The education sector across the globe is gradually expanding and currently valued at $4.5 trillion (OECD, 2014)3. Education thus has prime importance as Govts. Want their countries to be high value, highly skilled economies which ushers HE education, international student exchange, as all developed nations are forming skill formation strategies to attract international students4.
The above graph shows ISM (international student mobility), students outside their country of origin 2012-2013
Although, education is becoming an important sector, especially after the world economy has entered into revival stage after the massive recession, educational funding still remains a major issue for aspiring students across the globe. Stunited.org the online social media platform for international students, is well aware of this major issue currently present in the education sector and hence is determined to help students to offer solutions about educational funding. The solutions are offered at stunited are therefore identified to be effective and immensely useful for aspiring students who aim to pursue for higher studies at top universities of the world.
Currently, in order to acquire for a college undergraduate degree for a single student on an average ranges from about $ 60,000 from a state college to that of as high as $200,000 for private colleges. In case, if the amount is then multiplied by two or few more and then adjusted upwards by about 6 % to 8 % for inflation in every year, for families it would turn out to be a crisis for paying for their children’s college education. In fact, there are only few families irrespective of their level of income or amount of assets can actually afford to invest an additional amount of about $60,000 to that about $200,000 inclusive tax within just about a short span of 4 or 5 years2. Indeed spending the college dollars can be considered to be major drain for the finances of the family. Again, in case the family is found to be using college loans to basically spread out the burden of payment, it would ultimately be found that there is an addition of about 50 % to the total final cost of an education. It therefore does hardly matter whether the family bearing child education in cash or in loans. Moreover, the total amounts of costs borne by the family even at severe degree when one of the members of the family retires from his job. In fact, if a close introspection is done on the total amounts of money spent on education and its impact on the overall financial wellbeing of the family, it will be identified to be quite devastating. If a family is found to pay about $ 200,000 for education of the child while the parent has just about 15 years of service, the total expenditure will certainly be a loss by about $ 1 million during the time when the person would actually be retiring1.
Stunited comprises of a team of professionals who very well realizes the need for a planned educational funding and helps to guide students in applying online2. At www.stunited.org one will get to know about the right strategy in order to pay for college quite comfortably even without touching the savings and without actually relying on the financial aids. Some of the most effective and easy solutions include making a cut out of pocket costs, development of financial plan or even making applications for financial aids like merit aids, grants, scholarships and student loans.
https://www.gov.uk/student-finance/overview https://www.gov.uk/apply-online-for-student-finance http://monitor.icef.com/2014/09/oecd-releases-detailed-study-global-education-trends-2014/ https://en.wikipedia.org/wiki/Education
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