According to figures from the Philippine Commission on Higher Education (CHED), more than 553,000 college graduates joined the workforce in 2014. The cost of education in the Philippines is getting higher.
As such, more and more parents are looking for ways on how to prepare for the big expenses ahead as early as they can. Here are three reasons it pays to save early for your child’s future education.
To be independent on loans
Getting a loan is one of the most common ways Filipinos solve financial needs, especially when it comes to covering the costs of education. Educational insurance is one way to avoid getting a loan, which can lead paying more than you intend. Manulife Philippines, a trusted Philippine education insurance provider will agree. If you don’t want the additional liability, it’s best that you start preparing early for your child’s college expenses.
To gain additional investments
These days, getting insurance also doubles as an investment, even if you are getting the basic life insurance package. Think of it this way. Instead of putting your money in the bank where it will just earn so little, you can get an insurance plan with an educational plan attached to it. Plus, part of it becomes an investment that you can watch grow exponentially.
To avoid dropping out
Paying for college is a huge financial responsibility — one that often scares most parents. Preparing for it ahead is one way you can avoid any instance of dropping out of school because of financial issues. This way, you can protect your child’s chances of finishing college and working toward a brighter future.
There are many types of insurance you can get these days, and they’re all flexible. So even if you only have a small budget today, you can start an educational plan for your child.