What is a college savings plan?
Curious about College planning
In India, a college savings plan is a financial product that allows parents or guardians to save and invest money for their child's education expenses. These plans are also commonly known as Education Savings Plans (ESPs) or Education Savings Funds (ESFs).
College savings plans typically involve investing a certain amount of money regularly over a long period of time to build up a corpus that can be used to pay for college expenses such as tuition, books, and housing.
The Indian government also provides some college savings plans, such as the Sukanya Samriddhi Yojana, which is a savings scheme for the education and marriage expenses of girl children. There are also several other investment options such as mutual funds, fixed deposits, and recurring deposits, that parents can consider for college savings. It is advisable to consult a financial advisor to determine the best investment options based on individual financial goals and risk appetite.
Empower Creators, Get Early Access to Premium Content.