institutions that can help you along the way! Remember that preparing for your child's future means having a backup plan just in case things don't go as planned. One option to consider is MyLifeChoice (MLC) offered by AXA Philippines. MLC integrates insurance with an investment component, providing a well-planned approach to building an education fund. Having an insurance with an investment component is one thing you can consider, so you can start saving for an education fund while ensuring that your family is financially protected. In time, with all your preparations, you’d already be living the life you choose — for you and your child!
