- Annual cost at a private preschool today: about $8,000 per year
- Tuition at a local university for a non-medical degree: about $9,000 a year
- A non-medical degree in the United States: about $230,000 over four years
- Estimated costs 20 years from now
- A four-year non-medical degree in a local university would cost $55,218
- A four-year non-medical degree in a private university in the United States: about $700,000
Sources: Providend, OCBC Bank
GETTING A LEG UP EARLY
Teacher Jasmine Sia has started saving for her child's education even though he is only 11 months old.
The 27-year-old first-time mother, who works part-time, is saving for Julian's pre-school education.
The private centre that she wants to send Julian to costs about $1,200 a month, but she is entitled to a working mother subsidy of $300 per month.
Ms Sia and her husband, Mr Adrian Tan, 36, also a civil servant, are making sure that they start planning for Julian's tertiary education early.
On top of medical and life insurance, the couple has purchased an endowment plan which will mature when Julian is 21.
The money from the endowment plan will be sufficient for his tuition at a local university.
Ms Sia said: "We'll start with planning for a local education first. Maybe in the future, we will buy more endowment plans, or look into other sources of funding if Julian plans to study overseas."
Read full story: http://euro2012.straitstimes.com/premium/invest/story/how-fund-your-childs-education
